20 Nov 2018 07:00
BlueRock Diamonds PLC / AIM: BRD / Sector: Natural Resources
20 November 2018
BlueRock Diamonds PLC ('BlueRock' or the 'Company')
Grade of 4.51cpht on KV1 exceeds expectations
BlueRock Diamonds plc, the AIM listed diamond mining company which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa ("Kareevlei"), is pleased to announce an update on KV1, one of its five known diamondiferous kimberlite pipes at Kareevlei.
BlueRock is currently mining from two pipes at Kareevlei: KV1 and KV2. It has now processed the first Level 1 (10m to 20m below surface) ore from KV1 totalling 20,500 tonnes resulting in grades of between 3.90 carats per hundred tonnes ('cpht') and 5.11 cpht at an average grade of 4.51 cpht, exceeding the Company's expectations. The average grade in 2017 when mining exclusively from KV2 was 2.45 cpht and in H1 2018 was 3.17 cpht, also from KV2. KV1 has an inferred grade of 6.3 cpht.
Adam Waugh, CEO of BlueRock commented, "Our current focus at Kareevlei following our recent fundraise is to materially step-up and de-risk our operations with a view to supplying a regular feed of undiluted, higher grade kimberlite. The ore we are recovering from KV1 is very encouraging in that it is a higher grade than we would have expected in this near surface, diluted material. It is pleasing that grades improved during H1 at KV2 and with the early results from KV1 suggests a stronger profile for both pipes going forward. I look forward to providing further updates from the ongoing mining at both KV1 and KV2."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
Contact:
BlueRock Diamonds PLC Adam Waugh, CEO David Facey, FD |
awaugh@bluerockdiamonds.co.uk dfacey@bluerockdiamonds.co.uk |
SP Angel (NOMAD and Broker) Stuart Gledhill / Caroline Rowe |
Tel: +44 (0)20 3470 0470 |
SVS Securities plc (Joint Broker) Tom Curran |
Tel: +44 (0)20 3700 0100 |
Turner Pope Investments (Joint Broker) Lewis Jones/Andy Thacker |
Tel: +44 (0) 20 3621 4120 |
St Brides Partners Ltd (Financial PR) Lottie Wadham / Juliet Earl |
Tel: +44 (0)20 7236 1177 |
Notes to editors:
BlueRock Diamonds is an AIM-listed diamond producer which operates the Kareevlei Diamond Mine near Kimberley in South Africa which produces diamonds of exceptional quality and ranks in the top ten in the world in terms of average value per carat. The Kareevlei licence area covers 3,000 hectares and hosts five known diamondiferous kimberlite pipes. As at 3 September 2018, it was estimated that the remaining Inferred Mineral Resource from the three kimberlite pipes (KV1, KV2 and KV3) represents a potential inground value of circa US$124 million at a current average run of mine diamond value of US$362/carat.
For further information, please visit BRD's website www.bluerockdiamonds.co.uk