LARGE DIAMETER DRILLING INITIATED AND NEW GEOPHYSICAL ANOMALIES DISCOVERED AT THE
FORT À LA CORNE DIAMOND PROJECT
Victoria, B.C., Tuesday, October 15, 2002 - Kensington Resources Ltd. (the "Company") is pleased to report that large diameter drilling has commenced and that new geophysical anomalies, including a possible extension of kimberlite body 141/140, have been discovered at the Fort à la Corne Diamond Project in Saskatchewan. The CDN $5.2 million evaluation program for 2002 is the most aggressive program to date for the Fort à la Corne Project.
Large diameter, air-assist, mud-flood, reverse circulation drilling (LDDH) by Layne-Christensen was initiated earlier this month. Three cased 36-inch LDDH are targeted in a tight cluster around corehole 141-29 and LDDH 140-04 which returned significant grades and larger stones in 2000. The remainder of the LDDH program includes five 24-inch boreholes strategically placed in locations of favourable corehole intervals with indications of higher diamond prospectivity. The eight large diameter drillholes will provide additional carats to increase the level of confidence in grade forecasts, valuations and revenue modeling by De Beers.
Ground geophysical surveys completed this summer on the 140/141 body and surrounding areas suggest the possibility of thicker kimberlite than originally expected in areas extending from and close to the combined body. One such adjacent area was shown by coincident gravity and magnetic anomalies as a large extension (approx. 600 x 600 metres) westwards from the southern part of kimberlite body 140. In addition, an intense gravity anomaly coincident with a weak magnetic dipole occurs off the western flank of 141. Another gravity anomaly of similar magnitude and size (approx. 600 x 600 metres) exists approximately 800 metres to the southeast of body 140. These anomalies fit in well with the linear northwest trend apparent in the main kimberlite cluster. Joint venture geophysicists are evaluating these anomalies to ascertain whether they are prospective for new areas of kimberlite.
A total of 25 NQ coreholes (diameter of 1.875 inches or 47.6 mm) were completed on kimberlite 141/140 during this program. In addition to two previously announced drillholes that intersected significant thicknesses of kimberlite (234.53 metres and 167.2 metres, respectively), hole 141-36 intersected 171.0 metres of kimberlite, and corehole 140-21 produced 264.2 metres (approx. 865 feet) of kimberlite and was terminated while still in kimberlite due to poor drilling conditions. The coarseness of kimberlite and thicker interval may indicate that this hole is on or near the vent of kimberlite 141/140 and is considered highly prospective for diamonds due to indicator mineral abundance, coarse grain size, and presence of mantle xenoliths. Both kimberlite bodies are currently understood by geological modeling to form a single body. Preliminary evaluation of core from the south-central portion of the 140/141 body indicates a new area of stratigraphically distinct upper kimberlite which exhibits characteristics that are considered prospective for diamond grade. This macrocrystic kimberlite “breccia” will be tested for diamond content by LDDH in the second phase of the program. Boreholes 141-18 and 141-37 were both terminated in kimberlite due to lost steel downhole, and borehole 140-20 was shut down in kimberlite due to drilling difficulties. Table 1 summarizes the core drilling program.
Table 1: Summary of Core Drilling Program (Provisional)
Drillhole Number Top of Kimberlite (metres) Bottom of Kimberlite (metres) Kimberlite Thickness (metres) Total Drill Depth (metres)
140-10 110.0 242.0 132.0 250.8
140-11 102.0 167.0 65.0 201.0
140-12 102.0 242.9 140.9 247.5
140-13 110.0 236.6 126.6 243.0
140-14 109.0 244.3 135.3 249.0
140-15 102.0 336.5 234.5 342.0
140-16 99.7 237.3 137.6 243.0
140-17 104.1 258.2 154.1 261.0
140-18 99.8 120.0 20.2 120.0
140-19 104.1 218.1 114.0 231.0
140-20 99.5 221.0 121.5 221.0
140-21 105.3 369.5 264.2 369.5
140-22 107.8 185.0 77.2 198.0
140-23 125.0 180.9 55.9 192.0
140-24 110.7 214.8 104.1 225.0
140-25 108.2 189.6 81.4 195.0
140-26 110.7 218.5 107.8 225.0
140-27 118.7 207.4 88.7 219.0
141-29 105.8 273.0 167.2 279.0
141-34 101.4 238.1 136.7 246.0
141-35 109.0 215.0 106.0 222.0
141-36 102.5 273.5 171.0 280.0
141-37 104.8 124.0 19.2 124.0
141-37 104.8 255.1 150.3 261.0
141-38 106.2 218.5 112.3 231.0
Totals: 3,023.7 5,875.8
For up to date photos, video clips and news stories on the 2002 program, please visit our website at www.kensington-resources.com. We are updating the photos and videos on a regular basis as the drilling program continues.
The Fort à la Corne Diamond Project is a joint venture among Kensington Resources Ltd. (42.25%), De Beers Canada Exploration Inc., a wholly owned subsidiary of De Beers (42.25%), Cameco Corporation (5.5%) and UEM Inc. (carried 10%). The 71+ kimberlite bodies of the Fort à la Corne Field form one of the largest diamondiferous clusters in the world.
ON BEHALF OF THE BOARD OF DIRECTORS OF
KENSINGTON RESOURCES LTD.
(signed) “David H. Stone”
David H. Stone
President
Trading Symbol: KRT-TSX.V
For further information, please contact:
William Callahan, Investor Relations Kensington Resources Ltd. Tel: 1-800-514-7859 or (250) 361-1KRT E-mail: bill@kensington-resources.com Robert A. Young, Investor Relations Robert A. Young & Associates Tel: 1-877-626-2121 or (604) 682-5123 E-mail: raya@digital-rain.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipates” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. Such factors include, among others, the risk factors contained in the Company's documents filed from time to time with the B.C. Securities Commission and the U.S. Securities and Exchange Commission. |
