Star Diamond Corporation is announces that further to its brief dated July 15, 2024, it has completed the acquisition of Canterra Minerals Corporation’s interest in the Buffalo Hills Diamond Project. Star Diamond now owns 100% of the Project.
Star Diamond acquired Canterra’s 50% interest in the Project, a land package consisting of 21 mineral leases covering approximately 4,800 hectares located 400 kilometres northwest of Edmonton, Alberta, Canada, in exchange for the issuance of 17,500,000 common shares of the Company.
One half of the Consideration Shares are subject to a 12-month lock-up arrangement. In addition to the Consideration Shares, Canterra was granted a 1% royalty interest in the Project. All of the Consideration Shares are subject to a customary four month hold period.
The Project is located in the Buffalo Hills Kimberlite District, which contains at least 38 individual kimberlite bodies, of which 26 kimberlites are diamond bearing and a number of which outcrop at surface. Exploration on these kimberlites started in 1996, and small parcels of diamonds have been collected from various exploration programs on many of those considered most prospective.
