Stornoway announces 2011 exploration program and budget
Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the2011 exploration budget for the Company’s portfolio of diamond exploration projects. Stornoway’s flagship property is the 100% owned Renard Diamond Project in north-central Quebec, where a Feasibility Study and an associated Environmental and Social Impact Assessment are on track for completion in the third quarter of this year. Over the upcoming 12 month period Stornoway will also conduct a complementary program of discovery oriented exploration at several additional projects elsewhere within Canadawhere the potential exists for the discovery of new kimberlite camps close to infrastructure. Stornoway has allocated a budget of $5.6m to the 2011 exploration program, to be funded from existing cash resources.
2011 Exploration Programs
For some time, Stornoway has been engaged in follow-up exploration in discrete areas of Canada where previous work has suggested the presence of un-discovered diamondiferous kimberlites. In 2009, this grass-roots work resulted in the quick discovery by surface prospecting of the Hammer kimberlite in Nunavut. It has also, more recently, confirmed the existence of multiple, potentially diamondiferous kimberlite sources in new districts within Quebec and Saskatchewan where kimberlites have not previously been discovered.
The 2011 exploration program and budget contemplate the drill testing of high priority kimberlite targets on these properties in both 2011 and 2012 following detailed geochemical and geophysical surveys. Stornoway will provide guidance on each exploration program on an individual basis as claims are acquired and as field programs are mobilized.
Pikoo Project, Saskatchewan
To this end, Stornoway is pleased to announce the acquisition of 33,374 hectares of contiguous claims at the “Pikoo Project” located in central Saskatchewan. The Pikooclaims are owned 100% by Stornoway, and are located 140 km east of La Ronge Saskatchewan and 100 km west of FlinFlon Manitoba. An all-season road to the community of Deschambault Lake comes to within 6km of the property’s southernboundary. A location map for Pikoo can be found onStornoway’s website at:
Stornoway initially acquired the Pikoo claims in February and March 2011 and claim certificates have now been issued by Saskatchewan Ministry of Energy and Resources. During the summer of 2011, Stornoway will undertake a high-resolution airborne geophysical survey at the property, and conduct detailed till sampling and follow-up prospecting on high-priority targets in preparation for discovery drilling later in 2011 or in 2012. The area of interest was first identified in 2006 following a regional geochemical sampling program designed to test the diamond potential of the northern portion of the SaskCraton, which hosts the Fort a la Corne cluster of kimberlite pipes approximately 220 km to the southwest. Subsequent follow-up sampling confirmed the potential for multiple kimberlites or kimberlite clusters localized within a 15km by 20km source area. No kimberlites are currently known in the vicinity of the Pikoo Project, and their identification would represent a significant new discovery in Canadian diamond exploration.
About Stornoway Diamond Corporation
Stornoway Diamond Corporation is one of Canada’s leading diamond exploration and development companies, involved in the discovery of over 200 kimberlites in seven Canadian diamond districts. The Company benefits from a diversified diamond property portfolio, a strong financial platform and management and technical teams with experience in each segment of the diamond “pipeline” from exploration to marketing.Stornoway’s diamond exploration programs are conducted under the direction of Robin Hopkins, P.Geol. (NT/NU), Vice President, Exploration, a Qualified Person under NI 43-101. Mr. Hopkins has approved the contents of this release.