Tandem Resources Ltd - News Release
Tandem confirms new discoveries at Abloviak
Tandem Resources Ltd TDM
Shares issued 27,963,307 2001-01-10 close $0.2
Thursday Jan 11 2001 News Release
Mr. Michel Lafrance reports
Two new discoveries have been made at Abloviak fiord, Ungava Bay, in northeastern Quebec. These are separate, and in no way related to the original diamond find reported several months ago.
In the course of analyzing several samples for diamonds, Lakefield Research of Lakefield, Ont., reports the presence of a large number of rubies. This discovery lies more than one kilometre west of the original diamond discovery. Lakefield counted over 125 rubies in one sample of which 5 per cent were larger stones (over 0.50 millimetre in one direction). The colour of these rubies varied from pink to dark red. Further evaluation of these stones, and others that may be found will be undertaken at a later date. Other samples are being investigated for the presence of rubies. At this time it is not known whether these stones are part of a dike system or are related to other factors.
Ruby is a variety of the mineral corundum and the second hardest gemstone next to diamonds. Its colours can vary from a delicate pink to deep carmine red. The dark carmine red ruby is rare and the value exceeds that of a comparable diamond.
Another dike system about six kilometres north of Abloviak fiord has yielded a microdiamond in a small sample. Further sampling of this area will be undertaken in this year's program.
Previously, Tandem reported a diamond discovery in a kimberlite dike which has been traced over 3.5 miles. Two samples from this dike, about one kilometre apart, returned 10 diamonds, including four larger stones designated as macros (greater than 0.5 millimetre) in one direction.
As reported in previous news releases, Tandem holds a 40-per-cent back-in interest in the property on which all of the discoveries have been made. The property covers about 470 square kilometres and is owned by Diamond Discoveries International, a U.S. company. Tandem has the right to back-in for a 40-per-cent interest after Diamond Discoveries has expended $5.0-million. Only about $500,000 has been spent so far.
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