FALC-JV
Buffalo Hills
Star-Orion South Diamond Project
Star-Orion South Diamond Project

North Aerial View of the Star-Orion South Project

North Aerial View of the Star-Orion South Project

 

Introduction

The Star Kimberlite deposit straddles a mineral disposition boundary between property that is held 100 % by Shore ("Star Property"), and property that is held by the FalC Joint Venture (“FalC-JV”), between Kensington Resources Ltd. ("Kensington"), a wholly-owned subsidiary of Shore (69 %) and Newmont Canada FN Holdings ULC. ("Newmont") (31 %) ("the Star West Property"). The Orion South Kimberlite deposit is held by the FalC-JV. Both the Star Diamond Project and the Orion South Diamond Project are operated by Shore and are being explored and developed as a single entity as the Star – Orion South Diamond Project. The Revised Mineral Resource estimate is done on a 100 % combined ownership basis and does not separate the resources of the joint venture partners. The Revised Mineral Resource estimate supersedes all previous estimates.

The Star Kimberlite deposit and associated infrastructure are located within mineral disposition S-132039 in Section 18 of Township 49, Range 19, west of the 2nd Meridian. Township 49 is located within the Rural Municipality of Torch River. This mineral disposition is part of a larger group of 23 contiguous mineral dispositions totalling 9,280 ha. Shore owns a 100 % working interest in these claims.

Mineral dispositions have been legally surveyed in accordance with the Saskatchewan Mineral Disposition Regulations of 1986, Part IV, Article 30(1)(d), and the boundaries coincide with the boundaries of the land survey system pursuant to the Saskatchewan Land Surveys Act and with the boundaries of existing surveyed land parcels.

Shore holds a 100 % interest in an additional 54 claims in the immediate area, for a total of 77 claims covering 22,289 ha as of November 9th, 2015.

Shore also holds an interest in the FalC-JV, which is partially contiguous with the Star Diamond Project. Two of the mineral dispositions within the FalC-JV are considered to be part of the Star Diamond Project, namely S-127109 and S-127186. The Orion South Diamond Project is situated entirely within FalC-JV claims. The FalC-JV holds 119 claims totaling 22,224 ha as of November 9th, 2015.

Shore and FalC-JV Mineral Disposition Map

Mineral Resource Estimate

Highlighted below is the revised independent NI 43-101 Mineral Resource Estimate for the Star and Orion South diamond deposits.

2015 Revised Mineral Resource Estimates tor the Star and Orion South Deposits

Project Resource Category Tonnes x1000 Grade cpht Carats x1000
Star Indicated 193,010 15 28,249
Inferred 56,949 11 6,385
Orion South Indicated 200,160 14 27,153
Inferred 72,080 7 5,180

Reported Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. There is no guarantee that all, or any part, of a Mineral Resource will be converted into a Mineral Reserve.

The updated mineral resource estimate for the Star Deposit is based on:

  • 313 surface diamond core drill holes, completed between 1996 and 2008
  • 213 underground diamond core drill holes completed between 2004 to 2006
  • 105 48" (1219.2 mm) LDD holes completed between 1996 and 2008; and
  • 321 underground bulk samples

Star Kimberlite 3-D Geological Model (Looking North East)

The updated mineral resource estimate for the Orion South Deposit is based on:

  • 238 surface diamond core drill holes, completed between 1993 and 2015
  • 89 LDD holes completed between 1996 and 2010; and
  • 78 underground bulk samples

3D View of the Orion South Kimberlite Geological Model Looking North West

Star Mineral Resources

Non-diluted Indicated Mineral Resources considered amenable to open pit mining, within a preliminary pit shell at a C$5.49/tonne internal cut off and within the Late Joli Fou Pyroclastic Kimberlite (LJF), Early Joli Fou Pyroclastic Kimberlite (EJF), Middle Joli Fou Pyroclastic Kimberlite (MJF), Pense pyroclastic kimberlite (PPK) and Cantuar Pyroclastic Kimberlite (CPK) domains total 193.010 million tonnes with an average diamond grade of 15 cpht for 28.249 million carats.

Non-diluted Inferred Mineral Resources considered amenable to open pit mining, within a preliminary pit shell at a C$5.49/tonne internal cut off and within the LJF, EJF, MJF, PPK and CPK domains total 56.949 million tonnes with an average diamond grade of 11 cpht for 6.385 million carats.

Orion South Mineral Resources

Non-diluted Indicated Mineral Resources considered amenable to open pit mining, within a preliminary pit shell at a C$5.49/tonne internal cut off and within the Early Joli Fou Pyroclastic Kimberlite (EJF) and Pense Volcaniclastic Kimberlite (Pense) domains total 200.160 million tonnes with an average diamond grade of 14 cpht for 27.153 million carats.

Non-diluted Inferred Mineral Resources considered amenable to open pit mining, within a preliminary pit shell at a C$5.49/tonne internal cut off and within the EJF, LJF, Pense and Pense Volcaniclastic Kimberlite 3 (P3) domains total 72.080 million tonnes with an average diamond grade of 7 cpht for 5.180 million carats.

Work will be conducted on the Star – Orion South Diamond Project to provide an Updated Feasibility Study which will contain a revised statement of Mineral Reserves for the Project, if warranted, and an economic assessment based thereon.

Document Downloads:

Technical Report and Revised Resource Estimate for the Star – Orion South Diamond Project – December 21, 2015

Feasibility Study NI 43-101 Technical Report

Star-Orion South Diamond Project Environmental Impact Statement - Executive Summary

Technical Report and Updated Preliminary Feasibility Study on the Star - Orion South Diamond Project - March 24, 2010

Project Proposal - November 3, 2008

 

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