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Mountain Province energized by Faraday results
Mountain Province Diamonds Inc MPV
Shares issued 50,272,170 Mar 19 close $1.93
Wed 19 Mar 2003 News Release
Mr. Jan Vandersande reports
MOUNTAIN PROVINCE DIAMONDS INC. PROVIDES AN EXPLORATION UPDATE ON DRILLING
NEAR THE FARADAY KIMBERLITE BODY
Mountain Province Diamonds has been informed by its joint venture partner,
De Beers Canada Exploration Inc. (De Beers Canada), a wholly owned
subsidiary of De Beers Consolidated Mines Limited (De Beers), that
exploration drilling of two holes south of the Faraday kimberlite body has
been completed. Both holes intersected kimberlite with horizonatal
projections of 5.6 metres and 21.5 metres, respectively. These kimberlite
intersections are encouragingly thick. The Faraday kimberlite body is
located in the joint venture's AK leased claims situated in the Northwest
Territories of Canada. It is approximately 12 kilometres northeast of
Kennady Lake, which contains the Hearne, Tuzo and 5034 diamondiferous
kimberlite pipes.
The Faraday kimberlite body was discovered in the spring of 1999. It is
located approximately 12 kilometres northeast of Kennady Lake, and three
kilometres north-northeast of the Kelvin kimberlite body. Three drill holes
into the Faraday body in 1999 intersected kimberlite with intersections of
nine metres, 15.5 metres and 23.1 metres horizontally projected,
respectively. The largest distance between intersections was approximately
60 metres. Another hole drilled in 1999 intersected 1.54 metres of
kimberlite approximately 160 metres northeast of the Faraday body, and a
hole in 2001 intersected three intervals of kimberlite (with the thickest
intersection being 1.74 metres) approximately 600 metres to the southwest
of the Faraday body. It is suspected that the kimberlite intersections to
the north and south of the Faraday body are probably connected to the
Faraday body with a kimberlite-bearing dike structure that pinches and
swells. Microdiamond results of kimberlite samples collected from the 1999
holes drilled into the Faraday body indicated that the microdiamond counts
for the Faraday body are very similar to those for the 5034 and Hearne
pipes.
A ground gravity survey and detailed ground magnetic survey conducted in
the current winter program covered the Faraday body and went approximately
600 metres to the south along the suspected structure connecting the
Faraday body and the 2001 hole that intersected some kimberlite. The main
purpose of the survey was to identify wider areas along the observed dike
structure. Several such areas were identified, and two of the better target
areas were drilled.
The first target, a magnetic anomaly, was approximately 100 metres
southwest of the Faraday body, and 5.6 metres of kimberlite horizontally
projected was intersected. The kimberlite contained some country rock. The
second target, a gravity anomaly, was approximately 520 metres southwest of
the Faraday body and approximately 80 metres north of the 2001 drill hole.
Kimberlite was encountered just below the lake bottom, and 21.5 metres of
kimberlite horizontally projected was intersected. The recovered kimberlite
will be sent for petrographic analysis and microdiamond recovery. Once
those results are available, additional work as appropriate will be
planned.
The company is very pleased with the results and encouraged by the
thicknesses of the kimberlite intersections, which clearly indicate that
thicker sections occur along the dike structure.
Separately, the company is still expecting to receive the modelled revenue
per tonne values for the 5034 and Hearne pipes from De Beers before the end
of the month.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com
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