Island-Arc Resources Corporation -
Island-Arc receives Back Lake diamond exploration report
Island-Arc Resources Corporation
IAR
Shares issued 11,929,971
1999-02-12 close $0.35
Monday Feb 15 1999
Also Kalahari Resources Inc (KLA)
Also SouthernEra Resources Limited (SUF)
Mr. Lawrence Barr reports
Howard Bird, manager of the Back Lake diamond exploration project for
SouthernEra Resources Ltd., operator of the project, made the following report
on Friday, Feb. 12, 1999, to its partners in the project, Island-Arc Resources
Corp. and Kalahari Resources Ltd.:
As scheduled, the sonic drilling program on the Back Lake project, Northwest
Territories will commence on Feb. 24, 1999.
To date the primary focus of the Back Lake exploration program has been to
locate the primary kimberlite pipe sources to the extensive Yuryi kimberlite
ice-rafted float material that occurs within the shoreline area of Munn Lake and
two kimberlitic heavy mineral indicator trains that have been traced to the
shoreline of Margaret Lake. The primary kimberlite source to the Yuryi kimberlite
float material and the two kimberlitic heavy mineral indicator trains are believed to
occur in Munn and Margaret lakes, respectively.
The object of the sonic drilling program is to recover glacial till material from the
bottom of Munn and Margaret lakes and process the tills at the Munn Lake
campsite to recover kimberlitic heavy mineral indicators. The purpose of the sonic
drilling program is to trace the Yuryi kimberlite float material and the two
Margaret Lake heavy mineral indicator trains from the shoreline, in an up-ice
direction, until an up-ice cutoff to the kimberlitic indicators are defined within the
two lakes.
The sonic drilling program will define and narrow down the kimberlite pipe search
area. This will be followed by ground geophysics over the defined area and all
geophysical targets with signatures representative of kimberlite pipe intrusions will
be diamond drilled.
The Back Lake project remains a high priority to SouthernEra Resources because
the Yuryi kimberlite float material has returned 226 diamonds, including 62
macrodiamonds, from 581 kilograms of processed kimberlite (a macrodiamond
has one dimension greater than 05 millimetres). One 0.12 carat diamond was also
recovered from the sample.
The Yuryi kimberlite hosts spectacular pyrope garnet chemistry with over 40 per
cent of the pyropes occurring within the G10 field. The two Margaret Lake heavy
mineral kimberlitic indicator trains contain high interest pyrope, garnet and
chromite chemistry suggesting that the diamond potential of the host kimberlite
should be good.
SouthernEra Resources looks forward to the sonic drilling program which should
last between three to four weeks.
Island-Arc Resources and Kalahari Resources are carried in the project for 10.62
per cent and 18.38 per cent interests, respectively.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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