New KIMS are DIAMONDIFERROUS
Here is todays PR:
July 22, 1999 Nasdaq: MPVIF
TSE: MPV
De Beers/Monopros Reports New Kimberlite Bodies to be Diamondiferous
Faraday is First Diamondiferous Kimberlite Body Outside of Kennady Lake
Mountain Province Mining, Inc. (the "Company") is pleased to announce that
it has been notified by its contractor, Monopros Limited ("Monopros"), a
wholly owned subsidiary of De Beers Consolidated Mines Ltd., that results
of microdiamond analysis of drill core from the recently discovered Wallace
and Faraday kimberlite bodies indicate them to be diamondiferous. The
microdiamond counts are similar to those for the Hearne and Tuzo pipes.
The Wallace kimberlite is one of the five diamondiferous bodies in the
cluster at Kennady Lake, while the Faraday kimberlite is 12 km NE of
Kennady Lake. It is the first diamondiferous kimberlite body outside of
Kennady Lake. These kimberlites are located on the Company's AK claims in
the Northwest Territories of Canada.
The Company has been advised that Monopros has received the results of the
acid dissolution analysis by De Beers at the Kimberley Acid Laboratory in
South Africa of drill core from the Wallace and Faraday kimberlites. The
acid dissolution of 40 kg of kimberlite from the discovery drill hole from
the Wallace kimberlite, located approximately 300 m southwest of the 5034
pipe, has yielded 81 microdiamonds. The acid dissolution of 80 kg of
kimberlite from the kimberlite body located midway between the Wallace
kimberlite and 5034 pipe, named "5034 South", yielded 289 microdiamonds.
Lastly, the acid dissolution of 40 kg of kimberlite from the Faraday
kimberlite, located 12 km Northeast of Kennady Lake, yielded 88
microdiamonds.
The results are summarized in the table below.
Kimberlite Kimberlite Total Diamonds Diamonds per 10 kg "Macro"
Diamonds
Body Weight (kg) per 10 kg
Wallace 40 81 20 2.3
5034 South 80 289 36 0.6
Faraday 40 88 22 1.5
De Beers classifies diamonds recovered from the acid dissolution analysis
according to weight and various square mesh aperture screens sizes.
Diamonds larger than the ½ x ½ mm screen size are called "macro" diamonds.
It should be noted that this classification is stricter than the commonly
used definition of macros; those diamonds whose largest dimension exceeds ½
mm. Some such macros may pass through a ½ x ½ mm screen.
These results for the Wallace and Faraday bodies are very similar to the
acid dissolution results reported for the Hearne and Tuzo pipes in October
of 1997. The Hearne and Tuzo pipes each yielded 25 diamonds per 10 kg and
had 2.8 and 2.0 "macro" diamonds per 10 kg respectively. The 5034 pipe
yielded 1.6 "macros" per 10 kg from a total of 534 kg tested by De Beers in
1997. Test sampling of the kimberlites in 1998, the results of which were
reported in September 1998, yielded a grade of 2.33 and 2.20 carats per
tonne for the Hearne and Tuzo pipes respectively.
It must be kept in mind that the amounts of kimberlite treated are very
small and results can vary significantly from sample to sample. However,
the results reported show the new kimberlites to be diamondiferous and the
results are comparable to the acid dissolution results for the Hearne and
Tuzo pipes.
The Company is extremely pleased with the Faraday results since it is the
first time a substantial intersection of diamondiferous kimberlite has been
discovered outside the Kennady Lake cluster. Monopros is continuing
exploration on the AK claims during the summer and fall around the Faraday
kimberlite and on other indicator mineral trains, for which there must be
additional kimberlite sources.
Monopros started the summer-fall exploration program on July 2, 1999. The
work will initially consist of till sampling on both the AK and CJ claims.
The sampling on the AK claims will mostly be at closer spacing than was
done previously, in order to better cut-off the most promising indicator
mineral trains. These results combined with additional geophysical
interpretation will be used to define drilling targets for this summer - fall.
The 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.
On Behalf of the Board of Mountain Province Mining, Inc.
"Jan W. Vandersande, Ph.D."
Jan W. Vandersande, Ph.D.
President
This release may contain forward-looking statements, within the meaning of
the "safe-harbor" provision of the Private Securities Litigation Reform Act
of 1995, regarding the Company's business or financial condition. Actual
results could differ materially from those described in this news release
as a result of numerous factors, some of which are outside of the control
of the company.
USA Office: 3633 E. Inland Empire Blvd., Suite 265, Ontario, CA 91764
(800) 220-1943
CANADA Office: 789 West Pender Street, Suite 1205, Vancouver, B.C. V6C 1H2
(800)-555-9343
Web Site: www.mountainprovince.com |
