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| | Thu Sep 13, 2001
Carat Property Joint Venture Drilling Update
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| | Diamondex Resources Ltd. (DSP-CDNX) ("Diamondex") is pleased to provide a drilling update on the previously reported CT 55 kimberlite discovered on the Carat property. This property, located 340 km NE of Yellowknife, NWT, comprises 94,300 acres and immediately adjoins the northern claim boundary of the Ekati Diamond Mine property. The Carat property is operated by Diamondex on behalf of a joint venture in which Diamondex has a 70% interest and Tyler Resources Inc. has the remaining 30%.
The CT 55 kimberlite is represented by a negative magnetic anomaly comprising two lobes with approximate overall dimensions of 200 metres (E-W) by 100 metres (N-S). A third negative magnetic lobe, approximately 50 metres by 50 metres, adjoins the main CT 55 anomaly on the north. Drill hole CT 16, collared at --45 degrees with a 190 degree azimuth, was designed to test the eastern lobe. This hole collared in overburden, passed into granitic wall rock at 60m followed by crater facies kimberlite from 89 metres to 164 metres. This hole terminated approximately 50 metres short of the southern geophysical boundary. A vertical hole drilled in the centre of the eastern lobe intersected crater facies kimberlite immediately below overburden from 25 metres to 80 metres before it was terminated due to drilling difficulties. Four (4) facies have been identified within the recovered crater facies material.. Chemical analysis of chromite grains indicate this kimberlite has passed through the diamond stability field. Neither the northern nor western lobes have been drill tested to date and will be evaluated during the next phase of drilling. A total of 175 kilograms of crater facies material from CT 55 have been submitted to Lakefield Research for caustic fusion with results expected during the fourth quarter.
Several additional geophysical targets on the Carat Property are currently being evaluated for further drilling.
Diamondex Resources Ltd.
"Randy Turner"
R.C. Turner
President, CEO
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. |
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