Red,
Off Topic,
Diamondex Resources announces its winter/spring exploration program in the NWT is underway
Trading Symbol: DSP.CDNX
VANCOUVER, March 1 /CNW/ - Diamondex Resources Ltd. (DSP-CDNX) is pleased
to report that its winter/spring exploration program in the NWT is underway.
This program, estimated to cost approximately $1.2 million, comprises ground
geophysics and diamond drilling that will focus mainly on the Hilltop and
Carat properties as follows:
Hilltop:
The Hilltop property adjoins the southeastern portion of the Camsell
property on which Winspear Resources Ltd is exploring the Snap Lake kimberlite
occurrence. The exploration program on the Hilltop property will comprise
ground geophysics, sonic drilling and diamond drilling of selected targets.
Previous work on the property has defined a 7.0 x 1.5 km area within which
numerous indicator minerals and kimberlite fragments occur. Detailed
indicator mineral sampling during 1999 summer program resulted in definition
of three drill targets within this area. In addition to drilling these
targets, a program of sonic drilling will be undertaken to more closely define
other targets in areas where a suitable sampling media is absent. Planned
work on the Hilltop property during this program is on ground owned 100% by
Diamondex.
Carat:
Diamondex has an option to earn up to a 70% interest on the Carat
property from Tyler Resources Inc. This property adjoins the BHP block on
which the Ekati mine has been developed. Previous work on the property by
Diamondex has defined three geophysical anomalies that will be drill tested
during this program depending on results of ground geophysics.
Other:
Diamondex has a 55% interest in the Athenia property which comprises
scattered claims immediately west of the Camsell Lake property. Although
indicator mineral sampling results have not been encouraging, a promising
airborne geophysical target will be tested with ground geophysics. If results
are positive, a diamond drill test of this anomaly is planned.
The Company remains highly encouraged with results from the 1999
exploration season. At this stage, results obtained from the Hilltop property
are unusual and promising. The present program is designed to test the high
priority targets that have been developed on both the Hilltop and the Carat
properties. Although exploration by Diamondex is presently focused almost
entirely in the Slave Province, NWT, the Company will actively be evaluating
other properties with diamond exploration potential both in Canada and
elsewhere.
Diamondex Resources Ltd. assumed all exploration properties that
previously were held by Winspear Resources Ltd. except the Camsell Lake
property. This transfer became effective May 27, 1999 under the terms of a
Plan of Arrangement between the two Companies.
Diamondex Resources Ltd.
``Randy C. Turner'
-----------------------
Randy C. Turner, P. Geo.
President and Director |
