Diamonds North, Majescor progress on Victoria Island
Diamonds North Resources Ltd DDN
Shares issued 13,047,885 May 26 close $0.65
Tue 27 May 2003 News Release
Also (MAJ)
Mr. Mark Kolebaba reports
DIAMONDS NORTH & MAJESCOR INITIATE WELLINGTON DRILL PROGRAM Diamonds North Resources and Majescor Resources have provided an update on the 2003 field program for the Wellington and the Stefansson diamonds projects, Victoria Island, Nunavut. The Wellington program, expected to commence early June, will follow up on successful results of the 2002 aerial geophysical surveys, in which over 1,300 line kilometres were flown. The geophysical survey located six pipe-like anomalies and six dike-like anomalies which have magnetic signatures similar to known kimberlites on Victoria Island. The 2003 program will consist initially of ground geophysical surveys to recover data on all 12 anomalies. The survey results will be interpreted in detail and the top five to six targets will then be tested by diamond drilling. Any kimberlite core recovered will be split and submitted for diamond analysis. In addition, heavy mineral till sampling program is planned to follow up on a number of kimberlitic pyrope, ilmenite and chromite grains located by a previous reconnaissance survey on the property. The main mobilization of equipment and supplies to Victoria Island has been successfully completed and crews are expected to be mobilized to the site by the end of May. Majescor can earn a 50-per-cent interest in the project by spending $2.25-million over three years and has paid its pro rata share of the mobilization costs to Diamonds North. Majescor has approved a budget and will finance the $450,000 exploration program on the Wellington project. Diamonds North and Majescor also plan an $85,000 exploration program on the Stefansson project. The companies entered into a 50/50 joint venture last year on this project which consists of four exploration permits that cover a discrete indicator mineral anomaly on Stefansson Island just to the northeast of Victoria Island. The program will consist of till and stream geochemistry sampling in an attempt to locate the source of the original anomalous sample.
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