Paragon Diamonds (LON:PRG) said today that further bulk sampling at its flagship Lemphane project in Lesotho showed increased grades and larger diamonds from tailings reprocessing.
The sample, the third at Lemphane, recovered 90.25 carats at an average diamond size of 0.38 cts/stone, Paragon said, with seven diamonds ranging from 2.0-6.3 carats and twenty two diamonds greater than one carat in weight.
A provisional diamond size distribution indicated 56% of carats were present in stones of 1 carat or greater, 34% of carats in stones of 2 carats or greater and 14% of carats in stones of 5 carats or greater, it added.
Re-processing of re-crushed tailings from the first Lemphane sample also yielded a further 5.08 carats from 9 diamonds, including a single 3.85 carat stone to raise the total carats recovered to 51.87 carats and the overall grade of the sample from 1.96 cpht to 2.20 cpht.
The proportion of carats present in +2 carat stones increased from 39% to 43%.
Results from the second bulk sample at Lemphane showed a total of 19.89 carats recovered in 50 diamonds at a grade of 1.58 cpht and at an average stone size of 0.39 carats per stone.
"Again, larger diamonds predominated, including a pristine 3.71 carat yellow dodecahedral diamond, and 38% of total carats were present in diamonds of one carat or greater." Paragon said.
Bulk sampling was also recently completed at a small satellite pipe adjacent to Lemphane, which recovered a total of 18.49 carats in 74 diamonds at 3.21 cpht and at an average stone size of 0.24 carats per stone.
Paragon said the grade at the satellite was 50% higher than the main pipe, but the average stone size and proportion of larger diamonds was lower.
Francesco Scolaro, Paragon Diamonds' chairman, said the results were postive and continued to confirm "our initial expectations of large and high quality stones in line with other high value Lesotho kimberlites."
Paragon owns 83.7 per cent of Lemphane, one of five known diamond bearing kimberlite pipes within Lesotho.
Paragon also owns 83.7 per of Motete, a substantial kimberlite dyke (fissure system) nearby to the Lemphane project.