Trustco strikes rich diamond deposit
Trustco Group Holdings Limited's diamond subsidiary, Meya Mining, has announced the discovery of a diamond rich deposit in the eastern province of Sierra Leone, following promising findings from a diamond resource estimate for the Meya River kimberlite dyke.The report confirmed the total kimberlite ore down to a depth of 800 metres below surface is 6.05 million tonnes. The assessed in-situ grade is 33 carats per hundred tonnes, translating to a total of 1.99 million carats contained within Meya River and an estimated value of US$763 million, of which US$104 million is in the indicated category and US$659 million is inferred, based on an average value of US$382 per carat.
Trustco deputy CEO, Quinton van Rooyen Junior said the findings validated the company's investment in Meya Mining. "This resource estimate underscores the potential of the mine, and we are excited about the next steps in advancing this diamond resource."
According to him, the assessment covers a 2.8-kilometre strike length of the Meya River dyke, which represents less than 5% of the total combined strike lengths of the kimberlite domains within Meya Mining's licenced area. Five of the largest diamonds discovered globally have come from this area.
Notably, in November 2017, the Meya Prosperity Diamond, the 29th largest diamond at the time, was unearthed at this site and subsequently sold for US$16.5 million. Updates on ongoing drilling and exploration within the licence area will be provided as additional resources are proven. The mine is expected to scale up commercial production within the current financial year.
The resource evaluation findings will form a pivotal part of an upcoming preliminary economic assessment report, providing a comprehensive economic analysis of the Meya River dyke's development potential. As of 31 August 2023, Trustco’s total investment in Meya Mining amounted to US$116 million, representing 34.1% of its total investment portfolio at that time.
Trustco holds a 19.5% stake in Meya MIning.