Caldera Resources Inc.:Significant Diamond Potential at the Runton Diamond Project
12/3/03
SOUTH PERTH, WESTERN AUSTRALIA, Dec 3, 2003 (CCNMatthews via COMTEX) --
Caldera Resources Inc (TSE:CDR) is very pleased to announce further diamond results and joint venture developments at the Runton Project location in Western Australia.
Highlights
- Sixteen micro-diamonds have been recovered from a 6kg sample, taken from a rock outcrop immediately over a linear, subtle magnetic anomaly in the Runton diamond project area.
- Mr. Ronald Winston, Chairman of Harry Winston Inc. of New York, USA, and Caldera have entered into a 50/50 joint venture on the west Runton area, subject to regulatory approval. The area involved covers 1150square kilometers and lies adjacent to the Runton Diamond Project area. The joint venture does not include the main Runton Project.
Runton Diamond Project, Western Australia
Caldera has a 100% interest in this project, which comprises an area of approximately 200 square kilometers located within a Proterozoic mobile belt. This is an analogous setting to that of the diamondiferous Argyle lamproite in the Kimberley region of Western Australia.
Caldera has completed the processing of 6kg rock sample collected previously from a 'sandstone'outcrop, which lies above a subtle linear magnetic anomaly that models as a near surface intrusive with a minimum depth extent of 600m. After completion by total caustic fusion, 16 micro-diamonds were identified using the scanning electron microscope at CSIRO. Other indicator minerals recovered include a diamond/moissonite intergrowth grain and baddeleyite. Moissonite is a rare but recognised mineral also reported from the Argyle diamond mine, the Ellendale lamproite field and other kimberlites in the world.
These mineralogical results suggest that the 'sandstone'host rock is possibly a quartz-rich tuff or crater facies lithology representing the upper portion of a diamondiferous kimberlite or lamproite dyke-like body, intrusive into Proterozoic sandstones. Some of the recovered heavy minerals would suggest a preference for lamproite, but further work is required.
The Company considers the recovery of 16 microdiamonds to be a significant development at the Runton Project and confirms the previously reported diamonds recovered from a separate smaller sample.
In light of these results the Company will not seek a joint venture partner, but will carry out the next phase of exploration in its own right. An Aboriginal Site Survey will be completed early in the new year, which will enable a drilling program to be carried out.
Cromer Cone Project (West Runton) Western Australia
Six Exploration Licences have been applied for covering approximately 1150 square kilometres with Mr. Ronald Winston as an equal contributing partner. The Company is extremely pleased to have the involvement and participation of Mr. Winston and looks forward to an ongoing business relationship. This new project is situated immediately south and west of the Runton Project and has been designated as the Cromer Cone Project.
The Company believes that the area under application is structurally similar to that of the Runton Project and will have potential kimberlite or lamproite pipe-like targets. A 400m line-spaced airborne magnetic survey will be carried out as soon as it is practicably feasible. Caldera will be manager and operator of the project.
As part of this joint venture, an additional Exploration Licence has been applied for, north of the Runton Project.
Martin Jackson, a member of the Aus.I.M.M. is the qualified person responsible for the technical information in this news release.
Other Activities
Caldera is engaged in diamond exploration in Australia through four projects. One project is located in the Pilbara region of northern Western Australia. One project is located on the Yilgarn Craton of Western Australia, which is joint ventured with SouthernEra Resources Limited (TSE:SUF). The Abminga Diamond Project is located in South Australia. The Company has one diamond project in the Northern Territory.
Caldera also has three base metal/gold projects in South Australia. One of these projects is the Mt. Carulina Project which is an Olympic Dam - style base metal/gold target. |
