The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
SWY: TSX
President and CEO: Matt Manson, B.Sc. Geo., Ph.D. Geol.
Executive Chairman: Eira Thomas
Vice President, Exploration: Robin Hopkins, P. Geol.
Stornoway Diamond Corp. has a well diversified and highly prospective diamond property portfolio in Canada, which includes the Renard Diamond Project, a development track diamond project with the potential to become Quebec's first diamond mine.
Incorporated in 1986, Stornoway envisions becoming Canada's leading growth-oriented company in the business of discovering, mining and selling rough diamonds, while aggressively seeking world-class diamond mining opportunities in a market it sees becoming increasingly under-supplied.
As of July 15, the company held interests, directly or through joint ventures, in a portfolio of some 21 properties that can be roughly subdivided into 680 square kilometers, or 168,000 acres, of "development" stage projects (the Foxtrot Property, which includes the Renard project, in northern Quebec), 6,475 square kilometers, or 1.6 million acres of "advanced" exploration properties (Aviat, Qilalugaq, Churchill in Nunavut and Timiskaming in Quebec and Ontario) and 12,545 square kilometers, or 3.1 million acres, of "early stage" projects (Hammer Property and others) in Nunavut.
Collectively these properties contain some 170 kimberlite bodies.
Stornoway spent most of the 2010 exploration season focused on its Renard project in Quebec.
However, the company recently initiated exploration activities on several earlier-stage projects where previous work has identified the potential for new kimberlite discoveries.
In the near to medium term, the junior said it will focus non-Renard exploration efforts on less capital-intensive, discovery oriented activities, both within the existing property portfolio and in new generative programs.
To this end, the junior initiated of several grassroots sampling programs in areas previously identified as anomalous for new kimberlite discoveries; mobilized for ground geophysics at the Hammer kimberlite in advance of potential drill testing; discovered a new kimberlite dyke by prospecting at the Qilalugaq Project; discovered new high-potential kimberlite float at the Chesterfield Project; submitted 1,000 kilograms of kimberlite for microdiamond processing from the Aviat Project and created a new Québec joint venture, the "Consorem Project," to test airborne geophysical anomalies with prospecting, ground geophysics and till sampling.
At the 451,900-acre Qilalugaq Project near Repulse Bay in Nunavut, Stornoway reported the discovery of a new kimberlite dyke in July, the 650-meter-long Naujaat 8 body. It was identified by prospecting in the vicinity of an anomalous till sample, bringing the total number of kimberlite bodies found on the property to 19; 11 discovered by BHP Billiton (the original property holder) and eight by Stornoway. Ongoing geological modeling suggests the presence of about 81 million metric tons of kimberlite to a depth of 330 meters below surface, or a potential mineral deposit of between 21.9 million and 26.7 million carats of diamonds.
Stornoway's 37-63 percent joint venture partner Shear Minerals Ltd. Aug. 12 reported the prospecting discovery of high diamond potential kimberlite float from a series of nine frost boils (SAZ occurrence) at the 283.3-square-kilometer, or 70,000-acre, Chesterfield Inlet Project in Nunavut. An ongoing C$500,000 exploration program funded by 70 percent optionee Rio Tinto Exploration Canada Inc. includes a 2,300 line kilometer ultra-high resolution airborne magnetic geophysical survey over two claim blocks and drill testing of 7-10 high priority targets using a lightweight reverse circulation percussion drill.
At the Churchill Project directly to the south, Stornoway said 62.3 percent partner Shear Minerals planned a $2 million exploration program in 2010 (August to
October), comprising prospecting, RC drilling of geophysical and structural targets, and valuations on diamonds recovered from the Kahuna and Notch dykes. Tentative plans for 2011 include delineation drilling and bulk sampling, the junior added.
Cash and short-term deposits: C$3.2 million (at April 30, 2010)
Working capital: C$9.5 million (at April 30, 2010)
Market capitalization: C$43.4 million (at Sept. 13, 2010)
Unit 116-980 West 1st St. North Vancouver, BC Canada V7P 3N4
Tel: 604-983-7750 Fax: 604-987-7107
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