Patrician Diamonds Inc.: Drilling of Sahtu Magnetic Anomalies Confirms Presence of Ultramafic Intrusive Breccias; Samples Sent for Microdiamond Analysis
Monday July 17, 11:03 am ET
OTTAWA, ONTARIO--(CCNMatthews - July 17, 2006) - Patrician Diamonds Inc. ("Patrician") (TSX VENTURE:PXC - News) announces that bedrock was intersected on the first magnetic anomaly tested on the Sahtu Project. Overburden was approximately two metres thick and consisted of organic material and dark green clay-rich till. Bedrock comprised altered, fragmental, ultramafic intrusive breccia containing dark red garnets. Drilling outside of the intrusion's edge confirmed that the surrounding rock is limestone. The magnetic signature of the intrusion suggests that it has an area of about seven hectares. Field assessment identified the intrusion as possible kimberlite. Samples have been collected and sent to be processed for kimberlite indicator minerals and diamonds.
Eric Craigie, President of Patrician Diamonds, said, "These results are very encouraging. This is the first proven occurrence of potentially diamond-bearing bedrock in this region of the Northwest Territories and confirms that the sources of the large magnetic anomalies on our Sahtu Project are highly prospective for diamonds."
Field crews are utilizing a lightweight, helicopter-portable auger drill, under contract from Geochem Surveys Ltd. of Edmonton AB, to collect bedrock samples from the high priority targets. Crews are planning to test up to twelve of the targets during this initial phase of evaluation. The first target was a circular magnetic feature with amplitude of 170 nanoTeslas. The other targets range in area from a few hectares to in excess of 50 hectares and have amplitudes ranging from 10 to 60 nanoTeslas. It is anticipated that the field work will be completed by mid-August and will be followed up with laboratory processing of bedrock samples for kimberlite indicator minerals and microdiamonds.
Patrician's Sahtu Property is located east of the Mackenzie River about 50 kilometres north of Norman Wells. It lies west of Great Bear Lake and adjoins ground that is being explored by Pure Gold Resources under an option from De Beers. Pure Gold reported that De Beers had recovered a population of peridotitic and eclogitic garnets with minor kelyphitic textures from stream sediments and tills on ground that is located down-ice of the Property. Diamondex Resources is also active in this area and has reported recovering abundant kimberlite indicator minerals, many with diamond stability field chemistry, as well as diamonds, from stream sediments. However, after more than three years of intensive exploration in the region, bedrock sources have not been found for any of these indicator minerals. Patrician's new discovery confirms the presence of potentially diamond-bearing bedrock sources. The Company's consultants believe that there is a good chance that the Sahtu intrusions are the source for many of the indicator minerals.
Paul Pitman, P.Geo., is Vice President of Exploration for Patrician Diamonds Inc. and is a Qualified Person as defined by National Instrument 43-101.
Patrician is an exploration stage junior mining company focused on identification, acquisition and evaluation of diamond- prospective mineral properties in Canada.
For maps and additional information about property location and technical details, please visit Patrician's web site at patriciandiamonds.com
The statements in this press release may contain forward looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this press release.
"This Press Release may contain forward looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this Press Release."
Contact:
Robin B. Dow, CEO
Patrician Diamonds Inc.
Anna Russell
1-888-834-7708
robin@dowgroup.ca
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Source: Patrician Diamonds Inc. |
