Advertisement

Paragon Diamonds increases plant processing rate at Lesotho

Paragon Diamonds has increased the plant process rate at its Lesotho Lemphane Kimberlite Project to over 230 tonnes per day and has completed the processing of two additional kimberlite samples.

Paragon Diamonds has increased the plant process rate at its Lesotho Lemphane Kimberlite Project to over 230 tonnes per day and has completed the processing of two additional kimberlite samples.

In an operational update issued on Tuesday, the group said 3,371 tonnes and 1,201 tonnes had been processed in the two additional kimberlite samples.

Advertisement - Article continues below

The group said that the 3,371 tonne sample, labelled P5, yielded the largest diamond recovered to date at Lemphane, an 8.86 carat yellow dodecahedron.

The same sample also produced four other diamonds above one carat for a total of 35.35 carats at a grade of 1.24 carats per hundred tonnes (cpht).

To date the company has processed 14,401 tonnes of a planned total 35,000 tonnes and has recovered 201.79, for an average recovered sample grade of 1.62 cpht.

Stephen Grimmer, Managing Director of Paragon Diamonds, commented: "The largest stone recovered to date helps to confirm our view of Lemphane as potentially a large diamond producer - this single stone represents 5% of the total carats recovered so far."

He added: "Importantly, over one third of all carats to date are in diamonds of one carat or greater. It clearly shows that with increased sampling, further and larger diamonds should be forthcoming in-line with statistical projections. We also expect improvement in the grade as sampling increases - the recovery of a single large stone can have a disproportionately positive effect on the total carats, and thus on the grade, as has already been demonstrated."

Paragon Diamonds' share price was unchanged at 8.75p at 12:08 on Monday.

MF

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
Visit/investments/stockmarkets/601611/nasdaq-all-time-high-markets-and-the-real-economy
Stockmarkets

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020