Band-Ore Resources Ltd. - Kennecott Recovers 7,216 Diamonds From The Engagement Zone
Burlington, Ontario
S.E.C. EXEMPTION: #82-4233
SHARES: 27.7 MILLION
Band-Ore Resources Ltd. (TSE: BAN - news) reports the Company has now received complete caustic fusion results from 93 channel samples collected by Kennecott Canada Inc. (``Kennecott'') during the fall 2001 sampling program. All of the samples were collected by Kennecott personnel from the GQ property, located near Wawa, Ontario. All samples were submitted to Kennecott's mineral processing laboratory in Thunder Bay, Ontario for caustic fusion processing and microdiamond recovery.
A total of 66 channel samples weighing 637kg were collected from trenched outcrops along a 200 meter strike length of the Engagement Zone. 7,216 diamonds greater than 0.15mm were recovered. Sample weights for each sample averaged 9.65kg and diamond counts varied from zero to 998 diamonds per sample (only one sample did not have diamonds). There were 33 diamonds which sat on a 0.5mm sieve (diamonds with 2 dimensions greater than 0.5mm) and one diamond, which remained on the 1mm sieve (diamonds with 2 dimensions greater than 1.0mm). To date, over 20,000 diamonds have been recovered from caustic fusion processing of 1043kg from the Engagement Zone (samples collected by both Band-Ore and Kennecott). 373 of these diamonds were macrodiamonds (diamonds with one dimension greater than 0.5mm), 149 of these diamonds measured over 0.5mm in 2 dimensions, and 13 measured over 0.8mm in two dimensions. The largest diamond recovered from caustic fusion processing measured 1.94 mm by 1.54 mm by 1.16 mm. Band-Ore also recovered a 0.254 carat broken white octahedral diamond from a 12.5 tonne mini bulk sample collected in May, 2001.
From the Barnett Zone, 27 channel samples totaling 247 kg were processed. 207 diamonds greater than 0.15mm were recovered. Sample weights for each sample averaged 9.2kg and diamond counts varied from zero to 19 diamonds per sample. Only one sample did not have diamonds and no diamonds were found on the 0.5mm sieve.
Based on the foregoing results, Kennecott has outlined a detailed exploration program to further evaluate the diamond potential of the GQ property. Exploration will commence immediately as field crews have been mobilized. Initial exploration work will consist of soil sampling, detailed geological mapping, prospecting and diamond-drilling. Pursuant to the option agreement (see press release dated April 16, 2002), Kennecott can earn a 70% interest in the GQ Property by spending a minimum of $15 million on exploration and by completing and financing all work on the property until a decision to mine has been made.
Band-Ore also has several gold projects in northern Ontario for which exploration programs are being prepared. The properties include the Thorne Gold project in Timmins, Ontario, which has a drill indicated resource of 440,000 ounces of gold and several untested geophysical anomalies.
For Further Information Contact: Wayne J. O'Connor, President or Jonathan Armes, Investor Relations @ (905) 319-7469
THIS PRESS RELEASE WAS PREPARED BY BAND-ORE RESOURCES LTD.WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. NO REGULATORY AUTHORITIES OR SIMILAR BODY, HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
Safe Harbour - Certain statements in this document constitute ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, to be materially different from any future results, performance or achievements expressed by such forward-looking statements. Such factors include, among others, exploration works as detailed within may not be continually successful, that by virtue of exploration there is never a guarantee of economic or profitable outcomes; that exploration companies may have a history of operating losses and no guarantee of future profitability, uncertainty of access to additional capital, environmental liability claims and insurance; dependence on and priority conflicts joint-venture partners; should the company profiled herein seek such a partner. |
