Stornoway Diamond Corp (TSX:SWY) said it is beginning the next phase of an ongoing resource expansion and optimization program at the Renard diamond project in North Central Quebec.
The Renard project, which includes the Renard kimberlite pipes and the Lynx-Hibou system of kimberlite dykes, is a 50/50 joint venture with SOQUEM Inc.
Core drilling of some 9,500 metres on the Renard 2 kimberlite pipe will commence this week and continue until late August. The objective of this program will be conversion of the 10.5 to 12.3 million tonnes of potential mineral deposit material identified at Renard 2 to a formal resource classification. The winter drill program at Renard exceeded expectations in the amount of new kimberlite discovered.
It now appears that the Renard 2 kimberlite is approximately twice as large as previously thought when modeled to a depth of 570 meters below surface, and approximately three times larger when modeled to a depth of 712 meters below surface, the company said.
The summer programis expected to allow a restatement of the NI 43-101 mineral resource by year end, followed by a revision of the project's economic assessment.