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

To: Rocket Red who wrote (18765)	4/29/1999 9:11:00 PM
From: .Trev	Read Replies (1) \| Respond to of 26850

Still coming hope i"m not repeating stuff =========================================================================== From: Winspear Resources Ltd. (WSP) winspear.com mailto:info@winspear.com --------------------------------------------------------------------------- Re: News Release - Thursday, April 29, 1999 Progress Report on the 1999 Winter/Spring Exploration Program in the Snap Lake area of the Camsell Lake Property, NWT. =========================================================================== Winspear Resources Ltd. (WSP-V) is pleased to issue a progress report on results of the continuing 1999 Winter / Spring exploration program in the Snap Lake area of the Camsell Lake property, NWT. The Camsell Lake property is situated approximately 220 km northeast of Yellowknife, NWT. Diamond drill program: (Click on this link to view the Camsell Lake Map - winspear.com The objective of the diamond drill program was to define to feasibility standards approximately 5 million tonnes of kimberlite and to outline the potential for an additional 3 - 5 million tonnes. Winspear believes these objectives have been met. MRDI Canada, a Division of H.A. Simons Ltd., will begin working on a revised tonnage estimate based on this winter's drill program. Results are expected in June of this year. At the present time, two drills are being prepared for drilling on the north shore of Snap Lake. This program will extend through Spring break-up and is expected to be completed in late June. A total of 84 drill holes (13,388 metres) have been completed since early February of which 21 were drilled to define the sites of the two bulk sample pits and an additional 4 holes were drilled on land for geotechnical purposes. The remaining 59 holes were drilled to further define the NW dyke. The accompanying map indicates the location of all drill hole intersections on the NW dyke while the contained table summarizes the down-hole thickness of the intersections encountered in the various 400 metre blocks tested. As previously reported, the dyke extends 2.0 km in a northerly direction and remains open both to the north and south. Recent drilling has confirmed that an intersection of potentially economic thickness of the NW dyke occurs 2.5 km down-dip from the sub-crop on the NW peninsula. The NW dyke remains open east of this intersection. There are presently 154 drill intersections on the NW dyke resulting from the various drill programs since 1997, most of which are from vertical holes. The average down-hole thickness for all holes is 2.63 metres. On the accompanying Figure, there are 15 contiguous 400 metre-square blocks on which the average thickness exceeds 2.0 metres. Within these blocks, the 137 drill intersections average 2.78 metres down-hole thickness. Note that all kimberlite intersections reported must be corrected to determine true thickness. It is believed that true thickness will be approximately 90% of reported down-hole thickness. As previously reported, the kimberlite dyke appears to thin to the west as is indicated on blocks I-11 and L-11. Based on existing information, the NW dyke also appears to thin towards the south as indicated by intersections on blocks I-12, 13, and 14. However, a thicker part of the dyke is developed along an axis trending about N60E centered on the NE corner of J-11 and extending about 200 metres on either side of this axis through blocks J-12, K-13, L-14 and L-15. Over this area, drill intersections average more than 3 metres and range up to 5.1 metres. During the winter program, three holes were drilled in the NE arm of Snap Lake to test geophysical anomalies that may have represented a vertical feeder system for the NW dyke. Two of these holes encountered kimberlite dyke material about 2.8 metres thick while the third hole, located 3.5 km east of the sub-crop, failed to encounter kimberlite. Results of this program will continue to be interpreted with the view to developing other possible targets that may represent the feeder system for the NW dyke. Previous data suggests that the various dykes encountered in the Snap Lake area may define a cone-sheet structure. While new data obtained from this season's drilling does not disprove this concept, it has indicated that while the NW dyke remains gently dipping, it also appears to be gently warped around the NE trending axis along which the thicker parts of the dyke have been encountered to date. Additional information is required over the Snap Lake area to permit further refinement of emplacement concepts. All significant intersections of kimberlite have been submitted for caustic fusion analyses which are presently in progress. Results will be announced when all assays are available. Because of weakening ice conditions on Snap Lake, the drill program will continue on the north shore with two drills. The initial purpose of this work is to define the extent of the kimberlite dyke in this area at depths of 300 metres or less and where thickness is similar to that encountered to date. Holes will initially be drilled on approximately 400 metre centres. Results of this phase of work will determine hole spacing for the remainder of the program in this area. In addition, some holes may be drilled to test the down-dip extensions of dykes found in the SE part of Snap Lake during the 1998 Spring drilling program. Bulk Sample: As previously reported, a 6000 tonne bulk sample has been extracted from two sites 260 metres apart on the NW peninsula that adjoin the eastern boundary of the two pits that were sampled last year. The 200 tonnes sampled from these pits returned a grade of 1.14 carats per tonne that were valued at US$301 per carat. Each of the two samples taken this year is believed to be approximately 3000 tonnes. The purpose of this sample is to increase the confidence level of both the grade and unit value of kimberlite from the NW dyke. At the present time, the bulk samples are being put through a primary crusher. Processing of the first of the samples through the diamond recovery plant will begin in early May. It is expected that initial results will be available in early June with preliminary values from both samples available early in the third quarter. Other: In addition to the on-going drilling program, preliminary site investigations are planned for June to support more detailed engineering studies that will be initiated should bulk sample results continue to prove favourable. In addition, a significant environmental program will continue through the summer period to ensure that sufficient data is available to support permits for more advanced exploration / development work programs. In addition, the Company is actively involved in ensuring that Aboriginal communities potentially impacted by additional work at Snap Lake are aware of, and have input to, on-going developments in the area. A limited till sampling program will be carried out in the summer over parts of the Camsell Lake property on which unusual concentrations of indicator minerals have been previously obtained. The exploration program established at the beginning of the year is on track and all objectives have been met. Management is pleased with progress being made on the program and looks forward to its successful completion. 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 contents of this news release. =========================================================================== Copyright (c) 1999 WINSPEAR RESOURCES LTD. (WSP) All rights reserved. For more information, please visit our website at winspear.com or send electronic mailto:info@winspear.com Message sent on Thursday, April 29, 1999 at 3:45:04 PM Pacific Time =========================================================================== Internet Communication Systems and Services by Adnet Inc....... Facilitating and enhancing your communications through advanced services and technology. Visit us at adnet-inc.net