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GGL Diamond Corp - News Release
GGL Diamond finds four Fishback Lake anomalies
GGL Diamond Corp GGL
Shares issued 29,011,025 2000-10-13 close $0.24
Monday Oct 16 2000 News Release
Mr Raymond Hrkac reports
The company's exploration team has made what it believes may be an important and exciting discovery in a lake within one of the Fishback Lake properties in the Northwest Territories. The Fishback Lake properties are 100 per cent owned by GGL.
Within a lake selected for its kimberlite potential, the exploration team discovered a deep, steep-walled circular-to-oval hole over 60 hectares in size; one of a cluster of four holes in an area of four kilometres by two kilometres.
GGL focused its efforts this September on some specific areas on this property, based on promising exploration results obtained in previous years. This previous work, which included indicator mineral sampling, lake sediment and soil geochemistry, airborne fixed wing and helicopter magnetic surveys, had suggested the possible presence of kimberlites and led to this year's follow-up work.
In September, GGL decided to undertake seismic surveying to establish water, sediment and bedrock depths. The surveying revealed four anomalous areas within this lake.
The first area, known as Wally 1, had returned a signature for kimberlite based on lake sediment sampling done previously. Seismic surveying this September revealed a deep circular area 300 metres in diameter (nine hectares) with maximum water depth of 50 metres and bedrock depth of 80 metres.
Wally 2, located near shore, had also produced a positive lake sediment signature for kimberlite, but September's surveying did not reveal a corresponding seismic hole.
Both Wally 1 and 2 feature magnetic anomalies, identified from a 1993 airborne geophysical survey and later confirmed by a subsequent airborne helicopter survey. Both are valid kimberlite targets.
The seismic survey over the areas of Wally 1 and 2 disclosed a steepening bedrock gradient to the east and northeast trending off the survey area. When the seismic data was processed and this feature came to GGL's attention, it was decided to complete a bathymetry survey over the lake. This led to the discovery of a deep hole.
This deep hole is an area of exceptional size and depth, in a circular to oval steep-walled hole, approximately 1,200 metres by 1,600 metres, containing a flat area 1,000 metres by 600 metres (60 hectares in area) outlined by the 73-metre water depth contour. The maximum water depth is 75 metres. This area lies within a large circular magnetic low identified from the 1993 fixed wing survey.
The seismic survey to the southwest and west of Wally 1 identified the third and fourth holes, coincident with previously established magnetic lows, whose sides contain steeply dipping bedrock. The size of the third area, which has been named Big Dipper, is 100 metres by 200 metres (two hectares in area) and has a bedrock depth of greater than 30 metres.
The fourth area, named the Little Dipper, has only been partially delineated, but also has bedrock depth greater than 30 metres.
All of the above anomalies are clustered within an area of four kilometres by two kilometres.
Although the company does not have direct evidence that kimberlite is present, the anomalous nature of these deep holes within the lake, together with other characteristics that correlate with kimberlite findings (including G-10 garnets), suggest a significant and potentially material discovery that warrants notifying shareholders. On the basis of this discovery, the company has continued to stake additional ground in the area.
The Fishback Lake properties, less than 100 kilometres northwest of Yellowknife, were acquired starting in 1993 by the Slave Diamond Syndicate, of which GGL was a part. Since 1993, over $3-million has been spent undertaking various exploration programs in the Fishback area (including $2.28-million by De Beers between June, 1994, and July, 1995). Although this work yielded some promising results, after De Beers withdrew, the syndicate carried out only limited work. When members other than GGL withdrew from the syndicate the properties reverted to GGL 100 per cent. GGL, in conjunction with work elsewhere in the territories, carried out a late season program on the Fishback properties which unexpectedly revealed the deep hole of exceptional size.
These recent exploration efforts ended as winter weather set in and the lake began to freeze in early October.
In addition to drill targets on Fishback, a number of drill targets are being evaluated in other areas 100 per cent owned by GGL. Priorities will be established by year-end in preparation for a winter drilling program.
The company is still in the process of evaluating this year's exploration work on all of its holdings and this data will be released as it is available.
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