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Gold/Mining/Energy : A CANADIAN DIAMOND HUNT -- Ignore unavailable to you. Want to Upgrade?

To: Colin Myrholm who wrote (127)	1/19/1998 7:59:00 PM
From: The Fix	Respond to of 930

WINSPEAR NEWS RELEASE......THE ACTION HAS STARTED Subject: Stockwatch: Winspear Resources Ltd - News Release Date: Mon, 19 Jan 1998 16:38:31 -0800 From: newsout@canada-stockwatch.com Winter/spring field program commences in NWT Winspear Resources Ltd WSP Shares issued 30,775,630 Jan 19 close $1.20 Mon 19 Jan 98 News Release Mr Randy Turner reports The company's winter/spring field program has commenced on the Camsell Lake property that is approximately 140 miles northeast of Yellowknife, NWT. During the period to June 30 1998, the exploration program in the area will approximate $2.7 million and will include 7300m of diamond drilling together with about 250 line km of ground mag and horizontal loop EM surveys which will be completed prior to the startup of drilling. This program will be undertaken on the Camsell Lake property which comprises the Haywood and Athenia project area; and will include several segments as follows: A. Camsell Lake property - Haywood project (JV; Winspear 57.3% and operator): Approximately $2.2 million will be spent on the Haywood project which covers approximately 277,360 acres. In the vicinity of Snap Lake within this project area, kimberlite has been found in situ in three locations by diamond drilling over an area of approximately 3km by 1.5km. These occurrences include 13 intersections of kimberlite dyke material near the northwest peninsula area of Snap Lake, four intersections of kimberlite dyke material in the southeastern portion of Snap Lake, and two drill intersections of about 100m each of blind complex kimberlite breccia found at the CL 186 site near the northeast shore of Snap Lake. In addition to these kimberlite occurrences, all of which are significantly diamond-bearing, a range of diamond-bearing kimberlite breccia boulders was located last fall on the southwest shore of Snap Lake. Small black fragments observed in some of these boulders have been identified by tests in Geological Survey of Canada (Calgary) laboratories as fragments of coal-like material. Indicator minerals and diamonds recovered from these various types of kimberlite in the Snap Lake area all suggest that they have been derived from the same mantle source. The range of kimberlite types located to date is consistent with the inference that they are the product of a dynamic emplacement process during which at least part of the kimberlite complex formed in a venting environment. During the present program, the following work is planned. a) Snap Lake: i) Approximately 4800m of drilling will be undertaken in this area with emphasis on locating the source of diamond-bearing boulders found on the southwest shore of Snap Lake during last summer's field program. Geophysical characteristics of these boulders are similar to those of the enclosing rocks suggesting that the location of the kimberlite source material may be difficult to distinguish by geophysical techniques. An additional seven geophysical targets have been identified in the immediate Snap Lake area that will be tested by diamond drilling during this exploration program. ii) In the NW peninsula area of Snap Lake during the 1997 spring program, 13 drill holes intersected diamond-bearing kimberlite dyke material. Subsequent review of these intersections suggest that 11 of them represent a single, gently-dipping, northerly striking kimberlite dyke that averages 2.47m in estimated true thickness. Caustic fusion analyses of these intersections all contain significant diamonds. To help determine whether this dyke represents a potentially economic resource, between 100-200 tonnes of kimberlite material will be extracted in order to obtain a preliminary indication of value per tonne. iii) Four drill holes are planned in the vicinity of the NW peninsula of Snap Lake to test the dip and strike extensions of the kimberlite dyke encountered in the area. b) NE corner (CL 25 area): Geophysical targets have been re-evaluated in this area in the light of results obtained from recent till sampling in the area and from drilling at Snap Lake. As a result of this review, seven priority targets were identified that will be drilled (1000m) during this program. B. Camsell Lake property - Athenia project (JV; Winspear 55% and operator): This project area covers approximately 71,000 acres immediately west of, and contiguous with, the Haywood block. Evaluation of both indicator mineral and airborne geophysical results in the area has identified 12 priority targets on which ground geophysics will be undertaken. On the basis of these results, plans are to test 10 targets by diamond drilling (1500m). Total expenditures for this program will be about $475,000. Winspear is highly encouraged by its results to date in the Slave province, NWT, and is looking forward to another active year of exploration in the area. The company is well-financed with approximately $8.8 million in working capital. Fixer