Explorer Star Diamond Reports Q3 Loss
November 14, 24
(IDEX Online) - Canadian explorer Star Diamond reported a Q3 loss after it bought the remaining share of a project in Alberta, but said new research indicated significantly higher resources at a second site in the neighboring Saskatchewan province.
It acquired 50 per cent of the Buffalo Hills project, in north central Alberta, that was owned by joint venture partner Canterra. Exploration of 26 diamond-bearing kimberlites there started in 1996.
Toronto-based Star Diamond also has a 100 per cent interest in Fort a la Corne, which includes the Star - Orion South Diamond Project, described as the world's largest undeveloped diamond deposit.
In its Third Quarter 2024 Results, Star said a revised mineral resources estimate showed a significant increase on previous estimates, notably a 29 per cent increase in carats, to 72m.
Star said the increased net loss, quarter over quarter to CAD 1.4m (USD 1m) was primarily due to increased exploration and evaluation and administration expenditures offset by decreases to consulting and professional fees.
Pic of Buffalo Hills courtesy Star Diamond.