Canabrava hunting Ontario diamonds with summer program
Canabrava Diamond Corp CNB
Shares issued 43,883,506 Aug 20 close $0.23
Mon 20 Aug 2001 News Release
Also Paramount Ventures and Finance Inc (PVF)
Mr. Rory Moore reports
Canabrava Diamond and Paramount Ventures & Finance have made excellent
progress with the summer exploration program on their Ontario joint
venture. As reported in Stockwatch on July 25, 2001, the option agreement
with Kennecott on the Ontario joint venture has been amended effective July
1, 2001, and Canabrava is now the project operator.
Canabrava field teams were mobilized in late June and commenced an
aggressive program from two field bases on July 1. As a first priority,
prospecting teams focused on locating the source of two diamond-bearing
kimberlite boulders identified by Kennecott in early 2001. Six diamonds
were recovered from one boulder (including two macrodiamonds) and one
diamond was recovered from the second boulder. Within the first few days of
the program, Canabrava field geologists discovered additional kimberlitic
boulders within the vicinity of the original discovery and rapidly defined
a boulder train extending for eight kilometres. The train leads to an
outcrop of kimberlitic rock that is similar in appearance to the
diamond-bearing kimberlite boulders. Exposure is poor and further work is
being carried out to define the extent and nature of the body. A
120-kilogram sample has been excavated from the outcrop and representative
material submitted for petrological evaluation and microdiamond analysis.
The prospecting program is continuing and in addition to the above, a
variety of kimberlitic boulder occurrences have been discovered within
eight other areas of the project. Some of these boulders are large in size
(up to two by 2.5 metres) and angular in form, which suggests a nearby
source. The boulder trains correlate with a series of kimberlite indicator
mineral plumes previously discovered by Canabrava and refined by Kennecott
over the past two years. The presence of highly subcalcic G10 garnets and
favourable chromite and chrome diopside compositions within these plumes
provides compelling evidence for the presence of diamondiferous kimberlite
in the region.
Based on the discovery of the additional kimberlitic boulders, a further
704 claim units have been staked and option agreements with a number of
individual claimholders are being finalized. In view of the success of the
program to date, systematic prospecting will continue throughout the summer
and into the fall field season.
A full review of all sampling and indicator mineral chemistry results on
the project to date has been completed and multilayered geological maps
have been compiled. The resultant integrated material has been used to
define the best areas to undertake airborne geophysical surveys. A first
phase high-resolution airborne geophysical survey covering 5,366 line
kilometres has commenced, and is expected to be completed within 10 days.
Immediately after the flying is completed, field crews will initiate ground
followup on targets identified from the survey followed by drill testing of
the best targets as soon as possible.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
