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| | Mon Oct 1, 2007
Ontario Exploration Update
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| | Vancouver, B.C. -- Diamondex Resources Ltd. (DSP-TSX.V) ("Diamondex") is pleased to provide an exploration update on its Ontario diamond projects. (See www.diamondex.net for project locations).
Viking Project, Ontario
The 100% owned Viking property is located in an area of the Superior Craton in northwestern Ontario, approximately 60 km east of the town of Nakina. The 2004 sampling program recovered abundant kimberlite indicator minerals (KIMs), many with primary surface textures indicating very short glacial transport distances (possibly less than 10km) from their sources. The indicator minerals recovered from the area include G10 gargets, eclogitic garnets, picroilmenties, chromites and chrome diopsides. Subsequent sampling in 2005 established the up-ice cut-off of the KIM source areas.
Diamondex field crews have commenced the collection of 800 follow up till samples. The sample sites are accessible from logging roads and the program is designed to further define the indicator mineral sources. The results of this program will be integrated with the previously flown high resolution airborne magnetic data to define targets for future drilling programs. The proposed expenditure under this program is estimated to be $600,000. A total of $478,500 has been expended on the project to date.
Weiland Project, Ontario
The Weiland project is located in the Kyle Lake kimberlite cluster area of the James Bay Lowlands of Ontario, approximately 120 kilometres west of De Beers' Victor kimberlite pipe, which is known for its high quality diamonds. The Kyle Lake kimberlites are widely spaced over a 3,600 square-kilometre area, suggesting excellent potential for the discovery of additional kimberlites. The property is held in a 40:60 joint venture with De Beers Canada Inc, with Diamondex the operator of the project.
A 23,000 line-kilometre low-level, high resolution airborne magnetic survey was flown over a portion of the project area in early 2006. The airborne survey results led to the identification and staking of 41 kimberlite targets. In the first quarter of 2007, the surveyed area at Weiland was expanded through the collection of an additional 33,500 line kilometres of airborne magnetic data. Subsequent interpretation of the airborne data led to the staking of 59 additional kimberlite targets in the first and second quarters of 2007.
Preparations are underway for the upcoming winter drilling program. Two proprietary light-weight reverse circulation drills have been contracted to carry out this program. An aggressive program and budget to drill test several of the staked targets is planned for submission to the joint venture's management committee for approval. It is anticipated that the drilling will commence in late February, 2008.
This press release has been reviewed and approved by Raymond Ashley, P.Geoph, a Qualified Person under National Instrument 43-101, and an officer of Diamondex.
Diamondex also announces the granting of incentive stock options to officers, employees and/or consultants to purchase up to 1,500,000 common shares under the Company's Incentive Stock Option Plan. The options will be granted for a period of five (5) years, commencing on October 1, 2007, exercisable at a price of $0.30 per share.
DIAMONDEX RESOURCES LTD.
"Randy C. Turner"
Randy C. Turner, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
P.O. Box 11584, 1410 - 650 West Georgia Street, Vancouver, British Columbia V6B 4N8 Telephone: 604-687-6644 Facsimile: 604-687-1448 E-Mail: diamonds@diamondex.net |
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| | You can view the Next News Releases - 2007 item: Tue Oct 9, 2007, Stock Options Granted
You can view the Previous News Releases - 2007 item: Tue Sep 18, 2007, Diamondex and Loon River First Nation reach Agreement to explore Reserve Lands for Diamonds
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