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On the wire this A.M.
Mountain Province Mining, Inc. - Monopros/De Beers completes bulk sample kimberlite extraction; exploration drilling has commenced
VANCOUVER, April 9 /CNW/ - Mountain Province Mining, Inc., (the
''Company'') is pleased to announce that the bulk sample kimberlite extraction
from its four diamond pipes located on the AK claims in the NW Territories of
Canada has been completed. Bulk sample drilling started on January 16th and
was completed on April 6th. A total of 1666 tonnes of kimberlite has been
extracted. Planned delineation drilling of the four pipes was completed in
mid-March. Exploration drilling started on March 31st, 1999.
BULK SAMPLE PROGRAM
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Monopros Ltd. (Monopros), wholly-owned subsidiary of De Beers
Consolidated Mines Ltd., (De Beers) and the project operator, late last year
formally committed to a bulk sample program of the four pipes at an estimated
cost of approximately C$14 Million. Bulk sample drilling, using two 12 1/4
inch diameter RC drills started on January 16th and was completed on April
6th. A total of 1666 tonnes of kimberlite was extracted from a total of 43
holes drilled into the four pipes to depths of up to 300 m. At the completion
of drilling 575 tonnes were extracted from the 5034 pipe, 454 tonnes from the
Hearne pipe, 460 tonnes from the Tuzo pipe and 177 tonnes from the Tesla pipe.
The objective of sampling approximately 1600 tonnes of kimberlite by
mid-April has been achieved and it is estimated that approximately 1000 carats
of diamonds from each of the Hearne, Tuzo and 5034 pipes will be recovered.
This should be sufficient to model grades and values per tonne for each of
these pipes. It is anticipated that the sample from the Tesla will produce
approximately 65 carats, which together with previously recovered diamonds
from this body, will allow an improved estimate of the potential of this pipe.
The kimberlite samples are currently being processed in Canada and the sample
concentrates will subsequently be shipped to South Africa for final recovery
of the diamonds. Results are expected during the course of this summer.
DELINEATION
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A delineation core-drilling program commenced early in December and was
completed mid-March. A total of 16 holes were drilled. The angled drill
holes have provided additional information on the contacts of the four
kimberlites at depth. A few of the delineation drill holes have longer
kimberlite intersections than were expected, based on the initial estimates of
the dimensions of the Hearne and the Tuzo pipes. On the Tuzo pipe, two angled
holes intersected significant lengths of kimberlite (185 and 191 m
horizontally projected) at depth in the East-West and Northeast to Southwest
directions. These intersections indicate that the Tuzo, pipe broadens out at
depth in these directions. These two holes terminated at depths of 340 and
357 m. This enlargement of the pipe at depth should increase the resource
size of the Tuzo body, possibly significantly.
Results from this delineation drilling program will be combined with
earlier exploration and delineation drill results and then computer modeled to
obtain improved resource tonnage estimates for the four pipes.
EXPLORATION
-----------
A comprehensive exploration program is planned for the upcoming weeks as
part of ongoing efforts to discover additional kimberlite occurrences. During
the summer of 1998, 945 till samples were collected on the AK claims and 893
on the CJ claims. Most of the results of this sampling program, (both visual
sorting and microprobe analyses) have been received. These results are being
evaluated in conjunction with previous sampling results and the numerous
geophysical anomalies that have been identified. An additional indicator
mineral train approximately 10 km Northeast of Kennady Lake has been
confirmed. The most promising targets on the AK claims will be drilled during
the weeks ahead. Exploration drilling, initially in and near Kennady Lake and
then on other parts of the claims started on March 31st.
The Company is very pleased with the progress of Monopros' work,
especially considering the large size and the complexity of the bulk sampling
program that has just been completed. Also, the Company is very encouraged by
the results so far and is looking forward to the exploration program and the
results this summer.
The AK and CJ claims, located in the Northwest Territories of Canada, are
held 90% by Mountain Province Mining Inc., and 10% by Camphor Ventures
(VSE:CFV). As reported in the press release on March 7, 1997, Mountain
Province Mining Inc. and its partners have entered into a joint venture
agreement with Monopros, under which Monopros has the right to earn up to a
60% interest in the AK and CJ properties.
On Behalf of the Board of Mountain Province Mining Inc.
''Jan W. Vandersande''
Jan W. Vandersande, Ph.D.
President
This release may contain forward-looking statements, within the meaning
of the ''safe-harbor'' provision of the Private Securities Litigation Reform
Act of 1995, regarding the Company's business or financial condition. Actual
results could differ materially from those described in this news release as a
result of numerous factors, some of which are outside of the control of the
company.
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For further information: USA Office - (909) 466-1411, Email (USA):
MtnProvInvRel@worldnet.att.net; or Canada Office - (604) 687-0122, Email
(Canada): ir@mountainprovince.com; or Website: www.mountainprovince.com
Regards |
