August 14, 1998Trading Symbol: COD - VSE
Press Release (#98-12)
INITIAL DIAMOND DRILL PROGRAM COMPLETED AT KIKERK LAKE DIAMOND PROJECT,
NORTHWEST TERRITORIES
Mr. Fred G. Hewett, President of Condor International Resources Inc. (VSE:COD) today announced that the Company has completed its 1998 exploration program on the Kikerk Lake Diamond Project, located approximately 500 km north of Yellowknife in the Northwest Territories. The total expenditures for the 1998 program are estimated at $309,000.
The drilling program was designed to follow-up on a detailed Phase 1 till sampling program conducted over the "MJ" Lake area during July in a search for diamondiferous kimberlites. A highly anomalous kimberlite indicator mineral (K.I.M.) train, that was postulated to originate from four sources, was identified on the Hunter East Block. Each K.I.M. anomaly was coincident with either a geophysical anomaly, topographic depression or a small lake.
Condor completed 11 diamond drill holes totaling 549 metres (1800 ft.) during the period between August 3rd to 11th. Exploration focused within a 2.0 kilometre section of the 4 kilometre long "MJ" K.I.M. train, where previously acquired samples returned in excess of 5,000 K.I.M. grains, many of which contained kimberlite suggesting a proximal source. Drill holes were short in length by design to test the subsurface bedrock directly beneath each K.I.M. or geophysical anomaly. All four possible targets were drill tested during this period.
Concurrent with drilling, the program was aided by a detailed, 25 metre spaced ground proton-magnetometer survey over the entire length of the K.I.M. train on all accessible land based targets.
No kimberlite was intersected in drilling during this program and the source of the "MJ" K.I.M. train anomalies remain unexplained The Company is confident that the source(s) of these K.I.M. trains are located within the boundaries of the Hunter East Property and a follow-up program is being planned for the 1999 field season pending a complete review of the 1998 field data. Numerous other kimberlite targets outside of the "MJ" area remain to be fully evaluated.
Condor will have upon completion of the 1998 program earned a 30% interest in the Kikerk Lake Diamond Project from Caledonia Mining Corporation ( "Caledonia" ) (TSE: CAL). Condor can earn an additional 20% interest by incurring a further $400,000 in exploration expenditures. Once Condor has fully vested, Caledonia may elect to earn an additional 5% by expending $500,000 in exploration within the following six months.
CONDOR INTERNATIONAL RESOURCES INC.
"Fred G. Hewett" |
