Drilling underway at Tongo Project in Sierra Leone
Stellar Diamonds plc, the London listed (AIM: STEL) diamond mining and exploration company focused on West Africa announces the commencement of resource drilling at the Company's high-grade Tongo kimberlite diamond project in eastern Sierra Leone.
Highlights:
- Commencement of 6,000m diamond core drilling programme
- Objective is to define a maiden inferred resource estimate to at least 200m below surface
- Bulk sampling yielded 926 carats for undiluted grade of 115 carats per hundred tonnes ('cpht')
- Potential in-situ kimberlite value of up to $220 per tonne
Chief Executive Karl Smithson commented:
"With the recent appointment of CAE Mining and the commencement of drilling we remain on track to establish our maiden resource at the Tongo Dyke project in the first quarter of 2012. The bulk sampling grades continue to prove encouraging, with the kimberlite yielding an average grade to date of 115cpht. A further diamond parcel of approximately 300 carats will be exported in the near future to combine with the parcel of 639cts already in Antwerp which was recently valued at $191 per carat. We remain confident on the potential that the Tongo kimberlite project offers and we look forward to updating the market on the progress we make as we work to establish a maiden resource base at both our Tongo and Droujba projects."
Resource Drilling
Stellar recently signed a 6,000m core drilling contract with E-Global Drilling, with an option to extend the meterage if necessary. This first phase of drilling will be focussed on the 2.5km strike length of Tongo Dyke 1 in order to establish lateral and depth continuity of the kimberlite ore body at every 100m along strike. Holes are being planned to intersect the kimberlite at depths of 50m, 100m and 200m from surface, with some holes targeting intersections at 300m vertical depth. In addition, the 1km long Tongo Dyke 4, located 1km to the north of Dyke 1 will also be drilled as part of the programme. Previous minibulk sampling of Dyke 4 undertaken by the Company returned grades of 100cpht. CAE Mining are overseeing the resource drilling and bulk sampling programmes as part of their mandate to independently establish a maiden inferred resource estimate for the Tongo project.
Bulk Sampling and Processing Results Bulk sampling of the 2.5km Dyke 1 kimberlite continues to yield high grades. Processing of some 1,360 tonnes of kimberlite and wall rock granite mix to date has yielded 926.30 carats for a diluted grade of 68cpht and an undiluted grade of 114.92cpht based on the 806 tonnes of kimberlite processed. The diamond quality remains high and a second parcel will be exported in the near future and added to the 639 carats currently in stock in Antwerp that were recently valued at $191 per carat. The combined parcel will be sold in September to ascertain the current market price for the Tongo goods. The average grade of 115cpht and the previously received diamond value of $191 per carat give a potential current in-situ undiluted value of the Dyke 1 kimberlite of $220 per tonne.
NY – Jewelers of America (JA), the national trade association for businesses serving the fine jewelry retail marketplace, has elected Georgie Gleim, President of Gleim The Jeweler in Palo Alto, CA, as JA’s new Board Chair. She succeeds Terry Burman, former Group CEO of Signet Jewelers Limited and Chairman of Sterling Jewelers Inc. Gleim was elected in July, at a Board meeting that also welcomed many new Directors.
“Georgie is an exceptional industry leader and we look forward to her insight into the professional needs of our members during her service as Jewelers of America Board Chair,” says President & CEO Matthew A. Runci.
NEW CHAIR & HER FAMILY HAVE LONG HISTORY IN JEWELRY COMMUNITY
Gleim is the third generation of her family to lead Gleim The Jeweler, the independent jewelry store that this year celebrates 80 years of continuous service in Palo Alto, CA. Gleim The Jeweler was founded in 1931 by her grandfather, Frederick. The Gleim family has a deep commitment to community activism and industry support. In fact, as JA Board Chair, Gleim is following in the footsteps of her father, Arthur, who served as JA President from 1981-83. Father and daughter have also both received the Robert M. Shipley Award and are both former Presidents of the American Gem Society. “It is an honor to serve as Chair of the Jewelers of America Board,” says Gleim. “With the talented leadership of our Board and the staff in New York, I look forward to continuing my work with the association to advance the important work JA undertakes to maintain consumer confidence in the fine jewelry marketplace.”
BOARD EXECUTIVE COMMITTEE ELECTIONS
As Chair, Gleim will lead an Executive Committee of these newly elected officers: Chair-Elect – William Farmer Jr., Farmer’s Jewelry; Vice Chairman – Ryan Berg, Lee Michaels Fine Jewelry; Vice Chairman – Scot Congress, Congress Jewelers; Vice Chairman – Peter Engel, Fred Meyer/ Littman Jewelers; Treasurer – Thomas Andruskevich, Birks & Mayors, Inc.; Secretary – Michael J. Kowalski, Tiffany & Co.
INCOMING & OUTGOING DIRECTORS
The following directors will serve on the board through 2013:
Marc Bridge is a member of the fifth-generation of Seattle-based Ben Bridge Jeweler, in Seattle, WA. Family-run since 1912, Ben Bridge has cultivated a reputation for quality, integrity, and personal service across nearly 70 stores in 11 western states. Marc has led the company’s foray into digital marketing, social media and e-commerce. Mark Light is President and Chief Executive Officer of Sterling Jewelers Inc., Akron, OH – the largest specialty retail jewelry
Jewelers of America Announces Board Elections & New Chair
Georgie Gleim, of Gleim The Jeweler, elected Chair of
JA Board of Directors
chain in the United States. Light began his career with Sterling Jewelers Inc. in 1978. He has been honored for his tireless work on behalf of Jewelers for Children, and currently serves on its Board as well as that of the Jewelers Security Alliance.
Robert F. Moeller II is President and Director of Sales at R.F. Moeller Jeweler, St. Paul, MN – the store his father founded. Having grown up in the jewelry industry, Moeller has extensive gemology experience – earning the prestigious title of American Gem Society - Certified Gemologist Appraiser and a Graduate Gemologist degree from the Gemological Institute of America.
Larry Pelzel is the Vice President of Precious Jewelry of Neiman Marcus, Dallas, TX – where he has worked for 32 years. In this role, he oversees all buying, selling and marketing aspects of the division and manages a design studio that consists of 10 goldsmiths. On working in the jewelry industry, Pelzel says: “I am very proud of the industry that has enabled me to be involved in something that I truly love and have a great deal of appreciation for.” Michael Pollak is co-founder of Hyde Park Jewelers, in Denver, CO. He has more than 35 years experience in retail management and has developed three luxury jewelry stores. Pollak has received numerous industry awards, including an induction into the National Jeweler Retailer Hall of Fame. He is currently a board member of the National Jeweler Advisory Board, Natural Color Diamond Association and has served as President of Luxury Jewelers Resource Group
Howard Tapper founded Tapper’s Jewelry, in West Bloomfield, MI, 34 years ago and has since grown the 1,000-square-foot space into a threelocation, premier destination for gifts of diamonds and fine jewelry. Tapper says his main source of personal satisfaction is celebrating the happy occasions of his customers’ lives: “We mark the most special moments . . . and help to bring joy into the lives of others. What job could be better than that?”
William Farmer Jr. and his sister, Kristi Farmer Lykins, are secondgeneration owners of Farmer’s Jewelry, in Lexington, KY. He has a Graduate Gemologist degree from the Gemological Institute of America and is an American Gem Society Certified Gemologist and Certified Gemologist Appraiser. Farmer has a long history of industry association support and leadership. He is a previous JA Board Director and serves as the Chair of JA’s Political Action Committee. He also served two terms as President of the Kentucky Jewelers Association and was president of the American Gem Society from 2002-04. In addition to Terry Burman, outgoing directors include Jeff Corey, Day’s Jewelers; Vicki Cunningham, Cunningham Fine Jewelry; John Hayes, Goodman’s Jewelers; and Woody Justice, Justice Jewelers.