News today:
Monday September 27, 2:01 pm Eastern Time
Dia Met Ekati diamond update
(Full text of press release from Canadian Corporate News)
SEPTEMBER 27, 1999
Dia Met Minerals and BHP Diamonds Inc. Announce Ekati(TM) Diamond Mine
Exploration Update
KELOWNA, BRITISH COLUMBIA--BHP Diamonds Inc. and Dia Met Minerals Ltd. are pleased to provide the following
update on recent exploration results for their diamond activities in the NWT.
The final results of exploration bulk samples from the 1999 winter program are as follows:
Pipe Kimberlite Kimberlite Diamonds Sample Value
Metres Drilled Sampled Recovered Grade (US$/
(tonnes) greater than Carats/ carat)
1mm (carats) Tonne
Gazelle 1052 240.7 141.38 0.59 $15.12 Phoenix 492 106.1 149.22 1.41 $24.78 Piranha 425 87.4 203.44 2.33 $29.72
The Gazelle and Piranha pipes are located in the Buffer Zone and the Phoenix pipe is located in the Core Zone. Commercial
valuations of these samples were conducted in Antwerp in September by a number of diamond dealers, valuers and
consultants, including BHP Diamonds Inc.'s sales office. The values do not include a 10% reduction of the average of the
valuations received, as had been the previous practice for the joint venture, due to increased confidence and understanding of
current market conditions enabled by recent sales of Ekati(TM) diamonds.
The Gazelle pipe is estimated to be approximately 2 hectares in size. Phoenix, approximately 0.6 hectares, is a satellite pipe
to the Point Lake kimberlite pipe. The Piranha pipe is estimated to be approximately 0.4 hectares and lies in Lac de Gras on
the boundary between the Buffer Zone and property held by Diavik Diamond Mines Inc. Microdiamond results were
received for the spring exploration drilling program. All five of the kimberlite discoveries in the spring program are located in
the Buffer zone. One of the five discoveries produced significant microdiamond results, and these data are summarised below.
Drill hole 99-12 was a vertical hole and drill holes 99-09 and 99-10 were drilled with dips of 50 degrees and 45 degrees,
respectively.
The results listed were obtained from analysis of split NQ drill core samples submitted to an independent laboratory.
Pipe Drill Hole Interval Interval Sample Number Number Total
Code Number From (m) To (m) kg of of wt.
stones stones Carats
less than greater
0.5mm than
0.5mm
99-A 99-09 110.8 133.2 25.2 122 4 0.026 99-A 99-10 99.0 136.2 43.7 26 11 0.110 99-A 99-12 25.3 137.5 122.1 118 24
0.103
Overall, the three largest stones recovered from 99-A split core weighed 0.10, 0.04 and 0.03 carats, respectively.
The summer exploration drilling program was completed. Nine additional kimberlite pipes were discovered bringing the total
number of confirmed kimberlite occurrences to 121. Five of the discoveries are within the buffer zone claims (36 known pipes
to date) and four of the discoveries are within the core zone claims (85 known pipes to date). Microdiamond analyses are
pending.
Dia Met is a publicly traded mineral exploration and development company with a primary focus on diamonds. The
company owns a 29 per cent interest in the Core Zone joint venture of the Ekati(TM) Diamond Mine. BHP Diamonds Inc. is
the operator of the mine which commenced production in October 1998.
James R. Rothwell, President, BHP Diamonds Inc.
Charles E. Fipke, Geologist and Director, Dia Met Minerals Ltd.
James E. Eccott, President Dia Met Minerals Ltd.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dia Met Minerals Ltd.
Gerald Prosalendis
Vice President, Corporate Development
(250) 861-8660
(250) 861-3649 (FAX)
E-mail: corporate@diamet.com
Website: www.diamet.com
or
BHP Diamonds Inc.
Graham Nicholls
Manager, External Affairs,
(604) 605-8666
(867) 669-6724 (FAX)
PHIL |
