Canabrava Diamond Corporation: Victoria Island Drill Camp Established and Geophysical Crew Mobilized
VANCOUVER, BRITISH COLUMBIA--Canabrava Diamond Corporation (CNB -
TSX Venture) announced today that the drill camp has been moved to
the Hadley Bay Project on Victoria Island, Nunavut. The
geophysical crew has mobilized to the camp and has commenced the
ground geophysical surveys in preparation for drilling.
Program operator, Diamonds North Resources Ltd., has completed the
drill camp move, during ice breakup, to the Hadley Bay Project in
preparation for a ten-hole drill program, which is due to commence
before the end of July. The current drill program will test a
number of new high priority targets within the Hadley Bay
kimberlite cluster. Canabrava has the option to earn a 50-per-cent
interest in Diamonds North's Hadley Bay diamond Project by
spending $5-million and issuing 250,000 shares to Diamonds North
over a four-year period. The 2002 program consists of a $700,000
exploration budget and issuance of 50,000 shares of Canabrava to
Diamonds North.
The ground geophysical crew expects to start grid layout and
geophysical surveys by July 18, 2002, over targets defined from
airborne geophysics. These targets will be drilled as soon as the
ground geophysical surveys are completed.
Victoria Island is currently being explored by a number of
companies and, to date, 16 kimberlites have been discovered, 14 of
which have been confirmed to contain diamonds, some of which have
produced significant macrodiamond counts. Of the 16 kimberlites,
five occur within the Hadley Bay Project and all five contain
diamonds. Since most of the known kimberlites have undergone
inadequate delineation drilling and diamond testing, additional
drilling and sampling will be carried out on all five kimberlites.
Crater facies material has been identified in some of the
kimberlites, which occur as distinct geophysical anomalies in the
carbonate country rocks. Indicator minerals derived from
kimberlite and till samples contain high interest peridotitic and
eclogitic minerals, indicating that these kimberlites have
potentially sampled both peridotitic and eclogitic diamonds.
George Read, Canabrava's President, stated, "I am most optimistic
about the potential of this drill program to intersect
diamondiferous kimberlite".
Canabrava Diamond is actively exploring for diamonds in Canada and
Brazil, both independently and through major joint ventures with
Kennecott Canada Exploration Inc., Navigator Exploration Corp.,
Majescor Resources Inc., and Paramount Ventures and Finance Inc.
Canabrava is 38.9 per cent owned by Southwestern Resources Corp.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Canabrava Diamond Corporation
George H. Read
President & CEO
(604) 669-2525
(604) 688-5175 (FAX)
Email: info@canabrava.ca
Website: www.canabrava.ca
or
Canabrava Diamond Corporation
Thomas Beattie
VP, Corporate Dev.
(604) 669-2525
(604) 688-5175 (FAX)
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