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

To: kfdkfd who wrote (8070)	9/21/1998 7:57:00 PM
From: kfdkfd	Respond to of 26850

WINSPEAR RESOURCES LTD. ANNOUNCES PROGRESS OF SNAP LAKE AREA DRILL PROGRAM VANCOUVER, Sept. 21 /CNW/ - Winspear Resources Ltd. Trading Symbol: WSP.V Winspear Resources Ltd. (WSP.V) is pleased to report on progress of its drill program presently underway in the Snap Lake area of the Camsell Lake property, NWT. Earlier this year, diamonds recovered from a 200 tonne bulk sample taken from the NW kimberlite dyke at Snap Lake and processed in Diavik's Yellowknife plant were valued at the equivalent of US$343 per dry tonne of kimberlite. The dyke sub-crops on a peninsula on the northwest side of Snap Lake. Previously, 15 widely spaced holes on the NW dyke had established a strike length of 800 metres on the peninsula. The dyke dips about fifteen degrees to the east and appears to extend down-dip under Snap Lake at least 1800 metres from the sub-crop on the only section tested. The present drill program is designed to test the thickness variations and structural continuity of the NW dyke under the peninsula in an area of approximately 800 metres along strike and between 200 to 400 metres down-dip. Drill holes planned to test these characteristics have been established on a 50 metre grid with holes spaced at 100 metre centres along each line and off-set 50 metres on adjacent lines. At this stage, the program on the peninsula is essentially complete. Forty-three holes (2980 metres) have been completed in the planned area. All holes have intersected kimberlite at expected depths except for one that tested the up-dip limit of the NW dyke. No significant structural off-sets on the dyke have been encountered in the area tested; drill results obtained are interpreted as indicating broad warps in the kimberlite surface. In the main part of the peninsula (550 x 400 metres), the average estimated true thickness of the NW dyke as defined by 30 holes drilled in this program is approximately 2.6 metres with a range in thickness from 1.1 to 4.9 metres. In the southern, narrower part of the peninsula, 12 holes have defined the estimated true thickness at about 1.2 metres although more control in this area is required to provide a good understanding of the kimberlite dyke. MRDI Canada (a Division of H.S. Simons Ltd.) is continuing to work with drill data as it becomes available and is also assisting the joint venture partners in planning the next stages of the program scheduled for early next year. Information obtained to date on the NW dyke supports the extraction of a larger bulk sample to test for diamond content and value as well as a more extensive drill program to outline the NW dyke at depth under Snap Lake. At this time, a series of 16 closely-spaced holes are being drilled in a thicker part of the NW kimberlite dyke close to the sub-crop in an area from which the next bulk sample will be taken. Microdiamond analyses to be obtained on kimberlite intersections in these drill holes together with results from the next bulk sample will contribute to the geostatistical evaluation of diamond distribution in the NW kimberlite dyke. In addition, two holes are planned to test whether the NW dyke extends to the north side of Snap Lake, two widely spaced holes are planned to test the down-dip extent of the dyke, and two holes are planned to test additional features on the northeast side of Snap Lake that have been highlighted by geological mapping and interpretive work undertaken as part of the summer field program. 500 kg of NW kimberlite representative of the bulk samples taken this spring are currently being processed by Lakefield Research. Results will augment the microdiamond data base on the NW dyke. Kimberlite intersections from the recently completed holes will also be submitted for microdiamond analyses as will fifteen kimberlite dyke intersections obtained during the Spring program mainly from three newly discovered dykes on the east side of Snap Lake. Winspear remains highly encouraged by results of the program to date. Studies are presently underway designed to provide the basis for an aggressive advanced exploration program on the property anticipated to begin in early 1999. Winspear Resources Ltd. ''John A. McDonald'' John A. McDonald, P.Geo. Vice-President and Director