SouthernEra completes Yamba Lake drilling
SouthernEra Resources Ltd SUF
Shares issued 51,580,800 Aug 29 close $6.55
Fri 30 Aug 2002 News Release
Mr. Patrick Evans reports
SOUTHERNERA COMPLETES DRILL TESTING OF THE SUE AND SPUTNIK KI ... SouthernEra has completed the drill program at the company's Yamba Lake project in the Northwest Territories of Canada. Following the significant microdiamond results announced from the first drill hole at the Sue kimberlite pipe (see SouthernEra's news in Stockwatch July 8, 2002) a further six holes were drilled during August. Three additional holes were drilled at Sue in order to determine the diamond stone size distribution from a larger sample and also to better understand the structure of the Sue pipe. The Sputnik kimberlite pipe was also tested with one drill hole. In addition, two airborne targets were drill tested returning negative results. In its July 8 news release, SouthernEra reported: "The Sue 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." All three holes drilled at the Sue pipe during August intersected kimberlite, as did the drill hole at the Sputnik pipe. Microdiamond results from the Sue and Sputnik pipes will be announced in approximately six weeks. SouthernEra can earn a 60-per-cent interest at Yamba Lake by completing a bankable feasibility study by the end of 2006. Under certain project financing arrangements, the company can increase its interest to 65 per cent. SouthernEra's partners at Yamba Lake are Tanqueray Resources Ltd., Mill City International Inc. and Techsite Strategies Corp. |
