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We get a few mentions in this NR:
Winspear Resources Ltd. Update
VANCOUVER, April 29 /CNW/ - Winspear Resources Ltd. (WSP-V) is pleased to
report on its on- going exploration projects in the Slave province, NWT.
Hilltop Project:
The Hilltop Project covers an area of approximately 265,000 acres that is
owned 100% by Winspear. This property adjoins the southwest corner of the
Camsell Lake property and is situated about 180 km northeast of Yellowknife.
In addition, scattered claim blocks totaling 90,000 acres within the Hilltop
project boundaries are held under a Joint Venture with SouthernEra Resources
Ltd. in which Winspear has an 80% interest and is Operator.
Exploration during the summer of 1998 located several promising indicator
mineral trains, some of which are associated with kimberlite fragments. A
program of ground geophysics and diamond drilling was initiated during the
winter / spring of 1999 in an attempt to locate the source of these kimberlite
indicators. A total of 1904 metres of drilling was completed to test 14
geophysical and indicator mineral targets. Although no kimberlite was
intersected in these drill holes, a follow-up till sampling program is planned
for the summer of 1999 to better define the area containing the indicator
mineral trains and to test new ground that has been recently acquired. In
addition to this work, a detailed airborne geophysical survey comprising about
5100 line-km was undertaken over that part of the property that was staked in
late 1998. A total of about 14,000 line-km of airborne geophysics has now
been completed over the combined Hilltop and Cache properties.
A total budget of $1.5 million has been established for the Hilltop area
in 1999.
Carat Project:
This project area is situated about 350 km northeast of Yellowknife and
covers an area of about 94,000 acres. The property is held through a Joint
Venture agreement with Tyler Resources Inc. in which Winspear has the option
to earn a 70% interest and is Operator. This property adjoins the northeast
corner of the BHP-DiaMet block on which the Ekati mine is located. It also
adjoins the east boundary of the Tanqueray / Mill City property on which
SouthernEra is presently earning an interest. To date, a detailed airborne
Mag / EM survey totaling 3900 line-kilometres has been completed and 400 till
samples have been taken over the Carat property. Evaluation of results
obtained from these surveys has identified several areas on which follow-up
sampling work will be undertaken during the summer of 1999. A diamond drill
program will follow should results warrant.
The exploration budget for this property is $500,000.
Other Areas:
Winspear is actively pursuing other opportunities in the Slave province
and elsewhere.
Management is pleased with exploration results obtained on these
properties to date and intends to maintain an aggressive exploration program
on these and other properties that it may acquire for their diamond potential.
Winspear Resources Ltd.
''Randy C. Turner''
___________________
Randy C. Turner, P. Geo
President and Director
Winspear Resources Ltd. (WSP-V) is pleased to issue a progress report on
results of the continuing 1999 Winter / Spring exploration program in the Snap
Lake area of the Camsell Lake property, NWT. The Camsell Lake property is
situated approximately 220 km northeast of Yellowknife, NWT.
Diamond drill program:
The objective of the diamond drill program was to define to feasibility
standards approximately 5 million tonnes of kimberlite and to outline the
potential for an additional 3 - 5 million tonnes. Winspear believes these
objectives have been met. MRDI Canada, a Division of H.A. Simons Ltd., will
begin working on a revised tonnage estimate based on this winter's drill
program. Results are expected in June of this year. At the present time, two
drills are being prepared for drilling on the north shore of Snap Lake. This
program will extend through Spring break-up and is expected to be completed in
late June.
A total of 84 drill holes (13,388 metres) have been completed since early
February of which 21 were drilled to define the sites of the two bulk sample
pits and an additional 4 holes were drilled on land for geotechnical purposes.
The remaining 59 holes were drilled to further define the NW dyke. The
accompanying map indicates the location of all drill hole intersections on the
NW dyke while the contained table summarizes the down-hole thickness of the
intersections encountered in the various 400 metre blocks tested. As
previously reported, the dyke extends 2.0 km in a northerly direction and
remains open both to the north and south. Recent drilling has confirmed that
an intersection of potentially economic thickness of the NW dyke occurs 2.5 km
down-dip from the sub-crop on the NW peninsula. The NW dyke remains open east
of this intersection.
There are presently 154 drill intersections on the NW dyke resulting from
the various drill programs since 1997, most of which are from vertical holes.
The average down-hole thickness for all holes is 2.63 metres. On the
accompanying Figure, there are 15 contiguous 400 metre-square blocks on which
the average thickness exceeds 2.0 metres. Within these blocks, the 137 drill
intersections average 2.78 metres down-hole thickness. Note that all
kimberlite intersections reported must be corrected to determine true
thickness. It is believed that true thickness will be approximately 90% of
reported down-hole thickness.
As previously reported, the kimberlite dyke appears to thin to the west
as is indicated on blocks I-11 and L-11. Based on existing information, the
NW dyke also appears to thin towards the south as indicated by intersections
on blocks I-12, 13, and 14. However, a thicker part of the dyke is developed
along an axis trending about N60E centered on the NE corner of J-11 and
extending about 200 metres on either side of this axis through blocks J-12,
K-13, L-14 and L-15. Over this area, drill intersections average more than 3
metres and range up to 5.1 metres.
During the winter program, three holes were drilled in the NE arm of Snap
Lake to test geophysical anomalies that may have represented a vertical feeder
system for the NW dyke. Two of these holes encountered kimberlite dyke
material about 2.8 metres thick while the third hole, located 3.5 km east of
the sub-crop, failed to encounter kimberlite. Results of this program will
continue to be interpreted with the view to developing other possible targets
that may represent the feeder system for the NW dyke.
Previous data suggests that the various dykes encountered in the Snap
Lake area may define a cone-sheet structure. While new data obtained from
this season's drilling does not disprove this concept, it has indicated that
while the NW dyke remains gently dipping, it also appears to be gently warped
around the NE trending axis along which the thicker parts of the dyke have
been encountered to date. Additional information is required over the Snap
Lake area to permit further refinement of emplacement concepts.
All significant intersections of kimberlite have been submitted for
caustic fusion analyses which are presently in progress. Results will be
announced when all assays are available.
Because of weakening ice conditions on Snap Lake, the drill program will
continue on the north shore with two drills. The initial purpose of this work
is to define the extent of the kimberlite dyke in this area at depths of 300
metres or less and where thickness is similar to that encountered to date.
Holes will initially be drilled on approximately 400 metre centres. Results
of this phase of work will determine hole spacing for the remainder of the
program in this area. In addition, some holes may be drilled to test the
down-dip extensions of dykes found in the SE part of Snap Lake during the 1998
Spring drilling program.
Bulk Sample:
As previously reported, a 6000 tonne bulk sample has been extracted from
two sites 260 metres apart on the NW peninsula that adjoin the eastern
boundary of the two pits that were sampled last year. The 200 tonnes sampled
from these pits returned a grade of 1.14 carats per tonne that were valued at
US$301 per carat. Each of the two samples taken this year is believed to be
approximately 3000 tonnes. The purpose of this sample is to increase the
confidence level of both the grade and unit value of kimberlite from the NW
dyke. At the present time, the bulk samples are being put through a primary
crusher. Processing of the first of the samples through the diamond recovery
plant will begin in early May. It is expected that initial results will be
available in early June with preliminary values from both samples available
early in the third quarter.
Other:
In addition to the on-going drilling program, preliminary site
investigations are planned for June to support more detailed engineering
studies that will be initiated should bulk sample results continue to prove
favourable. In addition, a significant environmental program will continue
through the summer period to ensure that sufficient data is available to
support permits for more advanced exploration / development work programs.
In addition, the Company is actively involved in ensuring that Aboriginal
communities potentially impacted by additional work at Snap Lake are aware of,
and have input to, on-going developments in the area.
A limited till sampling program will be carried out in the summer over
parts of the Camsell Lake property on which unusual concentrations of
indicator minerals have been previously obtained.
The exploration program established at the beginning of the year is on
track and all objectives have been met. Management is pleased with progress
being made on the program and looks forward to its successful completion.
Winspear Resources Ltd.
''Randy C. Turner''
___________________
Randy C. Turner, P. Geo
President and Director
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this news
release.
BUSINESS/PHOTO EDITORS: A copy of the Winspear Resources map of the
Camsell Lake Property - Snap Lake Area and Drill Intersections Table is
available by fax by calling Canada NewsWire, Vancouver at (604) 669-7764.
Regards |
