Wednesday May 22, 11:06 am Eastern Time
Press Release
SOURCE: Caldera Resources Inc.
via BCE Emergis e-News Services
Caldera Resources - Announcement
South Perth, Western Australia
Caldera Resources' (TSE: CDR - News) 2002 field operation programme is scheduled to commence on 27th May 2002 with a deep drill programme at the Yilgarn Craton Project in order to obtain more information on several kimberlites discovered last year. A summary of planned activities for each project follows:
Yilgarn Craton Joint Venture, Western Australia.
(SouthernEra Resources Ltd. earning 51%) (TSE:SUF - News)
A deep drilling programme will commence next week. Four of the kimberlites identified in last year's programme will be drilled together with a further 10 to 12 new targets.
Recent soil sampling suggests the presence of two further kimberlite occurrences. The identification is based on geochemistry and the presence of abundant chrome spinels. In the field, one of these appears as a dyke like feature and is in close proximity to a site which previously yielded two micro-diamonds.
Tabletop Diamond Project, Western Australia.
(BHP Billiton Ltd. earning 51%) (ASX:BHP)
BHP Billiton will commence fieldwork this quarter by carrying out a surface sampling programme over an area that covers numerous previously identified magnetic targets. The results from this programme will assist in prioritising targets for drilling.
Independently, Caldera continues to process drill material from the previous drilling programme and has identified possible kimberlite/lamproite material from a further two drill holes. Independent confirmation will be available within two weeks. A positive identification will confirm the presence of three kimberlite/lamproite intrusives at the Tabletop Project.
Abminga West Diamond Project, South Australia.
An aeromagnetic survey covering 250sq. kms. with 150m line spacing has just been completed on part of this project area.
A preliminary review of this data has shown several magnetic targets not previously identified, and are indicative of pipe like intrusive bodies. These new targets may be the source of kimberlite indicator minerals recovered from surface loam samples taken up to 10km. away during earlier exploration programmes.
These targets will be sampled for indicator minerals with the view to drilling later in the year.
Mt. Carulina Base Metal/Gold Project - South Australia.
(Inco Limited earning 51%) (TSE:N - News; NYSE:N - News; Caldera 15% - 71/2%)
Negotiations with native title claimants and Aboriginal heritage site clearance is progressing. Further processing and interpretation of the Mt. Carulina geophysical data has been completed and indicates that the gravity and magnetic signatures of Mt. Carulina and Olympic Dam are very similar. A new licence (ELA 183/01) has been applied for to provide additional tenement coverage at Mt. Carulina. Drilling will commence on completion of native title procedures.
Tabletop Base Metal Project, Western Australia.
(West Musgrave Mining Ltd. earning 51%) (ASX:WMM)
A ground gravity survey is currently in progress on three significant magnetic targets considered to be prospective for base metal deposits. It is hoped the gravity survey will reveal a gravity anomaly coincident with the magnetic anomaly but at a shallower depth. This would be consistent with the geophysical response of mineralization at Olympic Dam. The gravity survey results will assist in the siting of drill holes.
The Tabletop area is part of a very extensive mobile belt, which stretches from South Australia to the Pilbara Region of Western Australia and hosts significant gold and base metal discoveries. It is considerably underexplored.
Martin E. Jackson MAusIMM, is the qualified person responsible for the technical information contained in this news release.
General Statement.
Mr. Chris Reindler, President, states that this year's exploration programme is the most intense and active since listing in 1995. He is confident that the planned activities will bring exploration success confirming that the current project portfolio, and existing joint ventures with major companies, represents a solid base for the Company's future. The exploration field season, which has just commenced, will see the drilling of up to six separate project areas for diamonds and base metals. This should provide a large amount of positive information and encouraging results. The drill programmes will include the Bobbymia and Tabletop West Diamond Projects.
The Company now has seven base metal targets at five project locations, and will continue in its search for similar targets, which show geophysical similarities to the massive Olympic Dam deposit.
These base metal targets are relatively inexpensive to evaluate in their early stages of exploration and with success should allow the Company to negotiate further joint ventures with major companies.
In addition to the current drill programme on the Yilgarn Craton Project, the SouthernEra Resources Limited joint venture expansion programme for kimberlite targets is underway and generating data that will require field evaluation. Mr. Reindler is confident that the expansion programme will result in the acquisition of further areas that are prospective for kimberlite emplacement.
Substantial evidence for three new kimberlite field discoveries demonstrates the company's progress and the ability to identify projects of extreme interest.
The Company will continue to acquire new projects, which will further enhance the likelihood of a major discovery.
Activity Overview.
Caldera is engaged in diamond exploration in Australia through six projects. Four projects are located in the Pilbara region of northern Western Australia, and include a joint venture with BHP Billiton Limited (ASX:BHP). One project is located in the Eastern Goldfields area of Western Australia which is joint ventured with SouthernEra Resources Limited (TSE:SUF - News). The Abminga Diamond Project is located in South Australia.
Caldera also has five base metal/gold projects. One project is located in the Pilbara region of Western Australia and the remaining four projects are in South Australia. One of these projects is the Mt. Carulina Project, which is under an option agreement with Inco Limited (TSE:N - News; NYSE:N - News) on an Olympic Dam - style base metal/gold target.
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