Diamondex completes eight-hole program at King property
Diamondex Resources Ltd DSP
Shares issued 27,939,289 Jul 10 close $1.13
Wed 10 Jul 2002 News Release
Mr. Randy Turner reports
DIAMONDEX RESOURCES LTD.: EXPLORATION UPDATE
Diamondex Resources has released an update and overview of its current
exploration programs being conducted on the King, Czar, Hilltop and Bear
Head properties. All four projects are located in the southern Slave craton
of the Northwest Territories.
King property, Northwest Territories
A stage-one drill program of eight holes to test seven targets and
totalling approximately 1,410 metres has been completed on the King
property. The drill program focused on targets outside of the Snap Lake
kimberlite dike which was successfully tested by the company during the
2001 exploration season (see news in Stockwatch dated Oct. 24, 2001). The
spring 2002 targets were selected from 20 airborne geophysical anomalies
which were subsequently followed up by detailed ground surveys consisting
of resistivity, magnetics and gravity. All the anomalies were modelled as
discrete pipe-like bodies. No kimberlite was intersected during this drill
program. While most of the target's geophysical characteristics could be
explained through localized hydrothermal alteration of the underlying
rocks, coincident magnetic, conductivity and gravity anomalies could not be
reconciled with the core recovered from some of the drill tests. This drill
program was suspended due to deteriorating ice conditions during spring
breakup. A stage-two drilling program will commence during the current
exploration season.
A second phase of detailed seismic surveying over the King property was
recently completed. A total of 3.6 line-kilometres of vibroseis seismic
survey was conducted along a north trending survey line extending from the
southern boundary of the property. The surveyed line is located
approximately one kilometre west of the line completed as part of the
initial 2-D reflection seismic survey conducted over Snap Lake and the
southern part of the King property during 2001.
The vibroseis seismic survey extended another 1.5 kilometres north of the
2001 seismic survey and was designed to outline lateral and vertical
variations within the kimberlite dike(s) beneath the King property.
Preprocessing of the latest seismic data, which include survey and geometry
definition, trace editing, picking of the first breaks and the development
of a near surface model, has been completed. Initial results indicate this
seismic method to be an effective exploratory tool which could guide future
drill testing of the Snap Lake dike system. A final report is currently
being prepared by Kinetex Inc. of Calgary and will be delivered during the
third quarter.
In addition to the drilling and seismic survey, a detailed till sampling
program (up to 200 samples) has commenced to follow up airborne geophysical
surveys anomalies (up to 10 targets) and anomalous kimberlite indicator
minerals collected from the previous till sampling programs. Detailed
geological mapping and prospecting is also being conducted on the property.
A total of $1.3-million has been committed to the King property for the
2002 exploration program.
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
Detailed ground geophysical surveys (magnetics, resisitivity, and gravity)
have recently been completed over five high-priority targets situated on
the Czar property. These anomalies were identified from a 2,000
line-kilometre airborne mag/electromagnetic survey (Fugro/DIGHEM) survey
conducted over the property during April 2002.
A summer exploration program of detailed till sampling (up to 200 samples),
geological mapping and prospecting will be carried out over the property
and down-ice from those priority targets. Previous sampling on this
property has defined a concentration of kimberlitic indicator minerals
(G-10 pyrope garnets).
A total budget of $600,000 has been approved for exploration on the Czar
property for 2002. The company anticipates a drill program to be carried
out to test several of these targets during the fourth quarter.
The Czar property is located approximately 225 kilometers northeast of
Yellowknife, Northwest Territories and adjoins immediately to the west of
the King property. The Czar property comprises 31 mineral claims covering
77,000 contiguous acres and is 100 per cent owned by Diamondex Resources.
Hilltop property, Northwest Territories
Previous exploration by Diamondex, including 14,281 line-kilometres of
airborne geophysical surveys, 97 sonic drill holes and extensive till
sampling has led to the delineation of a 7.5-kilometre-long by
1.5-kilometre-wide east-northeast-trending kimberlite indicator mineral
train. This train contains significant concentrations of pyrope garnets and
chromites as well as numerous kimberlite boulder fragments. A single
diamond has been identified in a till sample.
During April, 2002, detailed ground geophysical surveys (magnetics,
resistivity and gravity) were conducted over a 2.2-square-kilometre area
over this indicator train with encouraging results. A summer exploration
program comprising detailed till sampling, mapping (including kimberlite
float distribution mapping) has commenced over a 25-square-kilometre area
situated at the up-ice terminus of the kimberlite indicator mineral train.
Following the completion of this survey, drilling is proposed to test
several targets within this train.
A total budget of up to $500,000 has been approved for exploration on the
Hilltop property in 2002.
The Hilltop property is situated approximately 180 kilometres northeast of
Yellowknife, NWT, and adjoins immediately the southwest corner of the
Camsell Lake claim block that hosts the Snap Lake diamond deposit. The
Hilltop property comprises 116 contiguous mineral claims covering 239,000
acres and is 100 per cent owned by Diamondex.
Bear Head property, Northwest Territories
Detailed ground geophysical surveys (magnetics, resistivity, and gravity)
were carried out over 10 high-priority targets from a previously flown
airborne mag/EM survey (Fugro/DIGHEM) with significant results realized. A
summer exploration program consisting of detailed till sampling (up to 300
samples), mapping and prospecting will be carried out to further evaluate
significant kimberlite indicator mineral concentrations obtained during the
2001 sampling program.
In addition to the exploration program, a drill program to test several of
the geophysical targets will be carried out during September/October of
this year.
A $700,000 budget has been approved for exploration on the Bear Head
property in 2002.
The Bear Head property is located 220 kilometres northeast of Yellowknife.
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.
Other properties
Exploration programs for the Carat, Ajax, Heeqou and Peregrine are
currently being finalized and will be updated in the near future.
David Clarke, PGeo, MSc, vice-president of exploration for Diamondex
Resources, is a qualified person as defined by National Instrument 43-101
and is responsible for program design and quality control of exploration
undertaken by Diamondex Resources. |
