Hello Peter
Long time no hear.
Thanks to all for your thoughts and agreement. I think we will all find the situation less frustrating.
THis on the wire this morning. Off topice but remotely related as it is DeBeers, about 80 km east of Back Lake/Munny Lake and indicative of the grade potential in the NWT.
DE BEERS/MONOPROS REPORTS EXCELLENT TEST SAMPLE RESULTS FOR THE HEARNE PIPE
NASDAQ: MPVIF
VSE: MPV
VANCOUVER, B.C., June 10 /CNW/ - Mountain Province Mining, Inc. (the
''Company'') is pleased to announce that 205 carats have been recovered from
the processing of 62.6 tonnes of kimberlite from the Hearne pipe for a grade
of 3.28 carats per tonne. This excellent result compares very favorably with
other significant discoveries in the Northwest Territories.
The Operator, Monopros Ltd., a wholly owned subsidiary of De Beers
Consolidated Mines Ltd., has advised the Company that it has recovered 205
carats from 62.6 tonnes of kimberlite from the Hearne pipe for an overall
grade of 3.28 carats per tonne. The kimberlite, extracted with reverse
circulation (RC) drills, was initially processed at Monopros' DMS plant at
Grand Prairie, Alberta and the resulting concentrates were shipped to
Johannesburg, South Africa where the diamonds were recovered. A 1 mm square
screen was used as the bottom cut-off size. Further detailed analysis of the
results will be carried out.
The two largest diamonds recovered were 1.87 and 1.80 carats
respectively. There were 7 diamonds equal to or greater than 1 carat, 24
greater than 50 points (0.5 of a carat) and 160 diamonds greater than 20
points (0.2 of a carat) in weight.
In addition, Monopros Ltd. has also advised the Company that it has
recovered 25.9 carats from 60 tonnes of kimberlite from the Tesla pipe for a
grade of 0.43 carats per tonne. The two largest diamonds recovered were just
less than a carat each. This result is in line with De Beers' modeling
predictions based on the previously reported caustic fusion results from the
exploration drill holes. The Tesla pipe appears, at this stage, to be the
smallest of the 4 pipes, but further delineation is needed to establish the
exact sizes of all four pipes.
Both Monopros and the Company believe that with these very good results
for the 3 pipes reported so far, the project should now advance to the bulk
sampling stage. A formal decision will be made subsequent to complete analysis
and interpretation of all results.
The diamonds from the Tuzo, Hearne and Tesla together with those that
will be recovered from the 5034 test sample (to be reported shortly) will be
sent to Kimberley, South Africa for an initial valuation. The results will be
reported when they are received from De Beers.
It is planned to re-open the Kennedy Lake camp for the summer exploration
season in late June.
Tha AK and CJ claims, located in the Northwest Territories of Canada, are
held 90% by Mountain Province Mining Inc. and 10% by Camphor Ventures
(VSE:CFV). As reported in the press release on March 7, 1997, Mountain
Province Mining Inc. and its partners have entered into a joint venture
agreement with Monopros under which Monopros has the right to earn up to a 60%
interest in the AK and CJ properties.
Regards
P.S. Grant: CJ has shown a real reluctance to dilute the shares and just recently indicated a preference for debt financing. A move I personally prefer. The exact opposite of LTL for example. |
