Canabrava, Paramount await licence

The Rio Do Sono alluvial diamond project in Brazil is nearing production, report partners Canabrava Diamond (CNB-V) and Paramount Ventures and Finance (PVF-V).

The 15,000-ha property, 300 km south of Brasilia in Minas Gerais state, comprises large diamond-bearing terraces and old river channels. Previous work by Canabrava identified gravel deposits up to 2,000 metres wide and 2-12 metres thick. The 35-sq.-km delta region is said to host a gravel resource estimated at more than 50 million cubic metres.

According to the companies, historical production in the region has yielded stones ranging in size from 0.3 to 0.5 carat. One large stone is said to have weighed 18 carats. Stones from this historical production have been described as gem quality, with most being clear. Rare, pale pink and green diamonds have also been recovered, say the companies.

Paramount recently earned a half-interest in the project by spending US$1 million. The companies will share operating costs equally.

With a fleet of heavy machinery en route to the property, infrastructure is in place and trial mining continues under a provisional licence. Following the receipt of a full mining licence, production will be increased by adding a dredge unit and second diamond recovery plant.

Canabrava is 54.7%-owned by Southwestern Gold (SWG-T).

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