Kind of quiet in here. Well, here's the latest release;
From: DiamondWorks Ltd. (DMW)
diamondworks.com
mailto:info@diamondworks.com
---------------------------------------------------------------------------
Re: News Releases - Wednesday, June 17, 1998
DiamondWorks Reports Diamond Results from Camatchia Pipe in Angola
===========================================================================
FOR IMMEDIATE RELEASE
Diamondworks Reports Diamond Results From Camatchia Pipe In Angola
VANCOUVER, CANADA - Bruce Walsham, Chairman, President and CEO of
DiamondWorks Ltd., is pleased to announce positive diamond results from
analyses of samples from core drilling at the Camatchia kimberlite pipe, at
the company's Luo project in northwest Angola.
DiamondWorks' drilling results compare favorably to previous data obtained
from drilling performed in the early 1970s by Diamang, a former Angolan
mining consortium that included De Beers as its technical advisor. Based on
data from Diamang's work, the pipe has an estimated diamond resource of 13
million carats down to 300 metres. The results are also comparable to grades
of several large kimberlite pipes currently being mined in Southern Africa,
such as the Kimberley Mines and the Koffiefontein Mine. Based on this new,
confirmatory information, DiamondWorks' plan to begin a 100,000-tonne bulk
sampling program on the Camatchia pipe during the third quarter is totally
justified. The bulk sample will provide more accurate information about the
grade, quality and economic value of the deposit.
A total of 59 samples, comprising 841 kg of kimberlite core, were analyzed.
The samples were from a delineation-drilling program of 18 holes drilled into
the kimberlite on a 50-metre grid pattern. The average depth of the holes was
56 metres and the deepest hole was stopped in primary kimberlite at a depth
of 101 metres. The pipe appears to be open to depth below this point. The
drilling confirmed that the pipe's surface area is 27.9 hectares, making it
one of the largest, known diamond-bearing kimberlites in the world.
The total number of diamonds recovered from the drill core is as follows:
--------------------------------------------------------------
Kimberlite Sample Number of Diamonds
Pipe Weight *Microdiamonds Macrodiamonds
(kg) less than 0.5 mm greater than 0.5 mm
--------------------------------------------------------------
Camatchia 841 90 16
--------------------------------------------------------------
*Note: Microdiamonds are stones with a maximum dimension of less than 0.5 mm
and greater than 0.1 mm. Macrodiamonds are stones with one dimension equal
to, or greater than, 0.5 mm.
Independent Diamond Laboratories Pty. Ltd. of Perth, Australia, performed the
analyses. The samples were treated by caustic dissolution and heavy liquid
separation, followed by hand-picking of the micro and macro diamonds. Four
distinct kimberlitic facies were identified in the core: primary kimberlite,
tuffisitic kimberlite, diamictite and reworked kimberlitic breccias. The
average grade of the primary and tuffisitic kimberlite samples is
approximately 0.22 carat per tonne, and the overall grade of the samples is
0.13 carat per tonne.
The analyses of core samples indicate a direct correlation between the size
of the sample and the diamond distribution, giving preliminary indications of
the occurrence of coarse diamonds.
Based on Diamang's sampling results, the independent engineering firm of
Watts Griffis and McOuat estimated that the pipe contains probable diamond
reserves of 26 million tonnes, grading 0.11 carat per tonne (roughly three
million carats) to a depth of 96 metres. An additional inferred resource of
67 million tonnes, grading 0.15 carat per tonne (10 million carats), is
estimated from 100 to 300 metres below surface. Diamang reported that 50% of
the diamonds collected in its samples were gem quality. Based on Diamang's
recovery of more than 10,600 carats from its sampling work, DiamondWorks
estimates that the current average value of the Camatchia diamonds is between
US$100 and US$150 a carat.
Assuming positive results from the bulk sampling program, DiamondWorks plans
to begin independent, final feasibility studies at Camatchia later this year,
with a view to commence initial production at the pipe in 1999.
DiamondWorks is a global diamond mining company. The company is in commercial
diamond production at the Luo mine in northwest Angola, and will begin
production later this month at its Yetwene mine, also in Angola. DiamondWorks
has interests in a number of other mineral properties Sierra Leone, Lesotho,
Canada, China and Venezuela.
For further information, please contact: Bill Trenaman at 604-669-8871, or
view DiamondWorks' website at diamondworks.com.
===========================================================================
Copyright (c) 1997, 1998 DIAMONDWORKS LTD. All rights reserved.
For more information, visit our website at the address
diamondworks.com
===========================================================================
|
