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| | Wed Nov 12, 2003
Lena West, Bear Head and Kingfish Properties Exploration Update
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| | Vancouver, B.C. -- Diamondex Resources Ltd. (DSP-TSX) ("Diamondex") is pleased to provide an update on its summer/fall exploration programs on the Lena West, Bear Head and Kingfish properties, which are all located in the Northwest Territories (see www.diamondex.net for property locations).
Lena West Property, Northwest Territories
A total of 1,054 stream sediment samples were collected from the Lena West property area during the summer/fall exploration program. To date, approximately 45% of the samples have been processed and 'picked' for kimberlite indicator minerals (KIM's). Pyrope garnet grains, up to 3mm in size, as well as picroilmenite and chromite grains have been recovered from the majority of the samples. In addition to the two diamonds recovered and described as measuring approximately 0.8mm and 0.6mm in their longest dimension (see news release dated September 8, 2003), a third diamond measuring 0.5mm was recently recovered from the heavy mineral concentrates. These diamonds were identified in samples collected from three separate drainage areas. Chemical analyses and morphological studies of the kimberlite indicator minerals are currently underway. The majority of these ongoing studies and analyses are being conducted at the Diamond Research Institute in Novosibirsk, Siberia under the direction of Dr. Nikolai P. Pokhilenko, senior technical advisor to Diamondex, in conjunction with Diamondex personnel. All chemical analyses and morphological studies from the year's sampling program will be completed during the first quarter of 2004.
In addition to the ongoing evaluation of the recovered stream sediment heavy mineral concentrates, processing of the final version of the high resolution, horizontal gradient airborne magnetic survey has commenced. Fugro Airborne Surveys conducted this survey, which comprises 63,800 line kilometres of flight lines at 300 metre line-spacings. To date, review of the final airborne data has indicated several promising targets.
A proposed auger-style drilling program is currently being evaluated to test priority airborne geophysical anomalies that are in close proximity to the most chemically and morphologically promising KIM's. This program is expected to commence during the beginning of the second quarter of 2004. A total of $2.5 million has been expended on the Lena West project to date. Details of the proposed exploration program for the 2004 field season and its attendant budget will be announced following the receipt and evaluation of the pertinent data.
The Lena West property, comprised of 139 prospecting permits totaling 6.15 million acres is centred approximately 310 kilometres north of Norman Wells and 200 kilometres southeast of Inuvik, NWT. The Lena West property is 100% owned by Diamondex.
Bear Head Property, Northwest Territories
Five of ten planned drill tests of targets based on geophysical and/or geochemical anomalies were recently completed. No kimberlite was intersected by the 1,035 metres of drilling that was completed before the program was suspended due to the onset of severe weather conditions. The remaining targets will be tested early in the first quarter of 2004. Since 2001, a total of 8,657 line-kilometres of airborne MAG/EM (Fugro/Dighem) has been conducted over the Bear Head property as well as the collection, processing and analysis of 1,099 till samples for kimberlite indicator minerals. Anomalous concentrations of pyrope garnet, chromite and picroilmenite grains recovered from successive till sampling programs has enhanced the property's potential for hosting diamond-bearing kimberlite. In addition to the winter drill program described above, an exploration program consisting of further detailed ground geophysics, till sampling and diamond drilling is being planned. This program and its attendant budget will be announced in the near future. To date, a total of $2.2 million has been expended on the Bear Head Property.
The Bear Head property is located 220 kilometres northeast of Yellowknife, Northwest Territories. This property extends from the eastern boundary of Diamondex's Hilltop property and adjoins the southern boundary of the Camsell Lake claim block, which hosts the Snap Lake diamond deposit. This property totals 249,865 acres in size and is 100% owned by Diamondex.
Kingfish Property, Northwest Territories
A total of 6,012 line-kilometres of airborne MAG/EM (Fugro/Dighem) was conducted over the Kingfish property during the second quarter. Twenty-three priority targets have been selected for detailed ground geophysical investigations, which include the application of magnetic, resistivity and gravity surveys. During the third quarter, 288 till samples were collected from the property. Picking of these samples for kimberlite indicator minerals is ongoing but three targets have been selected for drill testing early in the first quarter of 2004. A budget for this work, as well as a planned detailed ground geophysical program will be announced shortly. Since the property was staked in November of 2002, Diamondex has conducted exploration work totaling $630,000.
The Kingfish property is located approximately 260 kilometres northeast of Yellowknife, Northwest Territories. This property is comprised of 64 mineral claims totaling 140,300 acres and is situated immediately east of the Camsell Lake Property, which hosts the Snap Lake diamond deposit. The Kingfish Property is 100% owned by Diamondex.
Summary
Diamondex holds a large and prospective portfolio of diamond exploration properties, which are located in the lower Mackenzie River area, and the southern Slave region of the Northwest Territories, the Coronation Gulf district of Nunavut and Northern Quebec. The company holds up to a 100% interest in 7.5 million acres comprised of 14 projects in which Diamondex is the operator of all projects. During the first nine months of 2003, work programs comprising approximately 75,000 line-kilometres of airborne geophysics, 175 line-kilometres of ground geophysical surveys (including magnetic, resistivity, and gravity surveys), 1,865 till and stream sediment samples and approximately 1,700 metres of diamond drilling have been carried out. Data collected this year from all the project areas including the Lena West, Peregrine, Hilltop, Bear Head, Kingfish, and Gayot properties are currently being processed and evaluated and will be released as this information becomes available.
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.
"John A. McDonald"
John A. McDonald, Director
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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