Aug 02, 2017

Five Star Diamonds Expands Land Ownership in Brazil by 50%; Acquires Additional 60,680 Ha

Five Star Diamonds Limited announced that it has acquired an additional 60,680 hectares in Brazil, thus increasing its land ownership in that country by 50%.  A substantial portion of the newly acquired land is to bolster the Jaibaras Diamond Project, which has increased its footprint from 522 hectares to 49,443 hectares.

The Company has also acquired the Gurupi Diamond Project in Maranhao State based on one property covering 9,909 hectares; and another 1,850 hectares was acquired across two additional properties at the Mega Goias project in Goias State.

“The Company now controls 24 diamond kimberlite projects in Brazil comprising an aggregate of 80 exploration licences and applications across 185,980 hectares,” Five Star Diamonds said summing up its position in that country.

The Company said it decided to acquire additional property at Jaibaras “in light of the exceptional results obtained on the drilling programme” there. Five Star Diamonds also announced that it has recently applied for additional mineral properties at the expanded Jaibaras site.

“These new applications contain regional magnetic anomalies and a series of historical samples collected from De Beers in the 90's, which will add new potential targets to the project,” the Company explained.

All the new acquisitions will be evaluated by the Company, which will primarily  focus on expanding its current activities in the Jaibaras Diamond Project.