News release for the summer drill program just received from Canada newswire
Attention Business Editors:
WINSPEAR RESOURCES LTD. ANNOUNCES THE COMMENCEMENT OF ITS SUMMER EXPLORATION PROGRAM IN THE NWT
VANCOUVER, July 9 /CNW/ - Winspear Resources Ltd.
Trading Symbol: WSP.V
Winspear Resources Ltd. (WSP.V) is pleased to announce the commencementof its summer exploration program in the NWT, which is budgeted at $1.5million. In addition, Winspear's Board of Directors has approved anadditional exploration budget for the Snap Lake area of up to $1 million thatwould be mainly directed towards a summer drill program, the design of whichis presently being considered by the Joint Venture management committee. Dr.N. Pokhilenko and three of his colleagues from the Diamond Research Instituteat Novosibirsk, Siberia, will also be joining Winspear's field explorationteam for the summer field season. The outline of the main aspects of thesummer's exploration program is as follows with the respective properties
shown on the accompanying map.
A. Camsell property - Haywood project: (Winspear's interest increasingfrom 57.3% to about 68%) Winspear, as Operator of the Camsell Joint Venture, has contracted MRDICanada - A division of H.A. Simons Ltd. to provide it with a scoping study ofthe NW dyke at Snap Lake. Winspear has previously reported that diamonds
recovered from a 200-tonne bulk sample taken from the NW dyke returned averagevalues of US$301 per carat as determined by three independent diamond valuersin Antwerp. With a grade of 1.14 carats per tonne, the average value per dry tonne is US$343. The scoping study will identify potential mining methods for the NW dyke as well as processing and infrastructure requirements. It will
include a sufficient level of detail to develop capital and operating costs for use in a preliminary financial model. The study will also review and validate the existing geological database and recommend future work on the property.
A till sampling, mapping, and prospecting program estimated to cost
approximately $430k is also planned for this property during this coming field season. This work will be focused mainly in the Snap Lake area of the property. In addition, an on-going baseline environmental study centered on the Snap Lake area will be moderately expanded.
B. Carat property: (Winspear has an option to earn up to a 70%
interest.) An exploration program estimated to cost approximately $540k has begun on
the Carat property, which covers an area of approximately 92,000 acres. This property adjoins the east side of the northern boundary of the BHP-Diamet block on which the Ekati mine site is presently being established. Work to be undertaken on the Carat property includes regional till sampling with a first-stage follow-up of preliminary results anticipated towards the end of the field season. In addition, a preliminary review will be completed of results obtained in early spring of this year from a detailed airborne geophysical survey totaling 3897 line-km over the property.
C. Hilltop property: (100 % Winspear)
The Hilltop property comprises an area of approximately 196,000 acres that adjoins the western side of the southern boundary of the Camsell Lake property. A work program of about $490k is planned and will comprise regional till sampling, follow-up sampling of preliminary results, and a review of results from a detailed airborne geophysical survey totaling 8900 line-km that was conducted over the property in early spring.
These planned expenditures of up to $2.5 million to December 31, 1998 year-end is in addition to approximately $3.2 million spent on exploration for diamonds in the NWT during the period January 1 - June 30, 1998. Winspear is well funded to carry out this aggressive diamond exploration program.
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 contents of this news
release.
BUSINESS/PHOTO EDITORS: A copy of the Winspear Resources Ltd. map of the Property Location, Slave Province, N.W.T. is available by fax by calling Canada NewsWire, Vancouver at (604) 669-7764.
-0- 07/09/98
For further information: John A. McDonald (604)-687-6644, Web site: www.winspear.com
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