Hello Eyewatch
I would appear that our faith has finally been rewarded!
> Tanqueray et al. receive Yamba Lake drilling results
>
> SouthernEra Resources Ltd
SUF
> Shares issued 44,750,300 Jul 5 close
$5.99
> Mon 8 Jul 2002 News
Release
> See (TQY) News Release
> Ms. Linda Falkenberg of Tanqueray Resources reports
> YAMBA LAKE DRILLING YIELDS ENCOURAGING DIAMOND RESULTS
> Tanqueray Resources, together with joint venture partners, Mill
City
> International and Techsite Strategies, have been advised by
SouthernEra
> Resources of the results of their recent drilling program.
> SouthernEra's first drill hole into the Sue kimberlite pipe on the
Yamba
> Lake project in the Northwest Territories of Canada has generated
diamond
> counts comparable with the producing pipes at the nearby Ekati mine.
> The Sue pipe is one of seven known kimberlite pipes at Yamba Lake.
Its
> surface expression is estimated to be 150 metres by 100 metres --
similar
> in size to those at Ekati. The first hole at Sue, drilled at a
minus
> 45-degree angle, intersected 172 metres of kimberlite yielding a sample
of
> 226.7 kilograms. This sample, independently tested by Saskatchewan
Research
> Council's geoanalytical laboratory, returned 77 microdiamonds (using
a
> 0.106-millimetre mesh bottom screen) plus 18 macrodiamonds having
one
> dimension greater than or equal to 0.50 millimetre. Within this sample,
the
> best results were generated within a 71.35-kilogram portion returning
52
> microdiamonds and 17 macrodiamonds. The hole was stopped in kimberlite.
> Most results in the Northwest Territories have been reported using
a
> 0.15-millimetre mesh bottom screen. On this basis, the
226.7-kilogram
> sample yielded 30 microdiamonds and 18 macrodiamonds for an encouraging
0.6
> macro/microdiamond ratio, once again comparable with published data
on
> economic pipes in the area. The smaller, higher-grade Sue sample yielded
21
> microdiamonds and 17 macrodiamonds for a 0.81-macro/microdiamond ratio.
The
> majority of the diamonds from Sue were white in colour. The four largest
of
> the recovered stones measured 1.44 by 1.10 by 1.04 millimetres, 1.56
by
> 0.72 by 0.66 millimetre, 1.16 by 0.64 by 0.5 millimetre and 0.90 by 0.76
by
> 0.60 millimetre. In addition, 11 of the macrodiamonds are greater than
0.5
> millimetre in two dimensions. The competent person on the Yamba
Lake
> project is H. Bird, BSc.
> SouthernEra chairman, Dr. Chris Jennings, said, "The initial results at
Sue
> are very encouraging -- amongst the most encouraging I have seen from
early
> stage drilling results in the Northwest Territories."
> SouthernEra president and chief executive officer, Patrick Evans,
added:
> "Over the next few months, SouthernEra plans to drill three
additional
> holes at Sue to determine the stone size distribution from a larger
sample
> and also to better understand the structure of the Sue pipe. We will
also
> drill a new geophysical target identified in last year's
exploration
> program and drill test some of the remaining seven kimberlite pipes
at
> Yamba Lake."
> SouthernEra can earn a 60-per-cent interest in the project by completing
a
> bankable feasibility study by the end of 2006. Upon earning its
60-per-cent
> interest, the remaining interests in the property will be
Tanqueray --
> 16-per-cent interest, Mill City -- 15-per-cent interest and
Techsite --
> 8-per-cent interest. Under certain project financing
arrangements,
> SouthernEra can increase its interest to 65 per cent by arranging on
behalf
> of all parties, 100 per cent of the required capital cost financing set
out
> and defined in the bankable feasibility study. Should SouthernEra
arrange
> such financing, the remaining interests of the other parties shall
be
> reduced proportionately.
> (c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com
Regards
Vaughn |
