Press release.
Hugh volume over 3 millions shares, very unusual and price jump 20% to 30 cents.
(Full text of press release from Canada NewsWire)
Black Swan Resources Ltd. - Bulk Sampling Update
Trading Symbol: TSE - BSW
BERLIN - BSM
FRANKFURT - BSM
VANCOUVER, May 22 /CNW/ -
HIGHLIGHTS:
- Overburden stripping and gravel stockpiling have begun on the Gamela Property, with bulk sampling at two sites to commence shortly.
- Corrego do Ouro Leste (Gamela) processing plant upgrade completed.
- Environmental approvals granted for mining on Rio Verde (Wunda-Y)property.
- Processing plant at Rio Verde under construction with commencement of bulk sampling due by end of June.
- Rio Verde resource delineation drilling underway and magnetic anomaly drilling to commence shortly.
- Santo Antonio do Bonito resource delineation drilling and magnetic anomaly drilling to commence shortly.
- Environmental approvals granted for bulk sampling of Estaca.
Processing of samples will be at HMS plant located at Marques.
- Serra da Canastra kimberlite evaluation and exploration program to re-commence shortly.
DETAILS:
The Company plans to commence alluvial bulk sampling at its tenements within the historical mining centres at Gamela on the Paranaiba River and Santo Antonio do Bonito, an upstream tributary. Both locations are renowned for high value, 100 carat plus diamonds and significant past production. Extensive, un-mined areas, notably on alluvial flats have been identified as prospective for diamond-bearing basal gravels in geological trap sites. Initial operations will be established at Corrego do Ouro Leste and Rio Verde which are both on the Gamela license but lie 6 km apart on different sides of the Paranaiba River.
Previous drilling at Corrego do Ouro Leste delineated approximately 500,000m3 of channel gravels, upstream of garimpeiro workings that yielded 2,019 carats (largest 60 cts) between 1990 and 1992. Further drilling and trenching is currently underway to correlate earlier surveys and better outline zones for mining. Overburden stripping, stockpiling of prospective gravels and upgrades to the existing jig plant have been completed. Processing of gravels will commence immediately. Other treatment options are currently being evaluated to allow increased production capacity and improved operational procedures within the Gamela region.
The Rio Verde site comprises both upper and lower terrace deposits and lies across the river from the Sancho pit (also within the Gamela license) where recent production achieved a grade of 0.12 cts/m 3 at an overall price of US$500 per carat including a high quality stone of 121 carats in size. Environmental approvals have been granted at Rio Verde and a second jig plant is under construction. It is expected to be commissioned on-site by the end of June. Auger drilling is currently being undertaken to define both gravel distribution and bedrock profile for selective mining. Adjacent ground magnetic targets will also be tested for kimberlite and their association with the Canguru 1 indicator mineral anomaly at nearby Sancho.
The acquisition of South Atlantic's Santo Antonio do Bonito properties has been finalized, allowing negotiation for access from landowners to proceed and application for environmental licences to begin. Drilling by the previous owners indicated 23 million m 3 of basal gravel within alluvial flats downstream from Taquara. This is a 10km stretch of river that has produced 12 stones more than 100 carats in size, the largest being the 727 carat Presidente Vargas diamond.
The Company will shortly commence drilling of high priority ground
magnetic targets for kimberlite in the vicinity of Taquara as well as to delineate additional alluvial gravel channels associated with the diamond-bearing tributary, Santo Antonio das Minas Vermelhas. Once the necessary permits and land access agreements are in place, the Company will begin to establish a major alluvial operation at Santo Antonio, exploiting well developed bedrock channels with their high grade and large stone potential.
The bulk sample program at Marques has finished and site rehabilitation will be completed soon. A total of 7,670 m3 of gravel was treated in the HMS plant yielding 47 diamonds weighing 33.89 carats. The average diamond recovered was 0.72 carats, with the largest being 4.90 carats. Individual stone valuations have yet to be carried out. Final assessment of the bulk sample program is underway and results will be reviewed prior to a decision on further activity at Marques.
Previous auger drilling at Estaca, 6km upstream from Marques, highlighted 2.2 million m3 of prospective gravels. Environmental approval has been given for the Company to initiate bulk sample operations. Test-work at strategic locations will be carried out in the months ahead with sample processing carried out at the HMS plant at Marques.
The Company's focus on kimberlite exploration in the Serra da Canastra |
