dsp news release...Kelsey...MPV AKA Area Play
Diamondex's Carat, Kelsey 2003 programs approved
Diamondex Resources Ltd DSP
Shares issued 27,939,289 Dec 19 close $0.78
Thu 19 Dec 2002 News Release
Also (TYS)
Mr. Randy Turner of Diamondex reports
DIAMONDEX RESOURCES LTD.: CARAT AND KELSEY PROPERTY UPDATES
Diamondex Resources has provided an update on the Carat and Kelsey
properties, both of which are subject to joint venture agreements with
Tyler Resources Inc.
Carat property, Northwest Territories
The management committee of the Carat joint venture (Diamondex -- 70 per
cent, Tyler -- 30 per cent) has approved an initial 2003 exploration
program. Previous exploration undertaken by Diamondex on behalf of the
joint venture includes 4,201 line-kilometres of airborne Mag/EM
(Fugro/DIGHEM), 288 line-kilometres of detailed ground magnetics and
resisitivity surveys, and 16.7 line-kilometres of ground penetrating radar
(GPR) over several discrete geophysical anomalies, as well as 740 till
samples. In addition, gravity readings have been collected from 928
stations. In 2001, a diamond drilling program totalling 2,023 metres
culminated in the discovery and delineation of the CT-55 kimberlite (See
news reported in Stockwatch on March 7, 2002). No further exploration was
undertaken on the property by the joint venture in 2002. Exploration
expenditures to date total $2.67-million.
The 2003 exploration program will include detailed ground geophysical
surveys (magnetic/resisitivity and gravity) to be undertaken over 10
anomalies during the first quarter. A summer till sampling program will
also be carried out down ice of individual airborne geophysical anomalies.
The approved program is estimated at $288,000. Tyler has elected not to
participate in this exploration program and will be diluted on a pro rata
basis. Diamondex is the joint venture operator and, as such, will propose a
diamond drilling program for selected targets produced by the 2003
exploration program to be conducted during the third quarter of 2003.
The Carat property, comprising 94,300 acres, is located approximately 340
kilometres northeast of Yellowknife and adjoins immediately to the north of
the Ekati diamond mine property operated by BHP Billiton Diamonds Inc.
Kelsey property, Northwest Territories
The management committee of the Kelsey joint venture (Diamondex -- 60 per
cent, Tyler -- 40 per cent) has approved an initial 2003 exploration
program. Previous exploration undertaken by Diamondex as operator during
the period leading up to the formation of the joint venture with Tyler
included a 8,695-line-kilometre airborne Mag/EM survey (Fugro/Dighem), 218
line-kilometres of detailed ground magnetics and resisitivity surveys as
well as 704 gravity measurements over several discrete airborne geophysical
anomalies. To date, 838 till samples have been collected over the entire
property and 287 metres of diamond drilling has been undertaken on two
geophysical targets. There has been no further exploration undertaken on
the property since the joint venture was formed in the fourth quarter of
2001. Exploration expenditures on the Kelsey property to date total
$1.78-million.
The 2003 exploration program will consist of detailed ground geophysical
surveys (magnetic/resisitivity, and gravity) to be undertaken over 10
airborne anomalies during the first quarter. The summer exploration program
will be primarily till sampling down-ice of airborne geophysical anomalies.
The approved program budget is $518,000. Tyler has elected not to
participate in the approved program and will be diluted on a pro rata
basis. Diamondex will propose a diamond drilling program for targets
delineated by the 2003 exploration program to be conducted during the third
quarter of 2003.
The Kelsey property, comprising 196,874 acres, is located approximately 300
kilometres northeast of Yellowknife and adjoins the AK property owned by
Mountain Province Diamonds Inc. and De Beers Canada Exploration where six
diamondiferous bodies have been discovered.
David Clarke, PGeol, MSc, vice-president of exploration for Diamondex
Resources, is a qualified person as defined by National Instrument 43-101
and is responsible for program design and quality control of exploration
undertaken by Diamondex Resources.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com |
