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

To: John Paquet who wrote (17137)	3/29/1999 3:22:00 PM
From: Gord Bolton	Read Replies (3) \| Respond to of 26850

Winspear Resources Ltd. - Camsell Lake Property update VANCOUVER, March 26 /CNW/ - Winspear Resources Ltd. Trading Symbol: WSP-V Winspear Resources Ltd. is pleased to report on the 1999 exploration program on the Camsell Lake Property located in the Northwest Territories. This program that is focused in the Snap Lake area is designed to obtain a 6000 tonne bulk sample and to define to feasibility standards at least 5 million tonnes of kimberlite on the NW dyke. A bulk sample of the kimberlite dyke estimated to be in excess of 6000 tonnes has been excavated from two sample pits on the NW peninsula of Snap Lake and transported to the processing site. These sample pits are approximately 260 metres apart and are situated just east of the 200 tonne mini-bulk sample sites excavated in March 1998. A processing crew will commence plant tune-up in approximately three weeks time. A valuation of recovered diamonds is expected to be available in the third quarter of this year. The current drill program is well underway utilizing four rigs. A total of 51 holes (6138 metres) have been completed on the NW dyke to March 23. Twenty-one closely spaced holes were drilled to define pits 3 and 4 from which the bulk samples have been extracted. An additional 4 holes were drilled to locate a possible bulk sample site on the north shore. Apart from two holes drilled on the north shore that extended the north-south extent of the dyke to 2.0 km., drill spacing is on a 200 metre grid extending east from the NW peninsula. MRDI Canada, A Division of H.A. Simons Ltd., is currently evaluating all drill hole and intersection data available to March 23 to determine if additional in-fill drilling is necessary to achieve feasibility standards for future tonnage estimates. A map attached to this release shows the location of all drill intersections on the NW dyke to date. In addition, a Table included on the map summarizes the number of holes drilled in each 400 metre by 400 metre block over the area tested together with the average down-hole thickness of kimberlite in each block. These figures are not true thicknesses. However, the average dip of the kimberlite appears to be about 15 degrees; hence, true thickness at each site is expected to be approximately 90% of reported down-hole thickness. True thickness for each hole will be calculated when the interpretation of the cross-sections and longitudinal sections are completed. This map is similar to the one accompanying a news release dated January 26, 1999 on which microdiamond results were presented. The Table summarizes the results of 125 drill intersections on the NW dyke that have been obtained during the 1997, 1998, and 1999 drill programs. The average down-hole thickness of kimberlite in these holes is 2.57 metres. In addition to these holes, several holes on the up-dip edge of the kimberlite dyke on the south end of the NW peninsula (block I11) and on the north shore (block L11) are less than one metre thick and appear to define the limit of dyke emplacement in these areas. These thicknesses have been excluded in determining the average down-hole thickness presented above. Results from all other holes are presented in the Table included on the attached map. The NW dyke is remarkably constant in thickness. Data suggests that the dyke may thin somewhat towards the southern limit of drilling. This appears to be more than compensated by a somewhat thicker zone that trends approximately N75E from block K11 through blocks K12, K13 to block L14. On-going drilling will concentrate in those areas where the dyke appears to be somewhat thicker as well as to in-fill the present grid as may be recommended by MRDI. In addition, some drill holes are planned to locate the vertical feeder system from which the NW dyke emanated. Core from all holes will be analysed for their microdiamond content. The first shipment of samples has been sent to the laboratory. Results will be released when they have been received. Winspear is highly encouraged by the progress made in obtaining the bulk sample and in the drilling program to date. At this stage, it is anticipated that the objectives established at the beginning of the 1999 exploration program will be attained. 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. BUSINESS/PHOTO EDITORS: A copy of the Winspear Resources Ltd. map of the Camsell Lake Property - Snap Lake Area and table of the Drill Intersections - NW Dyke is available by fax by calling Canada NewsWire, Vancouver at (604) 669-7764. -30-