Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Winspear Resources -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (26805)	4/16/2002 10:43:27 PM
From: Rocket Red	Read Replies (1) \| Respond to of 26850

Diamondex Resources Ltd - News Release Diamondex starts surveys on King and Czar Diamondex Resources Ltd DSP Shares issued 27,939,289 Apr 16 2002 close $1.100 Tuesday Apr 16 2002 News Release Mr. Randy Turner reports EXPLORATION UPDATE Diamondex Resources has provided an update on its current exploration programs being conducted on the King, Bear Head and Peregrine properties, and the recently acquired Czar property, located in the Northwest Territories and Nunavut. King property, Northwest Territories During 2001, a detailed magnetic/electromagnetic survey consisting of 3,700 line kilometres was completed over the King property. An initial 10 high priority anomalies were selected for detailed ground geophysical surveys consisting of magnetic, resistivity and gravity techniques. Four targets displaying coincidental mag, resistivity and gravity anomalies have been selected for a spring drill program. An additional 10 airborne geophysical targets are currently being evaluated by detailed ground survey. A selected number of these targets may be drilled during the spring program. A 3.6-line-kilometre vibroseis seismic survey has commenced over the King property. This survey is designed to follow up the encouraging preliminary data obtained from a detailed 2-D seismic reflection test survey conducted over Snap Lake and the southern part of the King property during 2001 (see news in Stockwatch on March 5, 2002). Completed over 7.6 line kilometres, this survey was conducted along a line bearing northeast from the peninsula at Snap Lake to a point about three kilometres north of the King-Camsell property boundary. The 2-D seismic survey completed last year clearly defines the Snap Lake dike horizon at depth on the King property. The vibroseis survey is being conducted approximately one kilometre west of the 2001 seismic survey line and will extend approximately 1.5 kilometres further north. This survey is designed to determine both the lateral and vertical variations within the kimberlite dike(s) and to allow for the planning of future drill tests. This survey is expected to be completed within three weeks with preliminary results becoming available during the third quarter of 2002. A budget of $500,000 was allocated for the winter/spring program. However, with the proposed drilling program, this budget will be increased significantly. The King property is situated approximately 220 kilometres northeast of Yellowknife, NWT, and adjoins the Camsell property which hosts the Snap Lake diamond deposit currently being developed by De Beers Canada Mining Inc. The King property comprises 44 mineral claims covering 113,000 contiguous acres and is 100 per cent owned by Diamondex. Czar property, Northwest Territories The Czar property was recently acquired by staking and is held 100 per cent by Diamondex. This property comprises 26 mineral claims covering approximately 64,000 acres and adjoins the western boundary of the King property. A detailed airborne magnetic/electromagnetic (Fugro/DIGHEM) has commenced over the property. This survey, at 150-metre line spacing, will total approximately 1,800 line kilometres and is expected to be completed by the end of April. Ground geophysical surveys will be conducted immediately on priority targets identified from the airborne survey. Bear Head property, Northwest Territories During 2001, a 4,700-line-kilometre airborne survey was conducted over the Bear Head property. Ten geophysical targets have been recently examined by detailed ground geophysical surveys (mag, resistivity and gravity). Four of these targets are considered priority and will be drilled during the spring program. A $700,000 budget has been allocated for this project for 2002, which includes a summer exploration program of till sampling, mapping and prospecting, in addition to the spring drill program. The Bear Head property is located 220 kilometres northeast of Yellowknife, NWT. This property extends from the eastern boundary of Diamondex's Hilltop property and adjoins the southern boundary of the Camsell Lake claim block, which hosts the Snap Lake diamond deposit. This property totals 355,000 acres in size and is 100 per cent owned by Diamondex. Peregrine property, Nunavut A detailed airborne magnetic/electromagnetic survey (Fugro DIGHEM) totalling 8,324 line kilometres has recently been completed over the Peregrine property. Processing of the geophysical data is currently under way with followup ground surveys to be conducted on targets identified from the airborne survey. A budget of $1.2-million has been allocated for exploration on this property which will also include detailed till sampling and geological mapping as well as a contingency for drilling. The Peregrine property is located approximately 520 kilometres north of Yellowknife, NWT, and adjoins immediately to the west of the Vic and Kim claims of Ashton Mining of Canada Inc. which reported encouraging diamond results from the Artemisia kimberlite pipe. The Peregrine property consists of 51 mineral claims covering 152,469 contiguous acres. Diamondex can acquire a 70-per-cent interest in this property, with Northern Empire Minerals Ltd. holding the remaining 30 per cent. The company is very encouraged by the results of the winter geophysical programs and will continue to provide updates on these properties as well as its other exploration programs being conducted in the north. (c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com