Bear Head Property, Northwest Territories

Location: The Bear Head property is located 220 kilometres northeast of Yellowknife, Northwest Territories and adjoins the southern boundary of the property that hosts the Snap Lake diamond deposit, and the eastern boundary of Diamondex's Hilltop Property. Size: 24 mineral claims encompassing 54,749 acres. Ownership: Diamondex 100% Assets: Several well-defined kimberlite indicator mineral trains and a diamond have been recovered from the property. Several priority geophysical targets have been selected for follow-up. Results indicate a new kimberlite indicator mineral train on the southwest corner of the property.

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Since acquiring the property in 2001, exploration has included a 4,140 line-km airborne geophysics survey over the western half of the property, mapping, and regional till sampling over the entire claim block. Till sampling in the summer of 2001 located numerous indicator mineral anomalies on the property and one of the samples yielded a diamond. During 2002, in addition to a ground geophysical program, a further 305 till samples were collected and evaluated.

During the spring of 2003, Fugro Airborne Surveys Inc. flew a 3,957 line-km airborne survey over the northeast portion of the Bear Head property. A total of 41 new geophysical anomalies were picked from this data, and 6 of these anomalies had follow-up ground geophysics completed in the spring. All 41 anomalies were ground evaluated in the summer exploration program. A total of 155 till samples were collected in July, both as infill and follow-up samples down-ice of geophysical and/or geochemichal anomalies. Sample processing is still ongoing, but initial results indicate the emergence of a new indicator mineral train to the east of Indian Hill Lake. The highly positive results occur approximately 4 km down-ice from two discrete geophysical anomalies. Seven discrete geophysical targets were tested with 8 diamond drill holes during 2003, none returned any kimberlite.

During the first quarter of 2005, field investigation on this property was limited to a series of detailed ground geophysical surveys centered in the southwest quadrant of the claim group. During the last two weeks of February, 58 line-kilometres of magnetic and electromagnetic surveys, as well as gravity readings involving 1,150 stations were collected over an area that is suspected to overlie the sources of KIM trains that have yet to be resolved. The interpreted results from this latest geophysical initiative helped focus follow-up sampling during the third quarter.

Summer field programs conducted over the Bear Head property in 2005 included till sampling and geochemical/geophysical surveying of priority anomalies. In addition to the till sampling in the southwest quadrant of the property, a KIM dispersion halo located on the west side of Bear Head Lake was investigated. In total, 104 till samples were returned to Vancouver for processing and picking. Two airborne geophysical anomalies were followed-up with detailed ground magnetic surveys and a large geochemical grid was completed in the centre of the southwest corner of the claim group.