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

To: Brezlin who wrote (6052)	6/15/1998 4:27:00 PM
From: bill	Respond to of 26850

Canada NewsWire Give us your message. We'll give you the world. Attention Business Editors: WINSPEAR RESOURCES LTD. ANNOUNCES DIAMONDS DISCOVERED IN SNAP LAKE AREA OF CAMSELL LAKE PROJECT, NWT VANCOUVER, July 14 /CNW/ - Winspear Resources Ltd. Trading Symbol: WSP.V Winspear Resources Ltd (WSP.V) is pleased to report on diamonds recovered by caustic fusion analyses of kimberlite dyke intersections encountered during the Spring drilling program in the Snap Lake area of the Camsell Lake project, NWT. The project area is situated 140 miles northeast of Yellowknife and is a joint venture between Winspear Resources Ltd. (57.3%) - the operator - and Aber Resources Ltd. (42.7%). During this program, thirteen drill holes intersected kimberlite in a restricted area about 1 km squared on the West side of Snap Lake. A total of 137.14 kg of kimberlite from these intersections was submitted to Lakefield Research Limited for diamond analyses. Three of these intersections were also treated for recovery of indicator minerals. Of the total diamonds reported, 383 diamonds were recovered and described by Lakefield Research Limited, while 18 diamonds were recovered from the indicator mineral concentrate and were described by Winspear's Senior Mineralogist who has more than 20 years experience in this field. Some general characteristics of these diamonds are as follows: A. Grade: The weighted average grade of the thirteen intersections has been calculated as follows: Macro diamonds (one dimension - to 0.5 mm) 3.69 carats per tonne B. Colour: The colour of recovered diamonds is as follows: White 43.7% Off-white 3.2 Grey 1.0 Yellow 39.2 Off-yellow 1.5 Amber 7.2 Brown 0.5 Green 2.7 Pink 1.0 Of note is the high proportion of yellow diamonds and the presence of pink and green diamonds in this assemblage. C. Clarity: Diamonds from the kimberlite intersections have been described as follows: Transparent - 87.8% Translucent - 11.7% Opaque - 0.5% All yellow diamonds have been verified as natural diamonds using Raman spectrometry by the Surface Science Department, University of Western Ontario. These results were independently corroborated by Lakefield Research Limited's personnel and by Winspear's Senior Mineralogist. Although the number and size of recovered diamonds from kimberlite dyke material are too small to meaningfully extrapolate any parameter to a larger population of larger diamonds, the Joint Venture is sufficiently encouraged by these results to collect a larger sample of this material for further testing. The Summer field program on the Camsell Lake property is presently underway. Winspear personnel together with three Russian geologists headed by Dr. N. Pokhilenko have commenced a program of follow-up sampling in the Snap Lake area as well as in other parts of the property. Diamond analyses of core submitted to Lakefield Research from the kimberlite intersected at CL 186 are expected within two weeks and will be reported when received. Winspear Resources Ltd. ---------------------- Randy C. Turner, P.Geo. President and Director The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. -30- For further information: Randy C. Turner (604) 687-6644 Using these figures and assuming consistency of result because this is a dyke, then one would conclude the following: 228.9 carats x 43.7 = 100.47 carats white 84.8 carats yellow 6.18 carats green 2.29 carats pink If that were true and if the diamonds were gem quality and any decent size at all, I'd be doing handstands. The bulk sample is big enough that I think one could expect consistency. Certainly someone has been doing a lot of buying today. The other side of that is that someone has been doing a lot of selling.Makes a market, I guess.It would help if we had the same information as the insiders, though. We may find that they've been loading up all day because they know the above figures are right. Here's the press release we've been pinning our hopes on. General Inquiries cnw@newswire.ca Technical Issues webmaster@newswire.ca Advertising Opportunities sales@clickthrough.ca