Diamondex to commence NWT exploration program
Diamondex Resources Ltd DSP
Shares issued 27,939,289 Jan 27 2003 close $ 1.07
Monday January 27 2003 News Release
Mr. Randy Turner reports
DIAMONDEX'S WINTER EXPLORATION PROGRAM COMMENCES FEBRUARY 15 ...
Diamondex Resources is planning new work programs for the Hilltop, Bear Head, Kingfish and King/King East/Czar properties, all located in the southern Slave Craton of the Northwest Territories.
Hilltop property, Northwest Territories
An $850,000 exploration program is scheduled to commence over the Hilltop property on or about Feb. 15, 2003. This program, comprising ground geophysics and drilling, is a followup to extensive exploration programs which have been conducted over the last several seasons which included 14,200 line kilometres of airborne geophysics, 380 line kilometres of ground geophysics, 2,375 till samples and approximately 1,100 metres of sonic drilling. Several high-priority airborne targets have been selected for further evaluation and testing under the current program. Two significant targets have resulted from continued exploration focused within an, as yet, unresolved kimberlite indicator train. Located within the central portion of the property, the mineral train measures seven kilometres long by 1.5 kilometres wide. Numerous kimberlite fragments have been discovered within this train where extensive sampling was conducted during 2002. The drill program, originally scheduled for the fall of 2002, was postponed due to severe weather conditions and will be carried out during this program.
The Hilltop property is situated approximately 180 kilometres northeast of Yellowknife, NWT, and adjoins immediately the southwest corner of the Camsell Lake claim block that hosts the Snap Lake diamond deposit. The Hilltop property comprises 85 contiguous mineral claims covering 175,500 acres and is 100 per cent owned by Diamondex. To date, Diamondex has expended $4.3-million on exploration on the Hilltop property.
Bear Head property, Northwest Territories
During the first quarter of 2003, Diamondex will undertake a $500,000 exploration program, comprising detailed ground geophysics and drilling. This program is designed to test up to five high-priority geophysical/geochemical targets as a followup to a previously conducted 4,140-line-kilometre airborne mag/EM survey (Fugro/DIGHEM) and a detailed (922) till sampling program. A previously announced drill program for fourth quarter 2002 was postponed due to severe weather conditions and, following receipt of additional geochemical data, the original drill program has been refined and increased to 750 metres of drilling under this current exploration program.
The Bear Head property is located 220 kilometres northeast of Yellowknife, NWT. This property extends from the eastern boundary of Diamondex's Hilltop property and adjoins the southern boundary of the Camsell Lake claim block, which hosts the Snap Lake diamond deposit. This property totals 356,000 acres in size and is 100 per cent owned by Diamondex. To date, $1.1-million has been expended on this property.
Kingfish property, Northwest Territories
An initial $500,000 exploration program, comprising geophysics and till sampling, has been budgeted for the Kingfish property. Up to 5,500 line kilometres of detailed airborne mag/EM are proposed to be conducted during the first quarter of 2003, followed by detailed till sampling with the objective of delineating targets for a third quarter drill program.
The Kingfish property is located approximately 260 kilometres northeast of Yellowknife, NWT. This property comprises 64 mineral claims totalling 140,300 acres and is situated immediately east of the Camsell Lake property, which hosts the Snap Lake diamond deposit. The Kingfish property is 100 per cent owned by Diamondex.
Czar, King and King East properties, Northwest Territories
Results and exploration data (including seismic, drill data and geochemical analysis) from the 2002 exploration season are currently being compiled for the Czar and King properties. During the fourth quarter of 2002 an additional 12,913 acres (King East) were acquired by staking on the immediate southeast corner of the King property. This property adjoins the northeast claim boundary of the Camsell Lake property, which hosts the Snap Lake diamond deposit.
The 2003 exploration program (including proposed additional drilling and seismic) as well as exploration budgets for all three properties are currently being formulated and will be released following receipt of all pertinent data.
The Czar, King and King East properties are located approximately 225 kilometres northeast of Yellowknife, NWT. The Czar property comprises 31 mineral claims covering 77,000 contiguous acres, the King property comprises 44 mineral claims covering 113,000 contiguous acres and the King East property comprises five claims totalling 12,913 acres. These properties are 100 per cent owned by Diamondex Resources Ltd.
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