Trivalence bulk-samples K-23 pipe

Bulk-sampling of the K-23 kimberlite pipe has begun, reports Trivalence Mining (TMI-V).

K-23 is situated on the company’s 85%-owned Aredor concession in Guinea, 1.1 km upstream from the BAI-4 alluvial block. That block — one of six being mined for alluvial diamonds — hosts 312,569 tonnes of gravels grading 0.11 carat per tonne.

Two of the planned four trenches have been stripped of overburden. Together, the trenches are expected to provide 10,000 tonnes of kimberlite for diamond assessment.

Since January, 23 percussion holes drilled on K23 have identified a body covering 5.2 ha. In addition to indicator minerals, 22 diamonds have been recovered from seven recent holes.

During the quarter ended Dec. 31, the company produced a record 9,384 carats at the Aredor mine in Guinea, a 61% increase over the previous quarter. Production in the first 6 months was 17,940 carats or 71% over a year ago.

On the financial front, Trivalence reported a net loss of $2.6 million for the quarter, compared with a loss of $2.2 million in 1998.

Trivalence recently raised $300,000 in a private placement similar to the $1.2-million deal it closed earlier this year. Both loans are secured by convertible debentures bearing interest of 11% annually.

Trivalence holds an 85% interest in the Aredor, as well as a 50% interest in the Palmietgat kimberlite project in South Africa, scheduled to begin production shortly. It also holds prospecting licences in Botswana.