FOR: CANABRAVA DIAMOND CORPORATION
TSX VENTURE SYMBOL: CNB
AUGUST 22, 2002 - 08:29 EDT
Canabrava Diamond Corporation: Five new Kimberlites
Discovered on Victoria Island
VANCOUVER, BRITISH COLUMBIA--Canabrava Diamond Corporation
(CNB-TSX Venture) is pleased to announce that drilling of 1100
metres core in 13 drill holes has resulted in the discovery of
five new kimberlites and several extensive new kimberlite phases
around a previously known pipe on the Hadley Bay Project, Victoria
Island.
Two recently completed drill holes intersected substantial
kimberlite at the King Eider pipe. Previously considered to be a
small pipe, detailed ground magnetic surveying outlined a large
magnetic anomaly measuring 200 by 300 metres in size.
The -50 degree angled, easterly trending drill hole designed to
intersect three of the magnetic signatures encountered 108 metres
of kimberlite from 6 to 126 metres, including two 6 metre wide
limestone bodies which may be large xenoliths. As the hole
collared in kimberlite bedrock, the drill was turned in the
opposite direction to test for the extent of the kimberlite in the
westerly direction. This hole, also drilled at -50 degrees,
encountered a further 19 metres of kimberlite. Both holes
terminated in country rock limestone.
Initial field description describes the unit as coarsely
crystalline, olivine and phlogopite rich macrocrystic kimberlite,
likely of diatreme facies. Both purple and orange garnets up to 6
mm in size are present and become more abundant with depth.
In another area, the completely new Apollo cluster includes the
drilled Apollo, Diana, Neptune and Pluto kimberlite pipes. These
four closely spaced kimberlites have strong magnetic signatures
and are part of a group of 10 separate magnetic anomalies situated
along a 1.5 kilometre long northwesterly structural trend. The
four drilled kimberlites are considered representative of the
Apollo cluster and the other six targets will be drill tested if
significant diamond results are returned.
The new Juno kimberlite dyke was intersected by two shallow drill
holes on a new linear magnetic anomaly in a highly prospective
area. The Juno dyke is about one metre wide and its discovery has
identified yet another northwesterly trending kimberlite structure
along which, elsewhere on Victoria Island, kimberlite pipes have
been identified. A search along strike of this trend for larger
bodies is underway.
As almost all core will be processed for microdiamonds, a
consulting petrologist is now on site to undertake detailed study
of the 350 metres of kimberlite drilled on the Hadley Bay Project.
The petrologist will classify kimberlites, collect samples for
indicator minerals and microscopic study, and nominate kimberlite
intervals for microdiamond recovery via caustic fusion.
A geophysical survey crew is expected to arrive on site shortly to
undertake helicopter-borne magnetic surveys. A substantial block
of ground with high kimberlite potential will be flown in detail
and approximately 30 of the recently staked isolated anomalies
will be surveyed individually.
Eleven of the thirteen drill holes on the Hadley Bay intersected
kimberlite. Drilling is currently on a break while the
geophysical survey is underway and will resume in about 10 days to
test the best of the recently developed targets remaining.
Canabrava Diamond Corporation has the option to earn a 50%
interest in the Hadley Bay Project, Nunavut, from Diamonds North
Resources Ltd. Canabrava is actively exploring for diamonds in
Canada and Brazil both independently and through major joint
ventures with Diamonds North Resources Ltd., Kennecott Canada
Exploration Inc., Navigator Exploration Corp., and Paramount
Ventures and Finance Inc. The Company is 39.1% 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)
or
Canabrava Diamond Corporation
Thomas W. Beattie
V.P. Corporate Development
(604) 669-2525
(604) 688-5175 (FAX)
Email: info@canabrava.ca
Website: www.canabrava.com
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responsibility for the adequacy or accuracy of this release. |
