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Dia Bras provides exploration results from James Bay
Dia Bras Exploration Inc DIB
Shares issued 4,942,010 Aug 21 close $0.64
Tue 22 Aug 2000 News Release
Mr. Scott Hogg reports
Dia Bras Exploration's aeromagnetic exploration program in the James Bay
lowlands of Northern Ontario has identified several excellent geophysical
targets in the Attawapiskat region. The anomalies have characteristics
similar to other kimberlites in the area and the company is proceeding to
obtain high resolution airborne geophysical detail over the surrounding
area in preparation for staking and ground investigation.
James Bay lowlands
Attention has been drawn to the Attawapiskat region of the James Bay
lowlands by renewed activity by both Monopros, the Canadian arm of De
Beers, and by the joint venture of Spider and KWG Resources. The March,
2000, issue of Diamond Focus, the Canadian newsletter of De Beers
Consolidated Mines, indicated that a 10,000-tonne bulk sampling program,
with an 80-person camp and on-site diamond recovery plant, was in operation
at the Victor pipe. While no diamond grades have been reported, the scale
of this operation is considered significant. More than 100 kilometres to
the west of the Victor pipe, Spider and KWG have completed a drill program
this past winter season at their Kyle-3 kimberlite pipe. Diamond grades as
high as 2.53 carats per tonne were reported in their news release in
Stockwatch June 27, 2000.
The kimberlite pipes of the Attawapiskat swarm penetrate up through the
Paleozoic limestone cover and present a magnetic source that is close to
ground surface. The magnetic anomalies created by these younger, shallow
kimberlites are much sharper than those anomalies originating several
hundred metres deeper in the underlying Archean rocks. Geophysical
techniques can react to depth of origin and thus provide a means to
distinguish the post-Paleozoic, shallow kimberlite intrusives from all
older and deeper intrusive events. In the Attawapiskat area there are many
circular magnetic anomalies originating at depths too great to be of
interest; however, if they are both circular and near surface they present
an excellent kimberlite prospect. This provides the basis for a very
effective exploration methodology as described in a technical paper "The
aeromagnetic discovery of kimberlites and sulphides at depths up to 200 m,"
presented to the Society of Exploration Geophysicists, in August, 2000, by
Scott Hogg.
Dia Bras has acquired exclusive access to a digital archive of aeromagnetic
data that covers 50,000 square kilometres of the James Bay lowlands,
surrounding the Victor pipe. Subject to regulatory approval, the board of
directors of Dia Bras have approved the acquisition from Scott Hogg &
Associates Ltd. in exchange for 200,000 shares of Dia Bras. The coverage
extends from west of the Victor pipe to the shore of James Bay, south to 51
degrees north latitude and north to Hudson Bay. Mr. Hogg, president of Dia
Bras, has confirmed that unlike the published regional digital data, these
data provide the resolution necessary to identify the distinct shallow
magnetic signatures over five of the pipes in the Attawapiskat kimberlite
swarm. The Victor pipe produced a clear response on two adjacent lines. The
geophysical procedure adopted is able to reject most of the circular
magnetic anomalies originating at depths too great to be of exploration
interest and unlikely to be associated with kimberlite. He states that this
test provides an excellent indication that if another kimberlite, similar
to the Victor, occurs within the 50,000-square-kilometre area under
investigation, it may be identified by the process. This program provides
Dia Bras with the means to preview a large, highly prospective area of
Ontario and focus quickly on promising sites and regions. Analysis of the
data is near completion and a number of priority targets have been
identified. High-resolution aeromagnetic surveys of the selected targets
and the surrounding area will be carried out as soon as possible in
preparation for staking.
Alto Paranaiba project, Brazil
Preparations are in progress to carry out a bulk sample at the Contendas
site, adjacent to the historic garimpo workings. An underlying
diamondiferous kimberlite dike was confirmed by diamond drilling and
diamonds have been recovered from a number of test pits in the vicinity
(Dia Bras press release in Stockwatch Feb. 25, 2000). An auger drilling
program, completed in preparation for the test, encountered kimberlite
beneath the chosen test site. Hydraulic excavating equipment is being set
up on site and the recovered gravels will be processed at the immediately
adjacent diamond plant. The operation is expected to begin in late August,
2000, and preliminary indications of diamond grade are anticipated by late
September. The objective of the test is to determine if diamond grades and
values at the site will sustain a continuing mining operation.
A sample from the two recently discovered kimberlites has arrived in Canada
for analysis. As reported in the Dia Bras press release in Stockwatch June
28, 2000, these kimberlites appear to have a high concentration of chromite
and depletion of phlogopite and ilmenite in relation to the other
kimberlites discovered the property. A mineralogical analysis will be
carried out to enable a more detailed comparison with the MK series of
kimberlites.
Guinea
Dia Bras has elected not to proceed with an alluvial diamond joint venture
with Blue White Diamond in Guinea. Details of this prospect were reported
in a press release in Stockwatch May 3, 2000. Both parties agreed that the
envisaged partnership could not cover all of the anticipated management,
technical and financial needs of the project. There are no residual
obligations, financial or otherwise, between the parties. The resources of
Dia Bras, that would have been allocated to this joint venture, will be
redirected to the James Bay lowlands and Alto Paranaiba projects.
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