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Gold/Mining/Energy : Canabrava Diamond -- Ignore unavailable to you. Want to Upgrade?

To: 1st.mate who wrote (2299)	8/20/2001 10:12:41 PM
From: 1st.mate	Read Replies (2) \| Respond to of 2402

Canabrava hunting Ontario diamonds with summer program Canabrava Diamond Corp CNB Shares issued 43,883,506 Aug 20 close $0.23 Mon 20 Aug 2001 News Release Also Paramount Ventures and Finance Inc (PVF) Mr. Rory Moore reports Canabrava Diamond and Paramount Ventures & Finance have made excellent progress with the summer exploration program on their Ontario joint venture. As reported in Stockwatch on July 25, 2001, the option agreement with Kennecott on the Ontario joint venture has been amended effective July 1, 2001, and Canabrava is now the project operator. Canabrava field teams were mobilized in late June and commenced an aggressive program from two field bases on July 1. As a first priority, prospecting teams focused on locating the source of two diamond-bearing kimberlite boulders identified by Kennecott in early 2001. Six diamonds were recovered from one boulder (including two macrodiamonds) and one diamond was recovered from the second boulder. Within the first few days of the program, Canabrava field geologists discovered additional kimberlitic boulders within the vicinity of the original discovery and rapidly defined a boulder train extending for eight kilometres. The train leads to an outcrop of kimberlitic rock that is similar in appearance to the diamond-bearing kimberlite boulders. Exposure is poor and further work is being carried out to define the extent and nature of the body. A 120-kilogram sample has been excavated from the outcrop and representative material submitted for petrological evaluation and microdiamond analysis. The prospecting program is continuing and in addition to the above, a variety of kimberlitic boulder occurrences have been discovered within eight other areas of the project. Some of these boulders are large in size (up to two by 2.5 metres) and angular in form, which suggests a nearby source. The boulder trains correlate with a series of kimberlite indicator mineral plumes previously discovered by Canabrava and refined by Kennecott over the past two years. The presence of highly subcalcic G10 garnets and favourable chromite and chrome diopside compositions within these plumes provides compelling evidence for the presence of diamondiferous kimberlite in the region. Based on the discovery of the additional kimberlitic boulders, a further 704 claim units have been staked and option agreements with a number of individual claimholders are being finalized. In view of the success of the program to date, systematic prospecting will continue throughout the summer and into the fall field season. A full review of all sampling and indicator mineral chemistry results on the project to date has been completed and multilayered geological maps have been compiled. The resultant integrated material has been used to define the best areas to undertake airborne geophysical surveys. A first phase high-resolution airborne geophysical survey covering 5,366 line kilometres has commenced, and is expected to be completed within 10 days. Immediately after the flying is completed, field crews will initiate ground followup on targets identified from the survey followed by drill testing of the best targets as soon as possible. (c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com