Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
Star Diamond Corporation (TSE: DIAM) announced Monday it has acquired 100% interest in the Buffalo Hills diamond project in north central Alberta from Canterra Minerals (TSX.V: CTM).
As consideration for Canterra’s 50% interest in the project, Star Diamond will issue 17,500,000 common shares, for C$1.1 million ($800,000). Canterra was granted a 1% royalty interest in the project.
Located approximately 400 kilometres northwest of Edmonton, the Buffalo Hills project includes 21 mineral leases covering 4,800 hectares and is a significant and accessible field of diamond bearing kimberlites, with similarities to the Fort á la Corne kimberlites in Saskatchewan, the company said.
This region hosts the third largest district of diamond-bearing kimberlites in Canada, after Lac de Gras in the Northwest Territories and Fort à la Corne, according to Canterra.
The project is located in the Buffalo Hills Kimberlite District, which contains at least 38 individual kimberlite bodies, of which 26 kimberlites are diamond bearing and a number of which outcrop at surface. Exploration on these kimberlites started in 1996, and small parcels of diamonds have been collected from various exploration programs on many of those considered most prospective, it said.
“We are excited to gain control of the 50% of Buffalo Hills diamond project we did not own,” Star Diamond CEO Ewan Mason said in a news release.
“In early 2023, we dusted off the file on this property and conducted an examination of the existing diamond parcel that was collected from a bulk sample previously taken in 2010. Our diamond specialist thoroughly analyzed the diamonds and we were astonished to find not only anomalous levels of Type IIa diamonds in the sample but also a presence of fancy yellow diamonds (K6 yellow diamonds) with elevated modelled diamond prices,” Mason said.
“It became clear to us that further work needed to be done and with a number of pipes at surface we believe that a larger bulk sample should be taken to determine how many of the 38 pipes on the property may be economic. Our plan would be to eventually extract a bulk sample and ship it to Fort à la Corne and run the sample through our on-site bulk sample plant,” he added.
In March, Star Diamond (TSE: DIAM) acquired Rio Tinto Exploration Canada’s 75% interest in Fort à la Corne, and now owns 100% of the project. Last year, Star Diamond chose the trademark “Kīwētin” (pronounced “kee-way-tin”), meaning north wind in the Cree language, for its Fort à la Corne diamonds.
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