To all news release from Marum:
Peace River diamond project update
Marum Resources Inc MMU
Shares issued 14,903,616 Apr 28 close $0.18
Tue 29 Apr 97 News Release
Mr Arness Cordick reports
As a result of Ashton Mining's April 25 announcement of a significant
diamond find on its Buffalo Hills, Alberta property and Marum's news in
Stockwatch March 18 1997 reporting that two diamonds were recovered from a
1.3kg outcrop sample taken from Marum's Peace River project, the company
has received numerous shareholder information requests regarding the status
of the exploration program.
The company reports that samples archived in the field during 1996 are now
available for analysis and will be processed over the next two months.
Additionally, cuttings from two 150 ft reconnaissance auger drill holes
have been received and are being prepared for analysis. It is anticipated
that cuttings from several more 150 ft auger drill reconnaissance holes
will be available within 30 days.
Recent electron and optical microscope work indicates that the target rocks
contain diamonds, as previously reported, as well as an assortment of
pyrope garnets, chromites and chrome diopsides which have not yet been
analyzed. The diamond host rocks also contain two significant diamond
indicator minerals, coesite and moissanite. Coesite is an extremely dense,
high pressure silica mineral which has deep mantle origins. Moissanite is
silicon carbide, also a deep mantle mineral. The diamond host rocks also
contain elevated concentrations of chrome and nickel which further suggest
an ultramafic or kimberlitic source.
It appears that the diamond hosts rocks are interlayered sandstones and
siltstones which contain material which was ejected from ultramafic,
possibly kimberlitic, pipes. If this interpretation is correct the target
rocks probably cover an extensive area. Marum controls approximately 648
square miles of land in the Peace River area. The target layers, from 30 to
over 100 ft thick and occurring at or near surface with no overlying
glacial till cover, are associated with and underlie the upper Cretaceous
Bad Heart formation which Marum has been exploring for three years.
Field operations, consisting of mapping, geophysics and additional
reconnaissance drilling will begin in June. The processing of auger drill
cuttings and samples collected during 1996 has commenced. Results will be
announced as they are received.
Regards to all |
