Band-Ore Resources Ltd BAN
Shares issued 23,633,225 2000-05-01 close $0.85
Tuesday May 2 2000
Mr. Wayne O'Connor reports
A third diamond discovery has been confirmed on the company's 100-per-cent-owned GQ property near Wawa, Ont. The property is situated within the "Gem Corridor" that extends between Wawa and the James Bay Lowlands.
This latest discovery occurred during a recent field visit to check on-site conditions and property access. The company's qualified personnel noticed outcropping rock along the shore of a lake near the edge of a logging road. The lake is situated in an area coincident with several circular-like magnetic anomalies, which were identified from the recently completed airborne magnetic survey. The lake is located over two kilometres north of the original diamond discovery announced in February, 2000, where 200 diamonds have been recovered from 196 kilograms of outcrop material.
Due to the fact that the outcropping rock looked like it could possibly be crater facies material, a small sample of the rock was sent to the laboratories of Lakefield Research for microdiamond recovery. The new discovery contained two microdiamonds in 80 kg of rock. The qualified personnel also located similar outcropping rocks for approximately one kilometre along the shoreline of the lake. A second surface sample was collected approximately one-half kilometre north of the original discovery along the side of a gravel logging road that traverses the property. This 68-kilogram sample yielded six microdiamonds. Similar rock types have now been found in bedrock as far as five kilometres to the north of the original discovery.
Band-Ore president Wayne O'Connor stated: "I am extremely pleased with the broad extent of the diamond-bearing rocks on the property. What is even more remarkable is that we haven't even started the exploration program or as yet drilled a hole on this large property."
Consulting diamond expert and geologist Bill Jarvis, formerly of De Beers, stated, "This is an exciting development to have three diamond discoveries on surface in such a short period of time."
A major surface mapping, prospecting and sampling program will commence over the entire 25-square-kilometre property this month. The program will also include a large-core (HQ size) drill hole in the area of the original discovery. The drill core will be used for geological purposes and microdiamond recovery.
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