VANCOUVER, May 1 /CNW/ - Winspear Resources Ltd.
Trading Symbol: WSP.V
Winspear Resources Ltd. (WSP.V) is pleased to report on its diamond
exploration activities in the Northwest Territories. Exploration commenced in
mid-January and focused on the Camsell Lake, Carat, and Hilltop properties.
This major program, estimated to cost $3.2 million to June 30, comprised bulk
sampling, drilling, airborne and ground geophysics, and land acquisition.
Field activities have ceased temporarily due to spring break-up and will
commence shortly following evaluation of results obtained during this program.
Camsell Lake property:
The Camsell Lake property is situated approximately 140 miles northeast
of Yellowknife, NWT. This property is administered under two joint ventures,
both of which are operated by Winspear: the Haywood project area (277,000
acres) in which Winspear's interest is 57.3%, and the Athenia project area
(71,000 acres) in which Winspear's interest is 55%. The program undertaken on
the Camsell property consisted of approximately 200 line-km of ground
geophysics, a 7554 metre drill program, extraction of a 200 tonne bulk sample,
and initiation of preliminary environmental baseline studies.
Approximately 200 tonnes of kimberlite dyke material have been extracted
and shipped to a test facility agreed to by the Joint Venture partners.
Preliminary results from processing this sample for diamond recovery should be
available in about eight weeks. About equal amounts of material were obtained
from two sites approximately 235 metres apart on the northwest peninsula of
Snap Lake which is located in the northwest corner of the Haywood project
area. Caustic fusion analyses of 137.14 kg of drill core obtained from this
dyke during the 1997 spring program returned 401 diamonds including 149 macro
(10.9 macros / 10 kg) and 252 micro diamonds.
The recently completed 7554 metre drill program on the Camsell Lake
property included 1109 metres that tested geophysical targets on the Athenia
project and 6012 metres that tested a variety of targets on the Haywood
project; most of the Haywood drilling was in the Snap Lake area. The
remaining 433 metres were drilled to define the two bulk sample sites.
Kimberlite was intersected in 22 holes during the program, all of which were
in the Snap Lake area. Kimberlite intersections comprised two varieties of
kimberlite breccia material to a maximum thickness of approximately 5 metres
as well as kimberlite dyke material that was intersected over a wide area in
the eastern half of Snap Lake in thicknesses to approximately 2.8 metres. In
addition to these intersections, two drill holes tested the down-dip nature of
the kimberlite dyke located on the northwest peninsula area of Snap Lake. Both
holes intersected kimberlite dyke material at the expected depth. If
subsequent in-fill drilling confirms continuity, these holes extend this dyke
approximately 1100 metres east of the most easterly intersection obtained in
the 1997 program. Previous drilling indicated that the dyke extends along
strike for at least 1000 metres; the dyke remains open along strike and
down-dip.
At this stage, numerous intersections of a range of kimberlite material
have been encountered in and around Snap Lake, an area roughly 4 km x 4 km,
that demonstrate the presence of a large, complex kimberlite system. All
samples of kimberlite material that have been analysed from this area are
significantly diamond-bearing. Results obtained are presently being evaluated
with the objective of defining the focus for future work at Snap Lake.
Winspear is optimistic that a potentially economic kimberlite body remains to
be discovered within this kimberlite system in addition to the dyke from which
the bulk sample has been obtained.
Carat property:
Under an option agreement with Tyler Resources Ltd, Winspear can earn up
to a 70% interest in this 94,000 acre property that adjoins the north boundary
of the BHP-Dia Met property on which the Ekati diamond mine is being
constructed. A detailed helicopter-borne Mag-EM survey comprising about 3900
line-km has been completed over this property. Results will be evaluated when
they become available in preparation for a summer exploration program.
Hilltop property:
Winspear completed staking this 196,000 acre property in early 1998 and
subsequently undertook a detailed helicopter-borne Mag-EM survey comprising
about 8900 line-km. Results of this survey are presently being evaluated in
preparation for a summer exploration program.
Summer Program:
Plans are underway for an active summer program that will include
additional follow-up sampling on the Haywood, King and Rocher properties as
well as preliminary till sampling on the Hilltop and Carat properties.
Details of these programs will be announced when they are finalized.
Winspear remains committed to diamond exploration in the Slave province
where the potential for exploration success is demonstrably high. The Company
is sufficiently well-funded to continue an aggressive exploration program in
this area and to evaluate world-wide diamond opportunities on an on-going
basis.
Winspear Resources Ltd.
John A. McDonald, P.Geo.
Vice-president and Director
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
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For further information: John A. McDonald, P.Geo., Vice-president and
Director, (604) 687-6644
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