SHORE GOLD $5.86 (Toronto symbol SGF; SI Rating: Start-up) (306-664-2202; www.shoregold.com; Shares outstanding: 177.2 million; Market cap: $1.0 billion) owns 100% of the Star diamond project in the Fort a la Corne area of northern Saskatchewan, an area that hosts one of the most extensive kimberlite fields in the world. The Star project contains a diamond-bearing kimberlite, estimated in the 500 million tonne range. Bulk sampling has already returned high carat-grades of diamonds.
Kimberlites are cone-shaped pipes, comprised of a mixture of magma (molten rock) and rock that is carried by volcanic activity to the surface of the earth from depths greater than 150 kilometers. Diamonds form at those depths, under a mixture of extreme pressure and high temperatures. Kimberlites may also pick up diamonds along the way — and sometimes in quantities large enough to justify a diamond mine.
Shore Gold also holds 60% of the Fort a la Corne Joint Venture. Fort a la Corne (which consists of a number of drill-confirmed kimberlite bodies and macrodiamond findings) does not include Shore Gold’s main Star Diamond project. After acquiring 100% of the project last year, Shore Gold sold a 40% interest to Newmont Mining for $170.4 million. Newmont already holds a 9.9% interest in Shore Gold’s common shares.
Shore Gold moved down from around $7.50 at the beginning of April, after the release of the first results from the Orion North kimberlite at the Fort a la Corne Joint Venture. Grades of diamonds proved to be around 3 carats per hundred tonnes of rock, unlike the Star kimberlite where grades have averaged 15 to 20 carats per hundred tonnes. But these are from drilling samples near the surface of Orion North, unlike the Star kimberlite where the higher grades were from bulk sampling in shafts sunk to depth.
Shore Gold currently has a $60 million prefeasibility program underway on the Star diamond project, scheduled for completion by the end of 2007. The program is aimed at confirming the presence of a mineable orebody. The company will also continue to drill along with Newmont Mining at the Fort a la Corne joint venture. Further work is scheduled at the Orion North kimberlite, as well as at the Orion South kimberlite.
Shore Gold is a buy for highly aggressive investors.
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