Hello Georges
Per your post, this was sent to me this A.M.
> 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
What do I think?
Well firstly, I guess I feel just a little bit relieved! I was beginning to wonder if/when SUF was going to find what the data always suggested was there.
Secondly, the data/sample as the NR indicates while of very limited size is very, VERY positive. Much better than anything announced from Coronation Gulf. However, one small pipe does not make a mine. In that respect, I was also very encouraged to read that 7 more targets were characterized as pipes presumably because of identical signals. However, the magnetics on this property have proven to be very misleading so we should probably not get ahead of ourselves until they are confirmed.
If memory serves, previous data indicated at least three and possibly as many as seven different sources of geochemical trains on the Yamba property that don't match up to known sources/pipes, so there is certainly strong evidence to suggest the existence of those other seven pipes. Now if two or three prove to have economic grades/values...
Yamba is directly on trend with every economic pipe in the Lac De Grass field and with its northwest - southeast structural trend, dike swarms and surveyed deep cratonic root. There is every reason to be reasonably optimistic.
However, if the discovery pipe proves economic but only the one or possibly two prove of similar potential, then developing a stand alone mine may not be as logical as simply contracting with Ekati or Diavik for processing ore. Possibly even Kennocott at Jerico/Lupin. They are all within modest to reasonable trucking distance from Yamba with Ekati being the closest.
This may finally be the first world asset that SUF has needed all these years to vault it onto the radar screens of North American investors.
Good luck and congratulations to all and especially to long suffering MIY, TQY and CAV shareholders.
Regards
Vaughn |
