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| | Mon Sep 8, 2003
Lena West Project - Diamonds Recovered
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| | Vancouver, B.C. -- Diamondex Resources Ltd. (DSP-TSX) ("Diamondex") is pleased to announce preliminary results obtained from this season's exploration program on the Lena West project, which is centered approximately 310 kilometres north of Norman Wells and 200 kilometres southeast of Inuvik, Northwest Territories (see www.diamondex.net for location details). The Lena West project area, consisting of 139 prospecting permits totaling 6.15 million acres, is held 100% by Diamondex. The main components of the Lena West exploration program include stream sediment sampling and airborne geophysics with a 2003 budget of approximately $2 Million. Preliminary results obtained to date are briefly reviewed below.
Stream Sediment Sampling Program:
Under the direction of Dr. Nikolai P. Pokhilenko, senior technical advisor to Diamondex (see news released dated February 3, 2003), four teams of highly experienced Russian and Diamondex geoscientists, sampled the various river systems within the Lena West project area. Stream sampling is currently continuing and is expected to be completed by the end of September. To date, a total of 1,018 samples have been collected with approximately 18% of the samples processed and 'picked' for kimberlite indicator minerals (KIMs). Pyrope garnet grains have been recovered from approximately 50% of these samples, and picroilmenite grains have been identified in about 80% of the samples processed to date. Chromite grains have also been recovered from a portion of the samples; however, the origin of these grains has yet to be determined. In addition, two diamonds have been recovered from processed heavy mineral concentrates. These diamonds, which measure approximately 0.8 mm and 0.6 mm in their longest dimension, were found in samples taken from two separate drainage areas.
Airborne Geophysical Program:
A fixed-wing, high-resolution, horizontal gradient magnetic survey comprising 63,800 line-km was completed by Fugro Airborne Surveys over the permit area on August 31. This survey, flown at 300 metre line-spacings, covers approximately 70% of the northern and central portion of the permit area. The southern portion of the permit area has previously been flown with widely spaced (800 metre lines) magnetic surveys under GSC initiatives. At this time, an initial review of the preliminary airborne data has indicated several promising targets.
Continuing Work:
Processing and analysis of stream sediment samples is continuing. In addition, chemical analysis and morphological studies of the kimberlite indicator minerals has commenced. The majority of these ongoing studies and analyses will be undertaken at the Diamond Research Institute, Novosibirsk, under the supervision of Dr. N.P. Pokhilenko in conjunction with Diamondex personnel. It is anticipated that all significant results and analysis from this year's sampling program will be available during the first quarter of 2004.
Fugro is expected to deliver the final version of the horizontal gradient enhanced total field magnetic data set by month-end. Ongoing analysis over the next several months will correlate the results obtained from this survey with results from the stream sediment sampling program with the objective of defining drill targets for early 2004.
Diamondex is highly encouraged by results obtained to date from the Lena project, and will provide further updates as results become available.
Diamondex holds a large and prospective portfolio of diamond exploration properties located in the southern Slave province and the lower Mackenzie River area of the Northwest Territories, the Coronation Gulf district of Nunavut and northern Quebec. The company holds up to a 100% interest in 7,672,592 acres comprised of 17 diamond properties. 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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DIAMONDEX RESOURCES LTD.
"Randy C. Turner"
Randy C. Turner, President
For further information, please contact Diamondex via telephone at
Tel: 604-687-6644 or via E-mail at diamonds@diamondex.net
Diamondex Resources Ltd., P.O. Box 11584, 1410 - 650 West Georgia Street, Vancouver, B.C. V6B 4N8
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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