Star Diamond Corp. (TSX:DIAM, BUY, C$1.35 target, Jacob Willoughby) announced that a total of 2,517 diamonds weighing 120.1 carats have been recovered from the first bulk sample trench (19FALCT001) excavated on the Star Kimberlite at its 100%-owned Star–Orion South Diamond project in central Saskatchewan. These results are from the first of ten bulk sample trenches that were excavated by Rio Tinto Exploration Canada Inc. (RTEC) in 2019. The three largest diamonds recovered were 3.27, 3.03 and 1.73 carats, respectively, and were all recovered from Early Joli Fou (EJF) kimberlite which had an average grade of 14.09 cpht. The average diamond grade from this first trench is similar to historical diamond grade results detected from the underground bulk sampling and large diameter drilling completed on the Star Kimberlite between 2004 and 2009. These results are also similar to the overall weighted average grade (14 cpht) reported in Star Diamond’s PEA of the Star and Orion South kimberlites. There are indications that recent diamond breakage has occurred in the diamond parcels recovered from 19FALCT001, suggesting that the extraction and/or processing systems being used by RTEC may be resulting in diamond breakage. Comprehensive diamond breakage studies will be required to assess the nature and extent of the diamond breakage resulting from RTEC's methods and the possibility that larger diamonds would have been recovered absent such breakage. Star Diamond currently expects that all or substantially all of the bulk samples from the ten sample trenches collected during 2019 should be processed by RTEC during calendar 2020, provided that there are not any unexpected material delays in this process including issues arising from COVID-19
And I threw in this one I mentioned 2 years ago, another small company with a big resource; Like almost a whole mining district (sort of a neighborhood by RIO in Australia Pilbera)
Novo Resources Corp. (TSXV:NVO, Derek Macpherson) announced that it has signed an arm’s length agreement to acquire all of the outstanding shares of privately held Millennium Minerals Limited from IMC Resources Gold Holdings Pte Ltd, Heritas Capital Management Pty Ltd, and IMC Resources Ltd. in exchange for approximately A$61M of Novo units at C$3.25/unit comprised of one common share and one-half of one common share purchase warrant priced at C$4.40/sh for three years. Following completion of the acquisition, Millennium will be required to repay IMC’s secured debt of approximately A$69M by way of the payment of A$60M in cash and the balance of A$9M in Novo units. Additionally, Novo has agreed to pay to IMC deferred consideration in the form of a fee on future gold production equal to 2% of all gold revenue generated by Novo up to the later of cumulative gold production of 600,000 oz or cumulative payments of A$20M. Novo plans to fund the acquisition from a combination of debt and equity including C$30M in a brokered private placement and C$60M in a secured credit facility. Millennium’s assets are located approximately 10km south of Novo’s 100%-controlled Beatons Creek conglomerate gold project in the Nullagine region, Shire of East Pilbara, Western. The acquisition provides Novo with key infrastructure such as a 1.5 Mtpa processing plant, tailings storage facility, contract power station, administration offices, assay laboratory, and a 230-room camp. The infrastructure is expected to be used to fast track Novo’s Beatons Creek project to production