Bruce: Thanks for the post. Here is todays PR:
The following is our latest news release, please contact me if you have any
questions or comment.
Cordially,
Nancy Curry - Corporate Communication
September 15, 1999 Nasdaq: MPVIF
TSE: MPV
DE BEERS/MONOPROS REPORTS BULK SAMPLE RESULTS
FOR THE TUZO PIPE
Mountain Province Mining Inc., (the Company) is pleased to announce that it
has been notified by its contractor, Monopros Limited (Monopros), a
wholly-owned subsidiary of De Beers Consolidated Mines Limited (De Beers),
that 533 carats have been recovered from the processing of 523 tonnes of
kimberlite from the Tuzo pipe. The grades per drill hole zone ranged from
0.34 to 3.07 carats per tonne. The possible resource size for Tuzo to a
depth of 360 meters has been increased to 15 million tonnes, from an
earlier estimate of 9 million tonnes to a depth of 300 meters. The Tuzo
pipe is one of the five diamondiferous bodies in the cluster at Kennady
Lake, located on the Company's AK claims in the Northwest Territories of
Canada.
The bulk sample of the 5034, Hearne, Tuzo and Tesla pipes was started
January 16th and was completed April 6th. The kimberlite, extracted with
reverse circulation (RC) drills, was initially processed at Monopros' Dense
Media Separation (DMS) plant at Grand Prairie, Alberta, and the resulting
concentrates were shipped to Johannesburg, South Africa, where the diamonds
were recovered. De Beers recovers the diamonds in a completely hands-off
and very secure process. The commonly used commercial 1.5 mm square screen
was used as the bottom cut-off size. Diamonds not recovered by this size
screen have little commercial value.
Monopros drilled 11 holes into the Tuzo pipe to depths of between 65 and
299 meters, recovering 533 carats from 523 tonnes of kimberlite. The
results indicate that there are both lateral and vertical variations in the
grades observed. The vertical variations are attributed to changes in the
abundance of country rock (granite) inclusions, which are most abundant
from 100 to 220 meters depth. Above this zone the granite inclusions are
less abundant and the grades are higher (ranging form 0.64 to 3.07 carats
per tonne). The grades in the granite inclusion rich zone range from 0.34
to 1.12 carats per tonne. Several of the drill holes show an increase in
grade with depth below 220 meters, however, only four of the eleven holes
were drilled to depths of 275 meters or more. The grades in this zone
ranged from 0.84 to 1.72 carats per tonne. Lateral variations in the grade
can also be observed, with 6 of the 11 holes located in the western half of
the pipe reporting the lower grades.
It is estimated that 60 percent of the bulk sample tonnage was extracted
out of the lower grade western half of the pipe. The lower grade zones were
over represented in the tonnage extracted and therefore could be
understating the overall grade of the pipe. Last years 48 tonne test
sample, the results of which were reported last September, consisted of
drill holes mainly down to 100 meters depth with only two holes going to
130-150 meters depth.
Refined grade estimates for the resource by De Beers will be based on
3-dimensional modeling, which will distinguish between the different zones
within the kimberlite and take into account the contribution from each
zone, where appropriate.
The largest diamond recovered was 3.38 carats. In total, there were 4
diamonds greater than 2 carats, 20 diamonds greater than 1 carat, 52
diamonds between 50 points (half a carat) and 1 carat, and 426 diamonds
between 20 points (1/5 of a carat) and 50 points (half a carat). The
largest diamond recovered in last year's test sample was 2.34 carats. The
diamonds, which are in Kimberley, South Africa, will be valued after
undergoing an acid clean. The results are expected later this summer or
early fall.
The processed concentrates (tailings), from which the diamonds were
recovered, are being processed again to recover any diamonds that might
have been missed the first time. All of the Tuzo and some of 5034 and
Hearne tailings are being reprocessed. The results will be reported when
received.
During the winter delineation program two deep angled holes were drilled
into the Tuzo pipe to vertical depths of 340 and 357 meters. Significant
lengths of kimberlite, 185 and 191 meters horizontally projected, were
intersected at depth in the east-west and northeast-southwest directions.
These two drill holes indicate that there is additional tonnage at depth,
which had previously not been considered in the resource model. This
additional kimberlite increases the possible resource size to 15 million
tonnes to a depth of 360 meters, from a previous estimate of 9 million
tonnes to a depth of 300 meters. Additional delineation will be needed to
firm up this possible resource size estimate. The kimberlite below 300
meters appears to contain hardly any country rock inclusions.
The Company is encouraged with the results, especially with the increase in
the possible resource size. This increase plus the high grade zones in
the pipe, should hopefully more than make up for the lower grade zones.
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.
USA Office: 3633 E. Inland Empire Blvd., Suite 265, Ontario, CA 91764
(800) 220-1943
CANADA Office: 789 West Pender Street, Suite 1205, Vancouver, B.C. V6C 1H2
(800)-555-9343
Web Site: www.mountainprovince.com |
