Hello George
This on the wire this A.M.
April 07, 1999 23:52
FULL TEXT-Citation/Dia Met on Greenland diamonds
(Full text of press release from Canadian Corporate News)
APRIL 7, 1999
Citation Resources Inc. Announces Update -
Monopros/Dia Met Joint Venture
VANCOUVER, BRITISH COLUMBIA--Citation Resources Inc. (VSE -
CUE) The
Company is pleased to provide the following information
concerning its West
Greenland diamond exploration project operated by Monopros
Limited. The
project, known as the Monopros/Dia Met Joint Venture, is held
51 percent by Monopros Limited, 29 percent by Dia Met Minerals
Ltd. and 20 percent by Citation. The Monopros/Dia
Met JV is one of three West Greenland diamond exploration
projects in which the Company participates. Information
concerning another Greenland project (operated by Dia Met), in
which the Company's interest is 49 percent, is expected to be
available in the next few days.
Dia Met today issued the following News Release concerning
the Monopros/Dia
Met JV.
DIA MET MINERALS LTD. News Release - April 7, 1999
Update on Monopros Joint Venture West Greenland
KELOWNA, BRITISH COLUMBIA--Dia Met Minerals is pleased to
report
microdiamond results on its 49 per cent owned joint venture
exploration
project with Monopros Limited for diamonds in West Greenland.
The project
now covers 586 square kms and is operated by Monopros, De
Beers' Canadian
subsidiary. Citation Resources Inc. has the right to receive
from Dia Met
20 per cent of the proceeds from the sale of production from
the property
by reimbursing Dia Met for 20 per cent of all costs incurred by
the joint
venture. If Citation elects not to participate, it will retain
a royalty of
1 per cent of Dia Met's interest.
The microdiamond results, listed in the following table,
are from
kimberlite dikes and float "boulders" which were hand picked
and were not
subjected to blasting, drilling, or diamond-impregnated cutting
tools. The
kimberlite samples were processed at the De Beers Geological
Laboratory in
Kimberley, South Africa. The microdiamonds were liberated by
acid
dissolution.
Summary of Microdiamond Results for 1998 Surface
Kimberlite Samples
Occurrence Sample Size Microdiamonds Macrodiamonds
No. (kg) (greater than) (less than
0.5mm 0.5mm)
98-2 (Dike) 20 2 0
98-44 (Dike) 160 2 0
98-45 (Float) 140 9 0
98-01 (Float) 50 1 0
98-05 (Float) 48 5 0
98-18 (Inferred Dike) 140 474 5
The microdiamonds from occurrence No.98-18 were mostly
graphite-coated
fragments, suggesting that the fragmentation of the diamonds
was by
"natural" processes.
Occurrence No.98-18 is located along a lineament and
consists of
approximately 200 boulders which reach up to 2m x 1m x 1m in
size. Although
no contact between the kimberlite and the country rock has been
observed,
the distribution of the boulders suggests the presence of a
dike.
Further work is required to confirm the extent and nature
of the No.98-18
occurrence. Additional results are pending. A preliminary
exploration
program for 1999 is being formulated, but will not be finalized
before the
receipt of all complete results from work conducted in 1998.
SIGNED ON BEHALF OF THE BOARD OF DIRECTORS
DIA MET MINERALS LTD.
CHARLES E. FIPKE, GEOLOGIST and DIRECTOR
Dr. John Ferguson, Citation's VP Exploration commented,
"these are very
encouraging results which continue to reaffirm the area's
potential for the
discovery of a diamondiferous orebody. Seldom does one find
such a high
diamond count in such a small sample size. However, the
graphitization of
the diamonds is a complexity which requires further examination
to
determine its significance."
On behalf of the Board of Directors CITATION RESOURCES INC.
Robert Chase, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Citation Resources Inc.
Robert Chase
President
(604) 687-5305
(604) 687-5128 (FAX)
E-mail: lexacalaxion.net
Regards |
