To All New Listing Joins Diamond Hunt...Buffalo Diamonds Ltd. bufd.u CDN
Buffalo Diamonds Ltd.(the "Company") is pleased to announce
results from its recent exploration programs on its Calling Lake,
Varlaam and Chain Lakes diamond exploration properties in
Alberta. The Calling Lake and Chain Lakes properties, covering
77,000 and 93,000 hectares respectively, are 100%-owned by the
Company. The Company also has an option from New Claymore
Resources Ltd., to acquire a 70% interest in the Varlaam property
(100,000 hectares) which is contiguous with the Calling Lake
Property.
Highlights from the Calling Lake Property exploration program
obtained to date include:
* The identification of three high priority target areas, Calling
River East, Calling Lake South and Calling Lake Southeast. At
least five other anomalous areas have been identified for
detailed follow-up prior to diamond drilling. These target areas
were identified because of the exceptional quality and high
number of diamond indicator minerals ("DIM"); the discovery of a
diamond in basal till; 124 airborne magnetic and 55 resistivity
anomalies; and, in two cases, vertical disruptions in underlying
stratigraphy based on seismic data.
* The recovery of indicator minerals of such quality that they
are not only indicative of a kimberlitic source but also a
diamondiferous kimberlitic source. Mike Dufresne of Apex
Geoscience Ltd. (The Company's exploration consultant) states
"the variety of DIM in conjunction with the volume of DIM
recovered from surface sampling (up to 56 DIM from a portion of
one sample) are strongly suggestive of a kimberlite source
located in the order of 1 to 4 kilometres distance in all of the
high priority target areas". Some of the most significant DIM
recovered to date include:
a. Six G10 (Gurney) harzburgitic pyrope garnets, which signifies
that any potential kimberlites on the Calling Lake Property may
have tapped the diamond stability field. In contrast, only two or
three G10 garnets have been recovered by government indicator
mineral surface sampling over the entire province of Alberta.
b. A large number of pyrope garnets including G9 (Gurney)
lherzolitic garnets, high titanium G1 and G2 garnets, high
chromium grossular garnets, and diamond inclusion quality
eclogitic garnets, which collectively can be ascribed to
peridotitic and eclogitic mantle parentage.
c. Chromite with up to 67 wt% Cr2O3 (diamond inclusion quality
chromites typically have >60 wt% Cr2O3 ) in addition to chromite
with high concentrations of titanium (up to 3.58 wt% TiO2), both
of which can be indicative of a kimberlite source.
d. Picroilmenite with up to 4.46 wt% Cr2O3, which is the highest
chrome concentration in picroilmenites reported to date in
Alberta and which can be indicative of a kimberlitic source.
e. Chrome diopsides with up to 2 wt% Cr2O3 . Chrome diopsides
with greater than 1 wt% Cr2O3 can be indicative of kimberlites in
conjunction with other DIM.
f. Mg rich olivine (up to Fo91) with high Ni and Cr, which is
considered to be diamond inclusion quality olivine.
g. The macro diamond recovered from the Calling River East target
area is a .005 carat, pale yellow rough stone with colour grade
L (Cape) according to Lakefield Research Ltd.
* The identification of more than 124 magnetic anomalies, ranging
from 1 to 9 nT in magnitude, and 55 high priority resistivity
anomalies. Clusters of magnetic anomalies are associated with
each of the target areas, both up-ice and down-ice. The Company
recently contracted the services of Christopher (Kit) Campbell of
Intrepid Geophysics Ltd. to provide a detailed interpretation of
the Calling Lake and Chain Lakes airborne geophysical surveys
carried out by Geoterrex-Dighem. Mr. Campbell's initial
observations are that there are "several sub-circular isolated
magnetic anomalies which may reflect mafic or ultra-mafic
intrusives". A few of the magnetic anomalies also appear to
correlate with the kimberlite targets derived from the
resistivity data by Geoterrex-Dighem.
* Selected seismic data from one of the anomalous areas on the
Calling Lake Property as well as several areas on the Chain Lakes
properties indicates vertical disruptions in underlying "layer
cake" stratigraphy.
Several years prior to the discovery of kimberlite pipes by
Ashton and Pure Gold in the Buffalo Head Hills, prospectors
Raymond Haimila, his brother Norman (a PhD in Geophysics), and
Ted Yoshida recognized two areas in Alberta as having excellent
diamond potential. As a result, the Calling Lake and Chain Lakes
properties were staked because of their favourable regional
basement geological and structural environments, abundant
Cretaceous tuffaceous rocks and the presence of diamond indicator
minerals. The initial research that went into acquiring the
Company's properties was extensive, however, financial
constraints only permitted limited exploration work on the
properties, which resulted in the formation of the Company.
Prospecting by Messrs. Haimila and Yoshida along the Calling
River during the summer of 1998 led to the discovery of the macro
diamond in a basal till sample collected from the T3 site in the
Calling River East target area.
The macro diamond was processed by Envi-Tech Laboratories of
Edmonton Alberta and later submitted to Lakefield Research for
evaluation. Lakefield's evaluation identified the diamond as a
.005 carat, rough pale yellow rough stone with colour grade L
(Cape), cleavage and two microscopic inclusions. The occurrence
of this diamond, in addition to the presence of diamond inclusion
quality olivine in the basal till and the variety and number of
diamond indicator minerals recovered from a river bar below the
T3 site, strongly suggest a nearby kimberlite source. The Company
subsequently initiated a broad based reconnaissance till sampling
program on the Calling Lake and Varlaam Properties. Priority was
given to the Calling River East target area, a broad area centred
on the T3 site.
To date, over 500 glacial till and stream/lake sediment samples
have been collected from the Calling Lake and Varlaam properties.
Of these samples, approximately half have been processed to date
for indicator minerals by the Saskatchewan Research Council (SRC)
and I&M Morrison Geological Consultants. Micro probe analysis of
indicator minerals is being conducted by the SRC and R.L. Barnett
Geological Consulting. The majority of probe results are pending
for the approximately 250 samples processed to date.
On the Chain Lakes Property in southern Alberta, over 400 glacial
till samples have been collected. The samples are being currently
processed by the SRC and Lakefield under the direction of Dr.
Bruce Jago.
The Company's 1998 exploration programs were primarily carried
out by Apex Geoscience Ltd. of Edmonton under the direction of
one of its principals, Mike Dufresne. Mr. Dufresne is one of the
authors of the Alberta Geological Survey's "The Diamond Potential
of Alberta" and, along with the staff at Apex, played a key role
in developing a knowledge base for diamond exploration in the
province of Alberta. In addition to input from Mr. Dufresne, the
Company continues to benefit from the involvement of its highly
experienced consultants and its close associates from
international diamond exploration and mining companies.
The Company will begin a detailed follow up mechanised auger till
sampling program later this month, with particular focus on the
three high priority areas: the Calling River East target area,
the Calling Lake South target area, and the Calling Lake
Southeast target area. A detailed interpretation of the Calling
Lake airborne geophysical survey is in progress and expected to
be completed by the end of January. Once results have been
received from the indicator mineral sampling program on the Chain
Lakes property and a detailed evaluation of the airborne
geophysical data has been completed, priority areas will be
designated for follow-up indicator mineral sampling and
subsequent diamond drilling.
On behalf of the Board of Directors of
BUFFALO DIAMONDS LTD.
"Signed Chet Idziszek"
Chet Idziszek,
President
BUFD.U Issued & outstanding capital: 13,448,200 common shares
NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION
CONTAINED HEREIN.
Encl.: Map available upon request
Phone: 604-331-8772 Fax: 604-331-8773
|
