Mining Weekly reports that diamond explorer BRC Diamondcore has signed a letter of intent with Rio Tinto’s mining and exploration arm, according to which Rio Tinto will fund the diamond exploration of parts of the joint venture property at the Tshikapa kimberlite project, located in the Democratic Republic of the Congo (DRC).



According to the letter of intent, Rio Tinto will be granted the right to earn 75% interest in the joint venture company, which will hold ownership interests in the property. BRC Diamondcore will retain a 25% interest in the diamond exploration company.



A proposed earn-in arrangement will be subject to various stipulations, including the completion of due diligence as well as execution of a definitive agreement between the diamond companies.



A drilling program on the property is expected to begin this month.



This area of the DRC has produced over 100-million carats of diamonds. Following the analysis of stream samples taken in the area, promising kimberlitic indicators have been found.