Pele’s Cristal yields large stone (January 27, 2003)

Lakefield Research has recovered a 0.72-carat diamond from Pele Mountain Resources‘ (GEM-V) Cristal occurrence, on the Festival property, near Wawa, Ont.

The stone measures 4.42 by 4.28 by 3.58 mm and was recovered from a 13-tonne bedrock sample. Dubbed “The Big Goose,” the white, gem-quality diamond is the largest to have been recovered from bedrock in the Wawa area.

Pele says the discovery confirms the presence of a population of large, gem-quality diamonds, and demonstrates the economic potential of the property.

Also recoverd were 39 commercial-sized stones exceeding a 0.85-mm-square-mesh sieve size. In all, the stones tip the scale at 1.142 carats. Using a 0.6-mm square mesh, Lakefield recovered another 57 diamonds weighing 0.234 carat.

The 13-tonne sample was collected late in 2001, at the same time that Pele collected a 100-tonne sample. The Canadian exploration arm of De Beers recovered 96 small but commercial-sized diamonds from the larger sample. Pele President Al Shefsky described some of the stones as “incredibly beautiful, well-preserved octahedrals with sharp edges.”

Using its “total-content model,” De Beers forecast a grade for Cristal of 0.06 carat per tonne, down to a 1,000-micron (1-mm) square-mesh cutoff.

The Cristal showing lies along the southeastern border with Band-Ore Resources‘ (BAN-T) GQ property.

On Jan. 22, Pele’s shares shot up 15, or 60% of their value, to 40, a new 52-week high. Band-Ore’s shares benefitted too, rising 9% to 75.