Caldera Resources Inc CDR
Shares issued 42,637,878 Nov 2 2001 close $.070
Monday Nov 5 2001 News Release
Mr. Chris Reindler of Caldera reports
Caldera Resources has received the latest drill results from the drill program completed at the Yilgarn Craton diamond project in June, 2001. The Yilgarn Craton project, joint ventured with SouthernEra Resources Limited (SUF-TSE), is located in Western Australia and is the site of last year's kimberlite pipe discovery. The project's exploration licences now cover 1,350 square kilometres.
A shallow aircore drill program was designed to identify the cause of 16 aeromagnetic anomalies. The targets were selected from over 50 magnetic anomalies that are indicative of kimberlite pipe intrusions, some of which have anomalous counts of chrome spinel at the surface.
Weathering in the area is extreme and is reported up to depths of 100 metres. Preliminary petrologic examination of extremely weathered and leached drill chips indicates 10 anomalies are caused by ultrabasic intrusions. Thirteen eight-kilogram drill samples representing 10 targets were sent to Lakefield Research Limited for caustic dissolution.
Concentrates provided by Lakefield have been examined by SouthernEra and grains of interest probed. The presence of kimberlitic chrome spinels with diamond inclusion chemistry, and ilmenite and pyrope garnets has been confirmed in the samples. No microdiamonds were recovered from the small samples. However, one of the most encouraging indicator mineral suite results came from the same target where a microdiamond has been previously recovered from a loam sample collected at this location. Additional drill samples have been sent to Lakefield for processing.
The joint venture partners regard these results as very encouraging and confirm the companies' initial appraisal of the area as having potential to host a new kimberlite field. Based on the positive drilling results, all data is currently being analyzed and the options to take this project forward will be considered by the joint venture partners.
Caldera is engaged in diamond exploration in Australia through seven projects, which include the joint venture with SouthernEra. Four projects are located in the Pilbara region of northeastern Western Australia, and two projects are located in South Australia.
In addition to the diamond exploration projects, Caldera also has an option agreement with Inco Limited on an Olympic-Dam-style target located in South Australia.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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