Mountain Province news
Thursday July 22, 7:04 am Eastern Time
Company Press Release
SOURCE: Mountain Province Mining, Inc.
De Beers/Monopros Reports New
Kimberlite Bodies to be
Diamondiferous
Faraday is First Diamondiferous Kimberlite Body Outside of Kennady Lake
ONTARIO, Calif., July 22 /PRNewswire/ -- Mountain Province Mining, Inc. (Nasdaq: MPVIF -
news; Toronto: MPV - news) announced today that it has been notified by its contractor,
Monopros Limited, a wholly owned subsidiary of De Beers Consolidated Mines Ltd. (Nasdaq:
DBRSY - news) 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.
Mountain Province 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 "Macro"
Body Weight (kg) Diamonds per 10 kg Diamonds
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 1/2 x 1/2 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 1/2 mm. Some such
macros may pass through a 1/2 x 1/2 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.
Jan W. Vandersande, Mountain Province Mining's President, said ''We are 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 (Vancouver: CFV - news). 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.
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. |
