The company, which holds full ownership of the Fort à la Corne mineral rights, including the Star-Orion South project, claims it is the largest undeveloped diamond deposit globally.
Located in the Fort à la Corne provincial forest, about 60 km east of Prince Albert, the mineral dispositions are well-positioned near highway and power lines.
The indicated mineral resources for Star have risen by 22% to 34.8 million carats, with a 20% increase in grade to 19.4 cpht (carats per hundred tonnes). For Orion South, the indicated mineral resources have grown by 37% to 36.9 million carats, with a 32% increase in grade to 17.9 cpht.
Star Diamond has determined that no additional bulk sampling is necessary for estimating the mineral resources of the Orion South kimberlite. This decision will save tens of millions of dollars in exploration costs and expedite the pre-feasibility study (PFS).
“Our technical team and external consultants have worked diligently over the past 18 months to achieve this remarkable result,” said Star Diamond CEO Ewan Mason. “We aim to complete a feasibility study by the end of 2026 and hope to start construction within 3-5 years.”
Star-Orion has a long exploration history, but the company only became the sole owner in March after acquiring Rio Tinto’s 75% interest in Fort à la Corne.
The companies had previously clashed in court in 2020 over the development of the project following a 2017 earn-in agreement. Rio Tinto’s subsidiary RTEC had committed to investing $75 million in phases to acquire a 60% stake. Disputes arose when RTEC exercised its options all at once, which Star Diamond challenged as undervalued.
Star Diamond ultimately retained full ownership of the project and received C$100 million in machinery, equipment, and supplies, along with a 10-year environmental bond and C$4 million in cash, in exchange for 17% of its stock, valued at approximately C$8.5 million. Mason noted that while Rio Tinto was initially interested in new diamond projects to replace the aging Diavik mine, its focus has since shifted to expanding its critical minerals portfolio.
