Russia to continue buying diamonds through state fund in 2025
The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems.
Stornoway Diamond Corporation (TSX:SWY)is pleased to announce plans for an upcoming exploration drill program at the Hammer Property located within the Coronation Gulf/North Slave Diamond District of Nunavut. The Hammer Property is a joint venture between Stornoway (75% and operator) and North Arrow Minerals Inc. (TSX VENTURE:NAR) (25% participating) and hosts the Hammer kimberlite, which was discovered by prospecting in July2009(Stornoway press release dated July 30, 2009). The Hammer kimberlite has not yet been drill tested, and the upcoming program will be designed to delineateits size and diamond content for the first time. Concurrently, Stornoway intends to drill for the presence of additional undiscovered kimberlites associated with kimberlitic mineral trains that have been identified on nearby claims owned 100% by Stornoway.
Stornoway’s flagship property is the 100% owned Renard Diamond Project in north-central Quebec, where a Feasibility Study and an associated Environmental and Social Impact Assessment are on track for completion in the third quarter of this year. On April 26, 2011, Stornoway announced a $5.6 million budget for complimentary grass roots exploration at several additional projects elsewhere within Canada where the potential exists for new kimberlite discoveries. The 2011 Hammer drilling represents an expenditure of $1.3m within this exploration program.
The Hammer Property is located approximately 500km north of Yellowknife, Northwest Territories (see map at www.stornowaydiamonds.com/Coronation_P1_v2_2.jpg) and was acquired by the joint venture in October 2008. The Hammer kimberlite was first identified as a topographic anomaly at the head of a kimberlitic indicator mineral trainwith strong diamond inclusion chemistry. In 2009 weathered kimberlite breccia within hand dug pits was confirmed in bedrock at the site, in addition to numerous scattered kimberlite occurrences of surface float and frost heaved kimberlite fragments, and a single micro-diamond was recovered from a 6 kilogram hand sample. The true nature and size of the body is not known at this time. However, a ground geophysical survey completed in the fall of 2010 hasconfirmed a significant magnetic response associated with the topographic feature, which measures 225m long by between 15 and 100m wide and has a surface expression of approximately 1 hectare. The goal of the program will be to delineate the true size and shape of the body, test for multiple phases of kimberlite, and collect sufficient samples to permit an estimate of diamond content. All required permits are either in place, or expected shortly, and mobilization is planned for the first week of June.
Read the full news release here.
