NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: CONTIKI RESOURCES LTD.
VSE SYMBOL: TKI
DECEMBER 15, 1998
Contiki Begins Drilling At Molopo
VANCOUVER, BRITISH COLUMBIA--Drilling at Contiki Resources' Molopo
diamond property in southwestern Botswana commenced on the
weekend, President Don Moore announced today.
Molopo is one of eight known kimberlite fields in Botswana. Two
already have developed mines - Jwaneng and Orapa/Letlhakane and a
third, Gope has a project in feasibility. Botswana is the largest
producer of diamonds, by value, in the world and Molopo has some
of the largest kimberlite pipes in the world. Contiki's ground,
PL 139/93 is in the heart of the most prospective ground at
Molopo. It already has 28 known pipes 27 of which are
unevaluated.
Contiki will drill 12 holes, one each into 12 targets (2 known
diamondiferous kimberlite pipes, 3 known kimberlite pipes and 7
high priority undrilled geophysical targets). These known
kimberlite pipes are all highly prospective - previous work has
identified kimberlite but the pipes, as yet, have not been
evaluated for economic diamond potential.
The first four drill targets in a subcluster of known
diamondiferous kimberlite pipes are:
/T/
Target Target Expected Drill Target Description
Number Diameter Depth
(meters) to Target
(meters)
94-39 300 80 Not previously drilled large
magnetic anomaly, 4 known
kimberlite pipes nearby -
2 contain microdiamonds.
M-31 1,050 80 Very large kimberlite pipe
(over 80 hectares) one previous
hole by Falconbridge. No
modern drilling.
94-41A 150 60 Not previously drilled magnetic
target on a NW trend between
2 known kimberlite pipes.
M-38 300 80 No modern drilling on this
diamondiferous kimberlite pipe
discovered by Falconbridge.
/T/
Contiki is earning a 60 percent interest in PL 139/93, Southern
Africa Minerals Corporation will retain a 25 percent participating
interest and Layfield Resources Inc. will retain a 15 percent
participating interest.
ON BEHALF OF THE BOARD
Donald G. Moore, President and Director
-30-
=====================================================
I am in at .11. A no brainer at this price.
John |
