Snap Lake drill program under way
Winspear Resources Ltd WSP
Shares issued 32,751,333 Aug 24 close $1.19
Tue 25 Aug 98 News Release
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.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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