Canadian explorer Star Diamond has reported a loss for the third quarter of 2024, following its acquisition of the remaining share in a project in Alberta. However, the company also highlighted new research that shows significantly higher resources at its Saskatchewan site.
The Toronto-based company completed the purchase of the remaining 50 percent stake in the Buffalo Hills project in north-central Alberta, which was previously held by joint venture partner Canterra. Exploration at the site, which includes 26 diamond-bearing kimberlites, began in 1996.
Star Diamond also holds a 100 percent interest in the Fort à la Corne project in Saskatchewan, home to the Star-Orion South Diamond Project. This deposit is considered the world’s largest undeveloped diamond deposit.
In its Third Quarter 2024 results, Star Diamond reported a major increase in its mineral resources estimate. The updated estimate shows a 29 percent increase in carats, bringing the total to 72 million.
Despite the positive development, the company’s net loss for the quarter increased to CAD 1.4 million (USD 1 million). Star Diamond attributed the higher loss to increased costs for exploration, evaluation, and administration, which were partly offset by lower consulting and professional fees.
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