Paragon Diamonds (LON:PRG) has discovered its largest stone to date as its bulk sampling programme at the flagship Lemphane kimberlite project continues to show potential.
The 8.86 carat dodecahedron was uncovered on April 22 as part of the programme in Lesotho, which has so far seen 14,000 tonnes of material processed of a planned total of 35,000 tonnes.
To put it into context, the project has so far yielded over 200 carats with 31 diamonds over 1 carat.
Managing director of the junior diamond explorer, Stephen Grimmer, told investors: "The largest stone recovered to date helps to confirm our view of Lemphane as a large diamond producer; this single stone represents 5% of the total carats recovered so far.
"Importantly, over one third of all carats to date are in diamonds of one carat or greater.
"It clearly shows that with increased sampling, further and larger diamonds should be forthcoming in-line with statistical projections.
"We also expect improvement in the grade as sampling increases - the recovery of a single large stone can have a disproportionately positive effect on the total carats, and thus on the grade, as has already been demonstrated."
Paragon has an 85% stake in Lemphane, which is one of three projects it is advancing in Lesotho.
The current sampling programme is aimed at providing a maiden resource at the site. A mine study has derived a 27 million tonnage in terms of material that could potentially be mined for around a decade.
The same sample, from which the 8.86 carat stone was yielded, also produced four other diamonds above one carat for a total of 35.35 carats at a grade of 1.24 carats per hundred tonnes (cpht), the firm added.
Speaking to Proactive Investors, Grimmer highlighted the potential significance of the fact this single stone represented just 5% of the total carats recovered at the project so far.
He said the positive bulk sampling results confirmed what the company had said all along: that if you do sufficient tonnage, you start to get larger diamonds.
He also added that 'special stones' over 20 carats in Lesotho typically fetch around US$20-25,000 a carat.
As well as the Lesotho projects, the company also has projects in Zambia, Botswana and Tanzania.