Friday, March 30, 2012

Paragon Diamonds reports consistent results from Motete micro samples

 Paragon Diamonds(LON:PRG) said results from the final part of its micro-diamond sampling programme at Motete, Lesotho showed results consistent with the previous samples.The sample, from the western end of Motete Dyke, included 17 macro-diamonds (greater than 0.5mm/600╬╝m) and a single diamond greater 1.18 mm.

The overall sample’s combined results of 2,655 diamonds included 131 macro-diamonds and six diamonds greater than 1.18 mm from 1,355 kg of samples. These are now being interpreted to establish a modelled grade for the Motete Dyke.

Paragon owns 83.75 per cent of Motete Dyke. The micro diamond analysis results in 2012 indicated that an in-situ grade of up to 1 carat per tonne is likely.

Paragon added that the road access to extract a bulk sample is proceeding with six kilometres of access track built to within one kilometre of the main dyke. Mining equipment will arrive and begin sample extraction by the end of March.

Paragon said it has also negotiated a contract to drill approximately 1,400 metres of NQ core at depth for a series of 12 intersections into the dyke up to 150 metres below surface. This drilling, in addition to providing further sample material, is intended to demonstrate the continuity of the dyke at depth, it said.

Meanwhile, Ntate Bataung Leleka, former Principal Secretary to the Lesotho Ministry of Natural Resources, is to be a consultant to the Lesotho subsidiaries, while Alastair Garner and Radiant Diamond Consulting will be professional diamond valuers to the company on a non-exclusive basis.

Francesco Scolaro, chairman, said: "Our management team continues to deliver positive results in a timely manner. I am encouraged with these results and remain confident that Lesotho will deliver a revenue stream for the company."

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