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Gold/Mining/Energy : ISLAND-ARC RESOURCES IAR-VSE -- Ignore unavailable to you. Want to Upgrade?

To: The Fix who wrote (92)	3/19/1998 5:17:00 PM
From: Ed Pakstas	Read Replies (1) \| Respond to of 186

Drilling to start at Back Lake diamond project Island-Arc Resources Corporation IAR Shares issued 8,583,285 Mar 17 close $0.50 Wed 18 Mar 98 News Release Mr Lawrence Barr reports The following information has been received from Island-Arc's Back Lake diamond project joint venture partner, SouthernEra Resources. Island-Arc has a 10.62% carried interest in the Back Lake diamond project. The primary focus of the Back Lake diamond exploration project since November 1997 has been to locate the primary kimberlite source of the ice-transported Yuryi kimberlite float material discovered on the shore of Munn Lake during August 1997. The Yuryi kimberlite float material is within a 150m diameter area with some of the larger pieces of kimberlite being in the 10 to 20m diameter range. There is also a strong development of kimberlite mud along the Munn Lake shoreline. Microdiamond testing of the Yuryi kimberlite float material has returned 226 diamonds from 581kg of treated kimberlite. Sixty-two diamonds are greater than 0.5mm in their largest dimension, with one 0.12, one 0.03 and three 0.01 carat diamonds being recovered. Overall, the majority of the diamonds are clear and colourless. Kimberlite indicator microprobe chemistry results from the Yuryi kimberlite indicate that 41% of the 50 pyrope garnets probed lie within the G10 field and 6 of the 49 chromites probed have diamond inclusion chemistries. The program to date has located 12 kimberlite dykes that occur in the vicinity of the Yuryi kimberlite float area. However, a comparison of the chromite microprobe chemistry between the chromites hosted by the kimberlite dykes and the chromites hosted within the Yuryi kimberlite float material suggest that they are not related. The chromites from the kimberlite dykes have a 2% to 3% higher TiO2 value than the chromites that occur within the Yuryi kimberlite. During November and December 1997 a 175 line km picked grid was established covering the up-ice area of the Yuryi kimberlite float location. This was followed by the completion of a magnetometer survey, horizontal loop and time domain electromagnetic surveys, a bathymetry survey (lake bottom depth) and the collection of 180 lake bottom sediment geochemical samples at 100m centres. The above surveys have delineated approximately 16 targets that could be the result of kimberlite pipe intrusions. A total of five depth depressions have been defined with corresponding anomalous lake bottom sediment geochemical results that are high in chromium, titanium, niobium, nickel, magnesium, uranium and rubidium which are suggestive of a kimberlite source. A number of high priority ground EM targets occur up-ice of the Yuryi kimberlite float area with one particularly strong coincident time domain EM-47 and horizontal loop electromagnetic conductivity anomaly that is approximately 400m by 150m in dimension. Diamond drilling to test the 16 various anomalies will commence during the first week of April. A total of 2,000m of drilling is expected to be completed by the end of May. Approximately 1,200 of the 1,700 till samples collected during 1997 have been processed for the recovery of kimberlite indicator mineral gains. The till sampling program was designed to further define six kimberlite indicator trains that occur within the property. Interpretation of the new results is continuing. From March to the end of May 1998 approximately 300 line km of magnetometer and horizontal loop surveys will be completed to locate the primary kimberlite source of the above mineral trains. In addition, approximately 1,000 further lake bottom sediment geochemical samples will be collected and bathymetry surveys will be completed covering lakes of interest. To date, approximately $4 million has been spent on exploration with $1.7 million expended during 1997. The exploration budget for 1998 is expected to be $1.1 million. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com