The Raw Bean diamond project in Brazil will begin production this month, more than one month ahead of schedule and about 10% under budget, Glencairn Explorations (ASE) President Kerry Knoll announced at the annual meeting of shareholders. Glencairn has an option to earn a 50% interest in the Brazilian company that owns the mine, exercisable when commercial production begins. Diamonds were discovered on the property in 1987, and since Glencairn took an option on the property, 46 holes have been drilled and two test pits excavated.
Glencairn has estimated probable reserves of 239,118 cubic metres with additional possible reserves of 373,266 cubic metres, to provide for a 7-year mine life. The average grade of the deposit is 1.24 carats per cubic metre at an expected selling price of $125 per carat.
Although 78% of the diamonds in the deposit are in the gem quality category, many of these stones are considered “cheap gems,” said Knoll.
In addition to production plans at Raw Bean, Glencairn is investigating two alluvial deposits nearby with similar characteristics to the Raw Bean deposit. The company plans to drill and test these properties for additional reserves.
As for Glencairn’s Canadian interests, Knoll expressed considerable excitement over a recent drill hole on the Goodfish property near Kirkland Lake, Ont. The hole intersected a 40-ft. gold-bearing zone grading 0.54 oz. gold per ton.
The company will continue work on the Goodfish property through operator and joint venture partner International Platinum (TSE). International Platinum stands to earn a 51% interest in the property from Glencairn.
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