Hello All
News off the wire this A.M.:
1999 Drill Program Commences on Kimberlite Targets at Yamba Lake, Northwest Territories
New Kimberlite Targets to be Tested
Detailed Airborne Survey Completed
CALGARY, April 15 /CNW/ - Tanqueray Resources Ltd. (TQY-ASE) together
with joint venture partners, Mill City International Inc. (MIY-VSE) (MIYN-OTC)
and Cypango Ventures Ltd. (CAV-VSE) are pleased to announce that SouthernEra
Resources Ltd. (SUF-TSE) has commenced drilling on the 152,506 acre claim
block in the Yamba Lake Area of the Northwest Territories. SouthernEra has
the right to earn a 51% interest in the property by expending $10 million on
or before December 31, 2002. Once SouthernEra has vested at 51%, the
remaining interests in the property would be Tanqueray - 19%, Mill City - 19%
and Cypango 11%.
An 8,000 line kilometer high resolution helicopter mounted magnetic and
electromagnetic airborne geophysical survey has been completed over the entire
Yamba Lake project using 100 metre spacing flight lines. The results of this
survey combined with the previously flown 200 metre line spacing will assist
in defining kimberlite targets. Ground geophysics commenced in late March to
follow-up on a number of additional targets identified by the new airborne
results.
Kimberlitic indicator minerals continue to be recovered from more than
1,000 till samples collected last summer. Several pyrope garnets with
excellent G-10 chemistry, which cannot be traced to the previously discovered
kimberlites, have been recovered from samples. This would seem to indicate the
presence of further kimberlite bodies.
The 1999 drill program commenced with the drilling of a target in the
southern portion of the claim block. When this has been completed, the drill
will systematically test other newly identified targets as ice conditions
permit. In addition, the Ptarmigan and T-10 pipes, originally drilled by Mill
City/Tanqueray in 1994 and Cypango in 1997 respectively, will be re-drilled.
The Companies are encouraged by the new geophysical results and expect to
continue the drill programme into the summer, in order to evaluate land-based
and near-shore kimberlitic targets. All kimberlites will be tested for diamond
content. Additional results will be reported when available.
Neither the Alberta Stock Exchange nor the Vancouver Stock Exchange have
approved or disapproved the information contained herein.
-30-
For further information: TANQUERAY RESOURCES LTD., Linda Falkenberg,
Director, (403) 263-9055, Fax: (403) 263-9061, MILL CITY INTERNATIONAL INC.,
Larry D. Revitt, President, (403) 640-0110, Fax: (403) 640-4024, CYPANGO
VENTURES LTD., Michael Sweatman, President, (604) 684-4312, Fax: (604)
681-9651
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Mountain Province Mining Inc. - Monopros/De Beers discovers new kimberlite pipe between the 5034 and hearne pipes
VANCOUVER, April 14 /CNW/ - Mountain Province Mining, Inc. (the
''Company'') is pleased to announce that it has been notified by its
contractor, Monopros Limited (''Monopros''), a wholly owned subsidiary of De
Beers Consolidated Mines Ltd, that a new kimberlite, pipe, located between the
5034 and Hearne pipes, has been discovered.
The new kimberlite pipe was intersected while drilling a lake-based
geophysical target (EM high), approximately 300 meters Southwest of the 5034
pipe. The discovery drill hole was inclined at -50 degrees with an azimuth of
325 degrees (towards the Northwest). The hole intersected 36 meters of
kimberlite between 60 and 104 meters giving a horizontal projection of 22
meters. Based on the available information, Monopros believes that the maximum
dimension of the pipe is unlikely to exceed 60 meters. The pipe lies on a
linear Southwest to Northeast trend along which the Hearne pipe, the 5034 pipe
and the Tuzo pipe also lie.
The exploration drilling program is part of ongoing efforts to discover
additional kimberlite occurrences. It started March 31 as previously
announced in the news release of April 9th. The initial drill targets are in
Kennady Lake in an effort to locate additional kimberlite bodies close to the
four existing pipes. Any new discoveries would add to the resource size and
could have a positive effect on the economics of the Kennady lake cluster of
pipes.
Following detailed core logging, samples of the new kimberlite will be
forwarded by Monopros to the De Beers laboratories in South Africa for
microdiamond, mineral chemistry and other analysis.
Four additional exploration holes will be drilled in Kennady Lake before
drilling in several other areas on the AK claims.
The Company is obviously very pleased with this discovery as it
demonstrates that more kimberlites exist and will hopefully be discovered.
The AK and CJ claims, located in the Northwest Territories of Canada, are
held 90% by Mountain Province Mining, Inc., and 10% by Camphor Ventures
(VSE:CFV). As reported in the press release on March 7, 1997, Mountain
Province Mining, Inc. and its partners have entered into a joint venture
agreement with Monopros, under which Monopros has the right to earn up to a
60% interest in the AK and CJ properties.
On Behalf of the Board of Mountain Province Mining, Inc.
''Jan W. Vandersande, Ph.D.''
-----------------------------
Jan W. Vandersande, Ph.D.
President
This release may contain forward-looking statements, within the meaning
of the ''safe-harbor'' provision of the Private Securities Litigation Reform
Act of 1995, regarding the Company's business or financial condition. Actual
results could differ materially from those described in this news release as a
result of numerous factors, some of which are outside of the control of the
company.
Regards
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