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

To: jerry janko who wrote (387)	3/15/1999 8:55:00 PM
From: jerry janko	Read Replies (1) \| Respond to of 531

Buffalo exploring at Calling Lake, Chain Lakes and New Claymore's Varlaam property New Claymore Resources Ltd NCS Shares issued 4,165,775 Mar 15 close $0.38 Mon 15 Mar 99 News Release See Buffalo Diamonds Ltd (BUFD.U) News Release Mr. Chet Idziszek reports Exploration is progressing on the company's Calling Lake, Varlaam and Chain Lakes diamond properties in Alberta. The Calling Lake and Chain Lakes properties, covering 77,000 and 93,000 hectares respectively, are 100-per-cent-owned by the company. The company also has an option from New Claymore Resources to acquire up to a 70 per cent interest in the Varlaam property (100,000 hectares) which is contiguous with the Calling Lake property. A total of 71 overburden auger holes have now been completed on the Calling Lake property, the majority of the holes were completed up ice from the discovery site of a gem quality macrodiamond in a till sample collected from the Calling River East target area. Surface sampling from this area has also produced diamond indicator minerals (chromites and picroilmenites) with exceptional chemistry. Auger holes were also completed in the Calling Lake South, Calling Lake Southeast and two other previously reported target areas. In January of this year, Christopher Campbell of Intrepid Geophysics was contacted to complete a detailed interpretation of last year's Calling Lake airborne geophysical surveys and to prioritize the initial 124 magnetic and 55 resistivity anomalies initially identified. Preliminary results of this interpretation have identified approximately 30 moderate to high priority kimberlite targets, some with coincident magnetic and resistivity signatures. A number of these moderate to high priority geophysical targets are associated with each of the target areas. The remaining previously identified geophysical anomalies have either been attributed to culture or classified as lower priority targets. The continuing diamond indicator mineral survey on the property will be used to further prioritize all geophysical anomalies. If a kimberlite is identified on the property, all levels of airborne geophysical anomalies with associated diamond indicator minerals will become important drill targets. A detailed interpretation of diamond indicator mineral geochemistry has been completed by two independent sources: Mike Dufresne of Apex Geoscience and Dr. Bruce Jago of Lakefield Research Ltd. This work confirms the excellent diamond bearing kimberlite potential of the Calling Lake property. In addition to the gem quality macrodiamond recovered from the Calling River East target area, the quantity, chemistry and varieties of diamond indicator minerals recovered from extensive stream sediment and glacial till sampling are highly indicative of the proximal presence of diamond-bearing kimberlite or lamproite. Some of the most significant results from the diamond indicator mineral geochemistry from the Calling River East target area are as follows: Magnesium rich picroilmenites strongly enriched in chromium (up to 4.46 per cent Cr2O3) have been recovered from the Calling River East target area. These have likely been derived from diamond bearing mantle. On the basis of their unique magnesium and chromium content, picroilmenites from five separate sample sites suggest the source rock is not only a kimberlite, but a kimberlite with high-grade diamond bearing potential. The MgO-rich and FeO-poor nature of these picroilmenites is an excellent indication of high diamond preservation potential of the transporting kimberlitic magmas. In addition, a diamond inclusion quality chromite along with several near diamond inclusion quality chromites have been recovered from glacial till and stream sediment samples in the Calling River East target area. The diamond inclusion quality chromite recovered from a glacial till sample is described as best diamond inclusion quality chromite reported in Alberta to date. Diamond inclusion quality chromite has a very restricted range of chemistry characterized by a high average chromium content with moderate levels of magnesium. The source of these chromites is almost exclusively chromite harzburgite, one of the three principal diamond bearing source rocks in the upper mantle. For a kimberlite to have significant diamond bearing potential, the kimberlitic magma must have incorporated at least one of the three principal diamond bearing source rocks from the upper mantle - eclogite, garnet harzburgite or chromite harzburgite. Due to the large amount of oxide minerals being recovered from the heavy mineral concentrates of surface samples, usually less than 10 per cent of the oxide concentrate is examined for diamond indicator minerals (picroilmenites and chromites). It is, therefore, reasonable to expect that the final recovered diamond indicator oxide mineral counts will be greater once the remaining oxide concentrates have been picked. The exceptional diamond indicator mineral results from surface sampling in the Calling River East target area are concentrated along a six kilometre stretch of the Calling River. Over 25 high to low priority airborne geophysical anomalies have been identified between this stretch of the Calling River and the northern property boundary. Auger holes were completed at 500 metre spacing along six east-west lines testing an area 12 kilometres up ice from the macrodiamond sample site and the Calling River. The purpose of the auger sampling program was to trace the dispersion of diamond indicator minerals back to a kimberlitic source, rather than specifically test geophysical anomalies in bedrock. Based on auger sampling to date, an average overburden depth of 35 to 40 metres can be inferred for large portions of Calling River East. The Calling Lake South and Calling Lake South East target areas are now considered one larger target area at which is inferred a potential kimberlite source or sources within Calling Lake that is separate from the potential kimberlite source at the Calling River East target area. Four overburden auger holes have been completed south and southeast of Calling Lake to determine the distribution of diamond indicator minerals throughout a stratigraphic section in the overburden. Random sampling of beach sands along the southern shoreline of Calling Lake has produced over 100 pyrope garnets including six previously reported G10 (Gurney's) sub-calcic Cr pyrope garnets (indicative of diamond bearing garnet harzburgite) and an excellent population of diamond inclusion quality eclogitic garnets (indicative of diamond bearing eclogite). Recently, three beach sediment samples collected from the southwest shoreline late in 1998 were processed for diamond indicator mineral analyses and produced an extraordinary quantity (three to five kilograms) of heavy mineral concentrate. Typically heavy mineral concentrates from stream or beach sediment samples have been in the order of 100 to 250 grams, from a 25 kg sample. About 200 grains of each of these concentrates have been picked producing as many as 27 silicate indicator minerals (pyrope garnets, chrome diopside) from approximately 5 per cent or less of the concentrates. It is likely that these three samples, when completely examined, may yield as many as 200 pyrope garnets. This quantity of pyrope garnets is typically only observed within a few hundred metres of a kimberlite pipe. The presence of G10 (Gurney's) garnets and other kimberlitic indicator minerals along the south shoreline of Calling Lake strongly suggests one or multiple diamond bearing kimberlites in or proximal to the lake. Most of Calling Lake is within the Varlaam property boundary and has not received airborne geophysical coverage. The company will start a fixed wing airborne magnetic survey over the Varlaam property and portions of the Calling Lake Property within the next week. Target areas 1 and 3 on the Calling Lake property were also tested with the overburden auger rig. Indicator mineral results from all auger holes are pending. Results from the first holes of this program are expected in early April 1999. Diamond indicator results have been received for 90 of the 277 glacial fill samples collected from the Chain Lakes property. Possible pyrope garnets, chrome diopsides, eclogitic garnets, olivine, chromite and picroilmenite have been identified visually in the majority of samples. Drill cuttings from a drill hole completed in 1997 on the Chain Lakes property was also submitted to Lakefield Research for diamond indicator analysis. A total of 54 indicator minerals were produced including pyrope garnets, eclogitic garnets, chrome diopside, picroilmenite, chromite, and olivine. Since the drill hole penetrated a thin veneer of overburden and bedrock, the significance of the diamond indicator mineral results from the drill cuttings remains to be determined. Once all surface sampling results have been received, a detailed interpretation of the airborne data will be used to establish priority areas for followup exploration. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com