Newfield Resources recovered 4,530 carats in the fiscal year ended 30 June 2022 from the processing of underground and surface bulk samples at the Tongo mine in Siera Leone.
It said the quality of diamonds is high with on-site classification determining that the gem diamond content is estimated at 80% of the run of mine production.
Newfield also said that its first Tongo diamond mine sale achieved $262 per carat or $1,4 million from 5,128 carats sold.
It also sold 203 carats from a discontinued alluvial operation in Sierra Leone.
This brought the total stones sold to 5,330 carats at an average price of $269 per carat.
The average price per carat recorded exceeded the modelled diamond price of $222 per carat for the Tongo Mine.
The Tongo Mine entered production earlier this year.
Newfield recently raised about $1 million from the issue of 2,857,143 fully paid ordinary shares at an issue price of $0.35 per share.
The funds are meant for continued development of Tongo.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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