Another large diamond recovered from Paramount’s Pealstar project

Larger diamonds are occurring periodically during bulk sample testing of one of several kimberlite fissures at the Peakstar Project – the South African venture involving Australian company, Paramount Mining Corporation Limited.

The latest diamond, weighing 7.64 carats, was recovered this week, and comes from a depth of 45 metres, the level currently accessed via the Nikita (No.2) Shaft. Like most diamonds from this fissure, which is located on the same kimberlite fissure system that hosts the Star Diamond Mine, operated by Petra Diamonds, and the Rex Diamond Mine, it is clear white in colour.

Previously recovered large diamonds at Peakstar have included stones weighing 8.2 and 4.6 carats which sold for US$ 61,136 (US$ 7,456 per carat) and US$ 14,888 (US$ 3,237 per carat) respectively, and a 6.01 carat diamond which sold for US$8,399 (US$1,399 per carat).

The regular appearance of larger diamonds during bulk testing, where relatively small volumes of kimberlite are being tested, is indicative of the potential for future full-scale mining, Paramount’s Chief Executive Officer, Ms Maureen Muggeridge, said.

Average carat values increase markedly with the size of the diamond. The presence of larger stones is therefore especially important in terms of the commercial potential of the project, she said.

The material tested is part of a kimberlite fissure system located within the project area.

Story link: Another large diamond recovered from Paramount’s Pealstar project