2 positive releases in 2 days. I would thing the price would start north soon.
Brazilian Diamonds' Partner Hidefield Encounters High Grade Gold at Cata Preta
Wednesday April 28, 8:31 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Apr 28, 2004) - Brazilian Diamonds has received results from its partner Hidefield plc of its latest drill holes at the Cata Preta gold project, Brazil, and is pleased to report high grade mineralization encountered in the extension of the "Carvoeira" gold deposit announced with initial results earlier this year. Drill hole CP 309 intercepted a 3.25 metre interval with an uncut average grade of 63.78 grammes gold per tonne including a 0.65 metre section containing 157.38 grammes gold per tonne.
In addition to these encouraging drill results, Hidefield has entered an agreement with Senior Engenharia, a privately held Belo Horizonte engineering company, for the Cata Preta joint venture to acquire its 100 percent interest in five exploration licences, three of which remain in the form of approved applications, totaling 1,580 hectares located near Mariana 20 kilometres southeast of the Cata Preta project.
The exploration program is being supervised by the President of Hidefield plc, Mr. John Prochnau, (Certified Professional Geologist, AIPG and the Qualified Person for the Project). Since resumption of the drilling programme, five additional holes have been completed on the "Carvoeira" deposit at Cata Preta. The recent holes confirm the previously reported extension but also demonstrate the variable gold grade and thickness of the shallow plunging, strap-like deposit. The following results are weighted averages, using a one gramme per tonne cutoff, of the mineralized intervals in Hidefield drill holes completed to date on the "Carvoeira" deposit. The laboratory used for the analysis is Lakefield Geosol Laboratorios Ltda in Belo Horizonte, Brazil.
Interval Thickness Gold Grade
Drill Holes (metres) (metres) (grammes/tonne)
----------- ------ ------ -------------
CP 301 153.9-155.75 1.85 6.30
incl. 0.35 21.77
CP 302 122.15-128.6 6.45 6.28
incl. 0.70 15.95
CP 303 109.7-118.68 5.95 1.41
CP 304 - - No Values
CP 305 - - No Values
CP 309 170.15-173.4 3.25 63.78
incl. 0.65 157.38
CP 311 167.95-174.4 6.95 4.39
Visible gold was identified in both CP 309 and 311 but to avoid the high grade "nugget effect" caused by coarse gold, those portions of the samples were removed from the material sent for analysis. Holes CP 301 and 302 had been reported earlier.
Two other holes, CP 306 and 307, were drilled on targets east of the "Carvoeira" deposit but did not intercept significant mineralization. CP 308, and two others, CP 310 and 312 for which gold analyses have not yet been received, tested a third target at the south end of the historic Cata Preta pit but encountered only trace gold mineralization.
The continuing programme at Cata Preta is now focused on systematic drill delineation of the "Carvoeira" deposit for resource definition, as well as preliminary engineering and metallurgical investigations, in preparation for an economic scoping study to be carried out later in the year.
The exploration licences acquired from Senior Engenharia are being purchased outright for U.S.$125,000, payable as to $5,000 upon completion of due diligence, $20,000 upon formal transfer of the licences to the Cata Preta joint venture and the balance upon completion of feasibility and the decision to develop a mine on the properties. The licences, located near the town of Padre Veigas some 20 kilometres south of Cata Preta, cover a number of historic gold mines which have not been evaluated by modern methods. Hidefield is currently assessing other potential acquisitions in the area.
Hidefield is operating the Cata Preta project in joint venture with Brazilian Diamonds Limited (quoted on AIM and the Toronto Stock Exchange under the symbol "BDY") which holds an approximate 20% interest in the Company. Under terms of the agreement Hidefield is earning a 50% interest in the Cata Preta project and may ultimately increase this interest to 80% through a combination of exploration activity and further share issues. |
