FOR: SHEAR MINERALS LTD.
TSX VENTURE SYMBOL: SRM
AND NORTHERN EMPIRE MINERALS LTD.
TSX VENTURE SYMBOL: NEM
JUNE 7, 2003 - 17:12 ET
Shear Minerals Ltd. and Northern Empire Minerals Ltd.:
First Kimberlite Intersected; Churchill Diamond Joint
Venture
EDMONTON, ALBERTA and VANCOUVER, BRITISH COLUMBIA--Shear Minerals
Ltd. (SRM: TSXV), Northern Empire Minerals Ltd. (NEM:TSXV) and
BHP Billiton today announced that the 2003 drill program at the
Churchill Diamond Program has commenced and that the initial
drill hole has discovered the first kimberlite pipe on the
property.
Drill hole number CD001 was designed to test CK151, a circular
magnetic low anomaly. The vertical drill hole tested the centre
of the anomaly and intersected kimberlite at a depth of 35 feet.
Michael Dufresne, P. Geol. of APEX Geoscience Ltd., is the
Qualified Person on site and describes the macrocrystic
kimberlite and breccia with visible olivine macrocrysts and
picroilmenite. The hole remains in kimberlite at a depth of 287
feet. Core has been sent for petrographic analysis to R.L.
Barnett Geological Ltd. in order to determine and confirm the
mineralogy of the kimberlite.
"We hit kimberlite on the first drill-hole and within the first
12 hours of drilling which is very encouraging," said Pamela
Strand, President and CEO of Shear. "The much anticipated drill
program is now well underway."
A review of last year's 16,307 line-km aeromagnetic survey
completed on the initial 500,000 acre claim block identified 217
kimberlite targets at the Churchill property. In March this year,
ground geophysical data was acquired on 30 of these anomalies
resulting in 23 priority drill targets. This phase of drilling is
designed to test a minimum of 15 of these targets. A Fugro
helicopter magnetic-electromagnetic survey has recently been
completed over these high priority areas.
Shear holds a vested 51% interest and is operator at Churchill.
As per the June 2, 2003, news release BHP Billiton has purchased
a 14% interest in Churchill for $3 million and has also agreed to
fund the costs of collecting, sampling and processing the initial
200 tonnes of kimberlite. Northern Empire is earning into a 35%
interest at Churchill by incurring $750,000 in exploration
expenditures.
"Given our kimberlite discovery we are optimistic that this
year's exploration may result in the discovery of an entirely new
kimberlite cluster at Churchill Diamond Project," said Ms.
Strand. The joint venture has accumulated additional lands making
the Churchill Diamond Project total more than 1.5 million
contiguous favorable acres. In the past year, the joint venture
has advanced the project to the current drill-ready stage by
conducting a comprehensive exploration program that included
kimberlite indicator mineral sampling, prospecting and
geophysics. In January 2003, the partners approved a budget of
$2.5 million program. All programs are under the supervision of
Dean Besserer, P. Geol., of APEX Geoscience Ltd., a qualified
person under NI 43-101. |
