Canadian diamond miner Star Diamond Corporation (formerly Shore Gold Inc.) has acquired a full ownership of the Buffalo Hills project in Alberta after the purchase of its remaining 50% stake from Canterra Minerals.
Star Diamond will issue 17,500,000 common shares with an implied purchase price of $1.1 million as payment to Canterra’s shareholders. In addition to these shares, Canterra was granted a 1% royalty interest in the project. The acquisition is subject to the approval of the TSX exchange.
Located approximately 400 km northwest of Edmonton, Buffalo Hills includes 21 mineral leases covering 48 square kilometres and is a significant and accessible field of diamond-bearing kimberlites, with similarities to the Fort á la Corne kimberlites in Saskatchewan, the company said.
Star Diamond has made a decision to continue exploration at the diamond deposit after re-evaluating the historic data.
“In early 2023, we dusted off the file on this property and conducted an examination of the existing diamond parcel that was collected from a bulk sample previously taken in 2010. Our diamond specialist thoroughly analyzed the diamonds and we were astonished to find not only anomalous levels of Type IIa diamonds in the sample but also a presence of fancy yellow diamonds with elevated modelled diamond prices,” said the company’s president and CEO Ewan Mason.
“It became clear to us that further work needed to be done and with a number of pipes at surface we believe that a larger bulk sample should be taken…Our plan would be to eventually extract a bulk sample and ship it to Fort à la Corne.”
Star Diamond Corporation currently holds a 100% in certain Fort à la Corne mineral dispositions, including the Star-Orion South Diamond Project, the largest undeveloped diamond deposit in the world.
Theodor Lisovoy, Editor in Chief, Rough&Polished
