Ecuador court gives green light for Silvercorp, Salazar’s El Domo project
The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.
Star Diamond (TSX: DIAM) has chosen the trademark “Kīwētin” (pronounced “kee-way-tin”), meaning north wind in the Cree language, for its Fort à la Corne diamonds. The winning name was submitted by Amy P. from more than 1,000 entries into the company’s naming contest last month.
Star says this name is highly symbolic of the Fort à la Corne project area and the surrounding First Nations lands located in northern Saskatchewan, where the climate is often characterized by strong winds from the north. The trademark application for Kīwētin diamonds has been completed.
“We are excited about the further potential of the Fort à la Corne project and now that we have our own diamond brand, Kīwētin, we are confident that this diamond brand will be seen globally as the hallmark for high purity, conflict free, Canadian diamonds,” said Ewan Mason, interim president and CEO of Star Diamond.
Star holds a 25% interest in the Star-Orion South kimberlite within the Fort à la Corne project, and the operator Rio Tinto Canada holds the remainder.
The property is located in central Saskatchewan. A preliminary economic assessment for the project estimated mining 470 million tonnes averaging 14 carats per hundred tonnes (cpht) containing 66 million carats over a 34-year mine life. Preproduction capital costs would run $1.42 billion.
Last year, Rio Tinto decided not to commit further funds to the Fort à la Corne properties. The camp was demobilized, and the project put on care and maintenance in the first quarter of 2023. Star is working with Rio Tinto to assess alternatives regarding the project.
Star also holds a 50% interest in the Buffalo Hills joint venture in north-central Alberta. Canterra Minerals holds the other 50% interest and is the operator.
Diamond valuation has shown that the K14 and K6 kimberlites have elevated modelled prices of $160 and $180 per carat, respectively. Type IIa gems were noted in all four kimberlites at Buffalo Hills.
