Anzex Resources Ltd -
Anzex Resources updates Bingara diamond field
Anzex Resources Ltd
AZX
Shares issued 7,265,077
1999-09-27 close $0.1
Tuesday Sep 28 1999
Mr. Kevin Good reports
Based on scientific data recently released, Anzex Resources Ltd has lodged
priority application over 940 square kilometres of the Bingara diamond field in
New South Wales, Australia.
The field has produced the bulk of the 500,000 carats of plus 65-per-cent
gemstone diamonds discovered in the region to date, according to the NSW
department of mineral resources reports.
A new geological model developed by the department and published in a scientific
paper (Barron et al 1994) entitled Subduction model for the origin of diamonds in
the Phanerozoic of eastern New South Wales, suggests the alluvial diamonds
produced in fact derive from previously unrecognized geology.
The proliferation of diamonds and the significant quantities still found by fossickers
to this day indicated to Barron that a new geological model was necessary to
explain the genesis of the diamonds. Barron believed the diamonds had to have
derived from proximal primary sources rather than the accepted theory of
originating in breccias of limited potential.
Based on the study, the department flew a limited aeromagnetic survey, the data
from which has recently become available.
The interpretation of that magnetic data confirms the presence of large diatremes
scattered throughout the field, which gives credence to Barron's hypothesis. By
draping the magnetic data over previous exploration where diamonds were
recovered, it is now evident that the magnetically indicated diatremes, or pipes,
which show no surface expression in what is primarily grazing farmland, appear to
have a direct correlation.
Anzex does not have the central portion of the aeromagnetic study covered but
believes it has blanketed large areas of interest and areas outside the boundary of
the aeromagnetic survey with a known diamond field on the edge of Anzex's
eastern application area and another bordering the southern application area.
The boundaries referred to are not geological but rather boundaries established by
the extent of the limited aeromagnetic survey. Historical records show that alluvial
diamonds have been recovered throughout Anzex's exploration areas and the
company believes similar structures to those located by the aeromagnetic survey
will be discovered within its extensive area of interest. Release of the aeromagnetic
data in combination with the earlier research paper has resulted in a complete
reappraisal and highlighted the Bingara area as a potential new diamond province.
Diamonds have been won from the alluvials in the Bingara area for more than a
century. It was thought the diamonds were derived from alluvials weathered out
from under a sporadic basalt covering, as successive exploration programs have
failed to find kimberlites or lamproites, the conventional models for commercial
diamond discoveries elsewhere in the world, and indeed elsewhere in Australia.
Barron et al recognized that Copeton diamonds exhibit many features which
indicate local high-grade sources. He noted the Bingara diamonds are many times
harder than diamonds from kimberlitic intrusions worldwide, and displayed a high
level of gemstone quality.
The fact that the area is highly prospective is evidenced by the numbers of
prospectors who continue to win diamonds from the streams draining several of
the structures now recognized as probable diatremes.
The conventional exploration method for diamonds is to search for
kimberlite/lamproite traces and the indicator minerals which lead to the kimberlite
pipes. Bulk sampling and drilling generally follow as the next phases to establish
the presence of diamonds.
Bingara is unique in that diamonds are a well-established fact -- it has diamonds
but no apparent kimberlites and therefore no diatremes to host the diamonds. It
has been this conflict that has confounded scientific thinking due to the
non-conformity with conventional diamond geology.
Previous exploration by a number of companies over the years pinpointed several
areas from which the number of diamonds recovered suggested the presence of a
close primary source. However, the lack of kimberlite of lamproite indicators
invariably led to the abandonment of further exploration.
Barron's hypothesis and the follow-up aeromagnetic survey establishes the
presence of diatremes and if indeed the diamonds derive from that source, as
strongly indicated from the latest survey, Anzex is well placed to take advantage. |
