Post by fastwalker on Sept 22, 2004 15:11:20 GMT -5
Informational..only...Press Release Source: Diamondex Resources Ltd.
Diamondex Resources Ltd.: Diamond Drill Program to Commence
Wednesday September 22, 12:24 pm ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 22, 2004) - Diamondex Resources Ltd. (DSP-TSXV) is pleased to provide an update on its Lena West project located in the Northwest Territories, Canada (see www.diamondex.net for project locations). Exploration data on Diamondex's other projects in the Northwest Territories and Nunavut are currently being compiled and an update on these projects will be forthcoming.
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Lena West Project, Northwest Territories
A major exploration program, budgeted at $3.5 million, consisting primarily of airborne and ground geophysics, stream and till sampling and auger drilling has now been completed over the Lena West project.
A total of 136,500 line-kilometres of high resolution, horizontal gradient airborne magnetic surveying, conducted by Fugro Airborne Surveys has been completed over the project area. This survey, conducted during 2003 and 2004, was flown at 300 metre line-spacings. Approximately eighty (80) prospective geophysical targets, ranging in size from 300 metres to greater than 1,000 metres in diameter were defined as a result of this work. Twenty (20) priority targets were followed-up with detailed ground magnetic surveys and an auger drilling program was conducted to recover subsurface sediment samples for kimberlite indicator mineral (KIMs) analysis. Targets sampled by the auger drilling program have been processed and analysis of the resulting heavy mineral concentrate is currently underway. Detailed ground geophysical surveys and auger drilling over the remaining priority targets will resume during the first quarter of 2005.
In addition to the auger drill sampling program, a total of 1,100 till and stream samples were collected from selected target areas within the Lena West permits. This recently completed program was a focused follow-up to the 2003 stream sediment sampling campaign that returned anomalous concentrations of pyrope-garnet grains of lherzolitic and harzburgitic periodite provenance (with a significant portion of G10s), a total of 5 diamonds ranging from 0.5mm to 1.5mm in their longest dimension, as well as kimberlitic ilmenite chemistries which are indicative of favourable diamond preservation conditions. Morphological studies of the recovered KIMs indicate the presence of both primary and secondary sources with a subset of the grains indicating close proximity to source areas.
The 2004 exploration program was conducted under the direction of Dr. Nikolai P. Pokhilenko, Director of the Diamond Research Institute in Novosibirsk, Siberia. All samples collected during the 2004 field season are currently being processed. Subsequent to mineral picking of the concentrates, all the recovered KIMs will be delivered to the Diamond Research Institute for chemical analysis and morphological study. Results from these studies are expected during the first quarter of 2005.
As a follow-up to this exploration program, a diamond drill program will test several high priority geophysical/geochemical targets. This initial program will commence immediately and is expected to take approximately one month to complete. Results of the drilling will be released upon completion of the program.
Since exploration began in late 2002 in the Lena West area, approximately $6.25 million has been expended by Diamondex, mainly on airborne geophysics, stream and till sampling and land acquisition.
The Lena West Project area, comprised of 139 prospecting permits and 33 mineral claims totalling 6,164,200 million acres, is centred approximately 900 kilometres northwest of Yellowknife and 200 kilometres southeast of Inuvik, Northwest Territories. The Lena West project is 100% owned by Diamondex.
Miscellaneous
Diamondex holds a very large and prospective portfolio of diamond exploration properties in the lower Mackenzie River area and the southern Slave province of the Northwest Territories, the Melville and Boothia Peninsula areas, as well as the Coronation Gulf district of Nunavut and Northern Quebec. The company holds up to 100% interest in 7.75 million acres comprised of 17 diamond properties. The Company is well financed, having recently completed an $8.5 million equity financing.
David Clarke, P.Geol., M.Sc., Vice President of Exploration for Diamondex Resources Ltd. is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Diamondex Resources Ltd.
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Contact:
Diamondex Resources Ltd.
Randy C. Turner
President
Phone: (604) 687-6644
Email: diamonds@diamondex.net
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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Source: Diamondex Resources Ltd.
