BlueRock Diamonds PLC Grade of 4.51cpht on KV1 exceeds expectations (8261H)
20 November 2018 - 6:00PM
UK Regulatory
TIDMBRD
RNS Number : 8261H
BlueRock Diamonds PLC
20 November 2018
BlueRock Diamonds PLC / AIM: BRD / Sector: Natural Resources
20 November 2018
BlueRock Diamonds PLC ('BlueRock' or the 'Company')
Grade of 4.51cpht on KV1 exceeds expectations
BlueRock Diamonds plc, the AIM listed diamond mining company
which owns and operates the Kareevlei Diamond Mine in the Kimberley
region of South Africa ("Kareevlei"), is pleased to announce an
update on KV1, one of its five known diamondiferous kimberlite
pipes at Kareevlei.
BlueRock is currently mining from two pipes at Kareevlei: KV1
and KV2. It has now processed the first Level 1 (10m to 20m below
surface) ore from KV1 totalling 20,500 tonnes resulting in grades
of between 3.90 carats per hundred tonnes ('cpht') and 5.11 cpht at
an average grade of 4.51 cpht, exceeding the Company's
expectations. The average grade in 2017 when mining exclusively
from KV2 was 2.45 cpht and in H1 2018 was 3.17 cpht, also from KV2.
KV1 has an inferred grade of 6.3 cpht.
Adam Waugh, CEO of BlueRock commented, "Our current focus at
Kareevlei following our recent fundraise is to materially step-up
and de-risk our operations with a view to supplying a regular feed
of undiluted, higher grade kimberlite. The ore we are recovering
from KV1 is very encouraging in that it is a higher grade than we
would have expected in this near surface, diluted material. It is
pleasing that grades improved during H1 at KV2 and with the early
results from KV1 suggests a stronger profile for both pipes going
forward. I look forward to providing further updates from the
ongoing mining at both KV1 and KV2."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
Contact:
BlueRock Diamonds PLC awaugh@bluerockdiamonds.co.uk
Adam Waugh, CEO dfacey@bluerockdiamonds.co.uk
David Facey, FD
SP Angel (NOMAD and Broker) Tel: +44 (0)20 3470 0470
Stuart Gledhill / Caroline Rowe
--------------------------------
SVS Securities plc (Joint Broker)
Tom Curran Tel: +44 (0)20 3700 0100
--------------------------------
Turner Pope Investments (Joint
Broker) Tel: +44 (0) 20 3621 4120
Lewis Jones/Andy Thacker
--------------------------------
St Brides Partners Ltd (Financial Tel: +44 (0)20 7236 1177
PR)
Lottie Wadham / Juliet Earl
--------------------------------
Notes to editors:
BlueRock Diamonds is an AIM-listed diamond producer which
operates the Kareevlei Diamond Mine near Kimberley in South Africa
which produces diamonds of exceptional quality and ranks in the top
ten in the world in terms of average value per carat. The Kareevlei
licence area covers 3,000 hectares and hosts five known
diamondiferous kimberlite pipes. As at 3 September 2018, it was
estimated that the remaining Inferred Mineral Resource from the
three kimberlite pipes (KV1, KV2 and KV3) represents a potential
inground value of circa US$124 million at a current average run of
mine diamond value of US$362/carat.
For further information, please visit BRD's website
www.bluerockdiamonds.co.uk
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDDKLFFVFFEFBD
(END) Dow Jones Newswires
November 20, 2018 02:00 ET (07:00 GMT)
Bluerock Diamonds (LSE:BRD)
Historical Stock Chart
From Apr 2024 to May 2024
Bluerock Diamonds (LSE:BRD)
Historical Stock Chart
From May 2023 to May 2024