News......DRILLING HAS STARTED!
Winspear Resources Ltd -
Snap Lake drill program under way
Winspear Resources Ltd
WSP
Shares issued 32,751,333
1998-08-24 close $1.19
Tuesday Aug 25 1998
Mr. Randy Turner reports
A diamond drill program of up to 4,700 metres has commenced in the Snap Lake
area, Camsell Lake property. The Camsell Lake joint venture property is
approximately 120 miles NE of Yellowknife, NWT. Both Winspear and its joint
venture partner have elected to finance this drill program that is estimated to cost
up to $1.3-million.
In early 1997, the NW dyke at Snap Lake was intersected by a total of 13
diamond drill holes over a strike length of approximately 800 metres and a
down-dip extent of 600 metres. These drill intersections indicate a single
continuous kimberlite dyke with an estimated true thickness that ranges between
1.1 and 3.5 metres and averages about 2.4 metres, a strike of approximately due
north, and a dip of 13 degrees easterly. Caustic fusion of these 13 kimberlite
intersections confirmed that the dyke has a significant microdiamond content. In
the spring of 1998, two 100 tonne samples were obtained from the dyke at sites
approximately 235 metres apart. In addition, two holes drilled down-dip to the
east on only one section both intersected similar dyke materials at anticipated
depths. At this time, and with only 15 drill intersections, the dyke appears to have
a strike length of at least 800 metres and a down-dip extension on at least one
section of 1.8km.
In June of this year, the 200 tonne bulk sample was processed in the Diavik plant.
The grade of this bulk sample is 1.14 carats per dry tonne of kimberlite.
Subsequently, three independent valuations of diamonds recovered from this bulk
sample were obtained from respected valuers in Antwerp. The average of these
three values is $301 (U.S.) per carat. This equates to $343 (U.S.) per dry tonne
of kimberlite.
The present drill program is designed to test the thickness variations and structural
continuity of the NW dyke under the peninsula in an area of approximately 800
metres along strike and between 200 to 400 metres down-dip. Approximately
2800 metres (48 holes) are planned to test these characteristics on a 50 metre
grid with holes spaced at 100 metre centres along each line and off-set 50 metres
on adjacent lines. Contingent upon successful results of this program, and mapping
that is presently under way in the area, other holes may be drilled to test the
down-dip and lateral extent of the dyke as well as other targets that may be
defined in the area.
Additional studies have been undertaken to examine requirements for a larger bulk
sample that would follow this coming winter with positive results from this drill
program.
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