Diamondex begins programs in Northwest Territories
Diamondex Resources Ltd DSP
Shares issued 27,939,289 Mar 3 close $1.00
Mon 3 Mar 2003 News Release
Mr. Randy Turner reports
WINTER/SPRING EXPLORATION PROGRAMS COMMENCE
Diamondex Resources has commenced its winter/spring exploration programs
for the Bear Head, Hilltop and Kingfish properties in the Northwest
Territories.
Bear Head property, Northwest Territories
A detailed ground geophysical program, comprising magnetic, resistivity and
gravity surveys, has commenced on the Bear Head property under the
direction of Aurora Geosciences Ltd. of Yellowknife. These surveys are
designed to further evaluate five high-priority targets selected from a
4,400-line-kilometre airborne mag/EM survey (Fugro/Dighem) conducted over
the property in 2001. These targets are located up ice from kimberlite
indicator trains delineated from till sampling programs conducted over the
property in 2001 and 2002 (922 samples in total).
In addition, Fugro Airborne Surveys has been contracted to conduct a
further 4,000 line-kilometres of detailed airborne geophysics (mag/EM) over
the eastern portions of the Bear Head property. This survey, at 100-metre
line spacings, is expected to commence during the second week of March,
2003.
Following the completion of the ground and airborne geophysical programs,
Major Drilling Inc. has been contracted to undertake a minimum 750-metre
drill program to test several targets commencing during the third week in
March, 2003. A budget of $500,000 has been approved for this program.
The Bear Head property is located 220 kilometres northeast of Yellowknife.
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.
Hilltop property, Northwest Territories
An exploration program comprising ground geophysics, under the direction of
Aurora Geosciences Ltd. of Yellowknife, has commenced and is a followup to
detailed exploration programs that have been conducted over the Hilltop
property since 1999. Previous exploration includes 14,200 line kilometres
of airborne (mag/EM) surveys, 380 line kilometres of detailed ground
geophysics, 2,375 till samples and approximately 1,100 metres of sonic
drilling. Re-evaluation of existing data, in addition to recently acquired
data from the 2002 till-sampling and ground geophysical surveys, has
delineated two significant drill target areas associated with an, as yet
unresolved, kimberlite-indicator mineral train which is located within the
central portion of the property. Numerous kimberlite fragments have been
recovered from this train, which measures seven kilometres in length and
1.5 kilometres in width. In addition, detailed ground geophysics will be
carried out to evaluate 16 high-priority targets selected from the
previously conducted airborne (mag/EM) surveys.
A minimum of 1,000 metres of drilling will be undertaken by Major Drilling
to test several targets immediately following the completion of the ground
geophysical programs.
A budget of $850,000 has been allocated for this current geophysical and
diamond drilling exploration program.
The Hilltop property is situated approximately 180 kilometres northeast of
Yellowknife, and adjoins immediately the southwestern 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.
Kingfish property, Northwest Territories
Fugro Airborne Surveys has been contracted to carry out a high-resolution
airborne mag/EM survey over the recently acquired Kingfish property. A
total of 6,000 line kilometres, at 100-metre line spacings, will be
undertaken commencing the third week of March, 2003. Following the
completion of this survey, detailed ground geophysical surveys will be
conducted over priority targets.
An initial $500,000 exploration program, comprising both airborne and
ground geophysics and a summer till-sampling program, has been budgeted
with the objective of delineating targets for a drill program to be
conducted during the third quarter.
The Kingfish property is located approximately 260 kilometres northeast of
Yellowknife. 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.
David Clarke, PGeol, MSc, vice-president of exploration for Diamondex
Resources Ltd., 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 Ltd.
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