FIRST MINING LEASE GRANTED

  ELLENDALE MINING LEASE HIGHLIGHTS:

• 21 year Mining Lease (ML) granted for Ellendale L-Channel Deposit.
• ML (M04/473) grant area of 2,300ha (approx.)
• The ML area contains an estimated diamond resource target of 16.4Mt of diamondiferous gravels @ 7.95 cpht supporting a minimum 12 year Life of Mine proposal.
• The ML enables the commencement of Low Rate Initial Production (LRIP) in Q3, 2021.
• Further test and development work during the 2021 season is expected to significantly expand the potential project resource.

IBDH’s Managing Director, Peter McNally said: 

“The grant of a Mining Lease for our L-Channel Deposit is a very significant milestone for IBDH and comes on the back of a targeted and innovative exploration program”.

“We have identified a large buried alluvial channel draining north to south through the Ellendale Diamond Field containing thick beds of diamond baring gravels. Our sampling and testing program has confirmed diamond grades up to 12.7 cpht with a high percentage of coloured diamonds including the world-famous Ellendale Fancy Yellow diamonds”.

“A major development in 2020 was the evaluation and polishing of the first project diamonds in Antwerp by internationally recognised coloured diamond experts. This work confirmed the high quality of the gems and that industry demand for these exquisite Ellendale Yellow diamonds is as strong as ever” .

“This is just the beginning, as our project covers a resource target area of at least four times the size of this initial Mining Lease.  The Project has sound economic prospects for expansion and for significant financial and employment benefits to the West Kimberley”.

“It is now a short runway to initial production as we already have a fully operational camp with the necessary mining, processing and security infrastructure already in place". 

ABOUT THE PROJECT

The India Bore Diamond Project is located in the Ellendale Diamond Field of Australia’s West Kimberley region. The project is targeting a major buried alluvial diamond deposit discovered in 2017. The current focus is on part of the L-Channel deposit on the recently granted mining lease. This channel has been identified as a part of an ancient, south flowing drainage system associated with several of the proven diamond baring Ellendale Lamproite intrusions. 

Diamonds recovered from the L-Channel include a high percentage of Fancy Yellow diamonds with grades and morphology consistent with the proven primary source lamproites including Ellendale 9 (E9) and Ellendale 4 (E4).

Detailed laboratory analysis of L-Channel diamonds has also revealed a population exhibiting unique light absorption qualities including extremely rare purple and red natural fluorescence under ultraviolet light. 

ANTWERP FEB  2020.  An  independent evaluation of diamonds mined by IBDH from the  Ellendale L Channel has been completed by world leading  Diamantaires in Antwerp. 

As a part of the extensive evaluation program the rough diamonds have also been cut and polished by Master cutters producing a range of exquisite Fancy Yellow diamonds including Intense, Fancy, and Light Fancy Yellow diamonds as well a a range of gem quality colourless diamonds (see picture above).  

A high percentage of gem quality stones including Fancy Coloured diamonds typical of the Ellendale field have been recovered by  IBDH from the successful L Channel bulk sampling programs in 2018 and 2019. Based on the company's detailed knowledge of the L Channel deposit,  the 2020 work program will commence in May on targeted upstream sections of the  L Channel.  Large scale trenches will be excavated nearer to the diamond sources where higher grades and larger diamonds are anticipated.

IBDH has exported its first batch of diamonds to Antwerp for evaluation and appraisal by some of the worlds  leading Diamondtaires. 

The shipment, including Fancy Yellow diamonds, arrived in Antwerp on Jan 27 under the Kimberley Process  Certification Scheme.

The diamonds were recovered from the Ellendale L Channel alluvial diamond deposit discovered by IBDH in 2017. The  L Channel deposit is estimated to contain at least 1.3 million carats of diamonds including the world renowned Ellendale Fancy Yellow Diamonds. 

Dec 19, 2019 - Perth, Australia.  India Bore Diamond Holdings been formally invited by the Minister for Mines and Petroleum; Energy; Industrial Relations to apply for tenements over key areas of the former Ellendale mine site.

These new additional leases will add significant potential diamond resources to the current IBDH L Channel project.  Details of the new leases will be made available following the completion of the formal application and approval by the Minister (estimated to be May 2020).