George....Have you ever heard of these guys? This story might be worth flagging.
Poplar Resources Ltd -
Diamonds recovered; Aardvark project
expanded
Poplar Resources Ltd
PPX
Shares issued 20,748,679
1998-10-15 close $0.15
Friday Oct 16 1998
Mr. W. Gennen McDowall reports
A total 34.37 carats of diamonds have been recovered from processing 345 dry
tonnes of kimberlite from the Lovedale mine. This mine is one part of the
Aardvark project in the Theunnissen diamond field, South Africa. This bulk
sample was mined from the pipe at the 100 metre level. The bulk sample was
processed at the Star diamond mine. A high proportion of the diamonds
recovered was of gem quality. The grade of this bulk sample is therefore 10
carats per hundred tonnes (cpht). This preliminary grade for the pipe combined
with the quality of the diamonds recovered is sufficient to warrant a larger bulk
sample. With this is mind, it is planned to acquire a 1,000 tonne sample. Eight
hundred tonnes of kimberlite have already been stockpiled on surface towards
this end.
The quality of the diamonds recovered is particularly encouraging. Three
independent valuations for this parcel of diamonds will be obtained. A
preliminary valuation has been carried out in Johannesburg and the average
value of the diamonds was found to be $109.35 (U.S.) per carat. These results
are given below. It must be stressed that this valuation is preliminary and
should not be construed as being a final valuation.
% of Total
No. Mass Mean Colour Par- US$ Value
ct ct Range cel $/ct US$
Category P7
2 3.39 1.70 I-J 9.86 302 1023.78
Category P10
3 2.08 0.69 H-I 6.05 790 603.20
Category P11
12 2.35 0.20 H-I 6.84 190 446.50
Category GR2
12 1.71 0.14 4.98 150 256.50
Category BR2
29 5.94 0.20 17.28 145 861.30
Sub Total
58 15.47 0.27 45.01 206 3191.28
Category P12
181 18.90 0.10 54.99 30 567.00
Total
239 34.37 0.14 100.00 109 3758.28
The quality of the diamonds, albeit a small sample, was found to be similar to
those found at the Star mine. The valuation of the four larger stones is shown
below. The largest of these diamonds was a 1.92 carat stone. It was classified as
a P7, I to J colour and was valued at $190 (U.S.) per carat, for a total of
$364.80. The quality is borne out by the exceptional 1.46 carat P7 stone rated
as I on the colour scale and was valued at $450 (U.S.) per carat, for a total of
$657 (U.S.). The colour for the gem portion of the parcel ranges between H
and J. The average value of the gems and near gems larger than 2.3 mm was
found to be $206 (U.S.) per carat.
No.
Cate- of Mass Colour US$ Value
gory Stones ct ct US$
P7 1 1.92 I-J 190 364.8
P7 1 1.46 H-I 450 657
P12 1 1.40 Boart 25 35
P12 1 1.24 Boart 50 62
At the 100 metre level, the kimberlite contains approximately 25-30 per cent
country rock. This country rock dilutes the kimberlite and lowers the grade
(cpht). The above bulk sample was processed in total. No waste sorting was
carried out. In future operations, the project's mining engineer is planning to
waste sort immediately after the primary crushing. This should lower
processing costs and increase the economic viability of the operation.
Delineation drilling of the pipe at depth will help determine if the country rock
contamination continues with depth. Other parts of the pipe do not appear to
have the same level of contamination. Mechanization of mining operations
should also improve efficiency. The advantages of having an existing shaft and
drives in place means that stoping can begin soon, allowing for further
increases in efficiency and profitability.
Work is continuing underground at the Lovedale mine with two objectives in
mind. One is to continue bulk sampling the Lovedale pipe to determine its
economic viability. The main objective, however, is to tap into the kimberlite
fissures that intersect the pipe. It is known that two, possibly three, fissures can
be accessed from the existing shaft. Drives are currently being extended at
Lovedale in order to sample these fissures.
Since the last update on the project, a further 2,800 hectares have been added
to the project. This is the third major expansion of the project. The project is
now more than 9,500 hectares in size. There are approximately 36km of
fissures on the property, some of which are known to be diamondiferous. An
important priority is to conduct mineral chemistry and bulk sampling on these
fissures. Recent work includes 120km of ground magnetics.
Poplar holds 45 per cent of Savannah Diamondfields (Pty) Ltd., which is
developing the Aardvark property. The bulk sample at Lovedale demonstrates
the ability of the Poplar/Savannah group to successfully carry out a bulk
sample with a view to bringing the Aardvark project into production,
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