Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: Confluence who wrote (2410)	2/4/1999 6:22:00 AM
From: Andrew	Read Replies (1) \| Respond to of 7235

NEWS OUT SouthernEra Resources Limited - Island-Arc's winter exploration program on track SouthernEra Resources Limited SUF Shares issued 25,695,265 1999-02-03 close $7.7 Thursday Feb 4 1999 See Island-Arc Resources Corporation (IAR) News Release Mr. Lawrence Barr reports Island-Arc Resources is informed that the winter exploration program on its Back Lake diamond exploration project will proceed as originally scheduled. The project area is south of the Dia Met and Aber Resources kimberlite pipes at Lac de Gras, east of Winspear's Snap kimberlite find and northwest of the Monopros/Mountain Province pipes at Kennedy Lake. The Back Lake diamond exploration project is operated by SouthernEra Resources, which presently holds a 70 per cent interest and is responsible for 100 per cent of exploration expenditures. Island-Arc Resources holds a 10.62 per cent interest in the project, carried until six months after a commercial production decision is made on one or more kimberlite pipes in the project area. The remaining 19.38 per cent interest is held by Bert Applegath's Kalahari Resources Ltd. A sonic drill, which will carry out the first phase of this year's exploration, will arrive at the Munn Lake camp in about three weeks. A series of sonic drill fences (lines of sonic drill holes perpendicular to the direction of ice movement during the last ice age) will be drilled through the entire section of lake bottom sediments into bedrock on Munn Lake and, later, on Margaret Lake, which is nearby to the east. Sonic drilling is a fast and inexpensive diamond exploration tool, the potential of which has been proven in the Lac de Gras area. Up to 10 holes can be drilled per shift, and there will be no wait for sampling results. Sediment core obtained from the sonic drill will be analyzed in an on-site processing facility established in the Munn Lake camp by SouthernEra. Samples will be immediately washed and screened and the heavy minerals will be concentrated all the way through heavy media separation. The heavy mineral particles will then be manually picked and examined by microscope to identify specific kimberlite indicator minerals: chromites, ilmenites, pyrope garnets, etc. Results from each day's sonic drilling will be available in 36 hours to guide the next day's drilling while the previous day's samples are being processed. The combination of sonic drilling and on-site sample processing is an extremely efficient way to explore for diamonds. Munn Lake Sonic Drilling The objective of the sonic drilling at Munn Lake is to find the source of the Yuryi kimberlite float occurrence on the west shore of Munn Lake which contains kimberlite boulders up to 25 metres in size in two boulder fields which lie 100 metres apart. A 581 kilogram (1,281 pound) bulk sample recovered 226 diamonds, including 62 macrodiamonds with one 0.12 carat diamond and four others greater than 0.01 carats. Forty-four per cent of the pyrope garnets were G-10 per cent. This is extremely high by world standards and indicates that the source of the Yuryi kimberlite is well within the diamond stability field in the earth's mantle. In comparison, kimberlites from the Lac de Gras area where Dia Met's Ekati diamond mine is now in production typically contain 18 to 25 per cent G-10s. In terms of diamonds and G-10s, more G-10s are definitely better. The sonic drill fence lines on Munn Lake will be moved progressively up ice (to the northeast, in the direction the ice sheet came from) until an up-ice indicator mineral cutoff is established. This cutoff point is defined by noting the geographical position where indicator minerals are no longer found in lake bottom samples which will indicate the bedrock source has been passed. Following localization of the bedrock source of the indicator minerals, diamond drilling will test for the kimberlite bedrock source in the area of the last position where indicator minerals were found in the till. During sonic drilling, bedrock will be examined to determine if it is the normal mudstone or granite country rock or if the drill has actually penetrated kimberlite. The confidence level is high that the source of the Yuryi kimberlite boulders are a pipe or pipes under Munn Lake. The size of the boulders and the friability of kimberlite would indicate that it is highly unlikely (although not impossible) that the Yuryi kimberlite float was glacially rafted (carried on top of the ice sheet) from a more distant source than Munn Lake. Margaret Lake Sonic Drilling Sampling by SouthernEra has identified additional indicator mineral trains leading to Margaret Lake, just east of Munn Lake. No indicator minerals have been found on the other (east) side of Margaret Lake, suggesting that another kimberlite source lies underneath Margaret Lake. Fences of sonic drill holes on Margaret Lake will attempt to localize this source as well for additional diamond drilling this season. Water depth should not be a problem in terms of development of economic kimberlite occurrences found under these lakes. Munn Lake, for example, is less than 10 metres deep in the area of the Yuryi occurrence. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)