mining news article This article is from MiningNews.Net last...

mining news article This article is from MiningNews.Net last week...

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Argosy recovers 4.97ct diamond

Brad Ricks


Thursday, February 12, 2004
AUSTRALIAN listed explorer Argosy Minerals has reported the discovery of a 4.97 carat diamond from the Megalodon channel at its Albertros alluvial diamond project in Namaqualand, South Africa.

The diamond was recovered, along with several others, from 2.5m diameter auger samples taken from the Megalodon channel.

According to the company, the recovered diamonds range in size from 0.05ct to the 4.79ct stone.

So far 28 of the 42 samples taken from the Megalodon channel have been sorted and diamonds have been recovered from 13 of the diamond auger holes sampled.

Corporate development manager David Russell said the sorting of samples had taken an unexpectedly long time due to an abnormal level of concentrate once the samples have been processed.

He said hopefully the sorting would be completed at the end of the month to allow for an independent valuation of diamond parcels.

However, until bulk samples capable of delivering 5000ct of diamonds have been excavated he said the company would remain "gun shy" when it comes to talking grades for the Megalodon channel.

"I liken it to sitting on the beach with a knitting needle and poking it into the ground to see what you can find," he said.

"If you went on the first couple of holes where we found nothing you would say there are no diamonds but if you went on this hole where we found the 4.79 carat diamond you would be saying we have a fantastic grade.

"Obviously the real grade is somewhere in between that but we have a lot of sampling or sorting of statistics yet to do."

The Albetros project is located between De Beers' alluvial mine at Langhoogte, 40km from the coast, and Dreyers Pan and Tweepad, De Beers' principle Kleinsee-based raised beach operations.

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