(TSE:TAH)
TORONTO, Nov. 8 /CNW/ -
Jericho Diamond Mine Development Project
----------------------------------------
The Jericho Diamond Project, wholly owned by Tahera Corporation, is
located in the new Territory of Nunavut, approximately 420 km northeast of
Yellowknife, NWT, and 170 km north of Ekati, Canada's first diamond mine.
Feasibility work to determine the economics of constructing the Jericho
Diamond Project is continuing, and SRK Consulting and DRA Mineral Plant Design
Engineers are in the final stages of completing a pre-feasibility study for
the project. The Jericho Diamond Project is centered on the Jericho pipe, a
land based kimberlite located 28 km northwest of Lupin Gold Mine (owned by
Echo Bay Mines Ltd.). Subject to implementing the terms of a Facilities Use
Agreement between Tahera and Echo Bay, Tahera plans to treat the Jericho
kimberlite ore at a diamond processing plant and tailings facility to be
constructed at the Lupin Mine Site.
Exploration
-----------
Tahera's extensive landholdings in Nunavut Territory, encompassing
approximately 215,000 hectares, are subdivided into four main properties: the
Jericho Group, the Contwoyto Group, the Burnside Group, and the Northern
Group.
Jericho Group
-------------
Three diamondiferous kimberlites (Jericho or JD-1, JD-2, and JD-3) have
been discovered thus far on the 93,000 hectare Jericho Group. Tahera's 1999
summer exploration program included a comprehensive quaternary and geological
mapping program, and an extensive glacial till sampling program (351 till
samples) over a large portion of the Jericho Group. In addition, 22 line
kilometers of ground geophysical surveys were conducted over selected areas.
Previously known kimberlite indicator mineral dispersion trains were
further delineated during the summer. Two priority target areas -- the Jericho
West area and the Bird Lake area -- have been selected for immediate follow-up
during the winter 2000 exploration program. These areas were chosen due to the
abundance of kimberlite indicator minerals present, coupled with the fact that
the target areas lie in close proximity to the Jericho kimberlite. Following
further analysis of the summer field data, specific targets will be
prioritized for a ground geophysics program to commence in January/February
2000, followed by an exploration drilling program centered on the defined
target areas.
Tahera is focused on discovering additional kimberlites in close
proximity to the Jericho kimberlite to provide additional material for the
proposed Jericho Diamond Project.
Contwoyto Group
---------------
The Contwoyto Group, encompassing approximately 54,000 hectares, lies
east and is contiguous to the Jericho Group. Tahera's 1999 summer exploration
program included a comprehensive mapping program, and an extensive glacial
till and kimberlite float sampling program (899 till samples) over a large
area of the Contwoyto Group. In addition, 84 line kilometers of ground
geophysical surveys were conducted over selected areas.
An extensive kimberlite float train on the Contwoyto Group claims was
evaluated during the summer program. The kimberlite float train was extended
to 18 km in a north south direction and up to 3 km wide in places. Due to the
abundance of kimberlite indicator minerals and kimberlite float mapped, the
Contwoyto area has been selected as a priority area for immediate follow-up
during the winter 2000 exploration program. Following further analysis of the
summer field data, specific targets will be prioritized for a ground
geophysics and drilling program in early 2000.
Contwoyto-1 Mini-bulk Sample
----------------------------
Tahera has completed processing the mini-bulk sample extracted from the
Contwoyto-1 kimberlite. The Contwoyto-1 pipe is located approximately 24 km
east of the Lupin Gold Mine on the Contwoyto Group claims. The mini-bulk
sample program consisted of 9 vertical large diameter diamond drill holes,
which produced 50.1 tonnes of kimberlite.
The kimberlite sample was processed at Tahera's 1 tonne per hour DMS
(dense media separation) plant in North Vancouver using a square screen bottom
cut-off size of 1.18 mm. In total, 13.60 carats were recovered from 50.1
tonnes of kimberlite treated, for a preliminary diamond grade of 0.27 carats
per tonne. Four distinct units or phases, ranging in grade from 0.15 carats
per tonne to 0.48 carats per tonne are present in the kimberlite. Due to the
relatively low grade indicated, Tahera does not plan further evaluation of the
Contwoyto-1 kimberlite at this time.
Burnside Group
--------------
The Burnside Group, encompassing approximately 30,000 hectares, lies
north of the Contwoyto Group. A regional program of mapping and till sampling
(391 till samples) was performed during the summer. Sample processing and data
interpretation are ongoing.
The summer exploration program ensured that all of the assessment
requirements for the Jericho, Contwoyto, and Burnside Groups have been met
until the end of 2001.
Kennecott Joint Venture
-----------------------
Kennecott Canada Exploration Inc. (''Kennecott'') is entering the fourth
year of a joint venture agreement with Tahera Corporation. Under the
agreement, Kennecott can earn a 50% interest in three extensive properties
(Ice Claims, Rocking Horse Property and the Hood River Property) located in
Nunavut and the Northwest Territories by making expenditures of $50 million by
2008, of which approximately $14 million has been spent to date.
Kennecott discovered two new kimberlites during the 1999 exploration
program -- the Vega kimberlite on the Ice Claims and the Altair kimberlite on
the Rocking Horse Property, bringing the total to seven kimberlites discovered
on the Kennecott joint venture properties. Preliminary caustic fusion analysis
of both the Altair and Vega kimberlites suggests they are not economic, and
further work is not planned on the kimberlites at this time.
The 2000 exploration program, budgeted at approximately C$2.5 million,
will focus on target generation followed by drilling priority kimberlite
targets.
Roundrock Property Joint Venture
--------------------------------
The 19,400 hectare Roundrock property, located 130 kilometers west of the
Ekati Diamond Mine, hosts the diamondiferous Aquila dyke system discovered in
1996. Tahera Corporation has a 24.5% interest in the property. Ashton Mining
of Canada Inc., as operator of the joint venture, conducted an exploration
program focused on heavy mineral sampling and field investigation of
geophysical anomalies in 1999. The winter 2000 exploration program will
concentrate on the area of the Aquila kimberlite, and will consist of ground
geophysical surveys and drilling of priority targets.
Tahera Corporation (TAH:TSE) is engaged in the exploration for and
development of diamond deposits in Canada's Northwest Territories and Nunavut.
%SEDAR: 00003313E
-30-
For further information: Grant Ewing, Vice President Investor Relations
and Corporate Development, Tel: (416) 777-1998, Fax: (416) 777-1898, Toll
Free: (877) 777-2004, Email: investor@tahera.com, www.tahera.com |
