CORPORATE
NEWS RELEASE
May 14, 2009
Shear
Minerals Ltd. (TSXV:SRM), International Samuel Exploration Corp. (TSXV:SAZ),
New World Resources Corp. (TSXV:NW), and Mantle Resources Inc.(TSXV:MTS) today
announced results from the spring 2008 exploration program at the Afridi Lake
Diamond Project (“the Afridi Project”), Northwest
Territories. A total of 12 drill holes (1,741 m) were completed that
tested 12 priority geophysical targets including the DA1 and DA2 diamondiferous
kimberlite pipes.
Three holes were completed to test the
previously known DA kimberlites. Drill hole AF08-01 tested a gravity low
coincident with a magnetic low of the DA1 kimberlite with a vertical hole and
intersected kimberlite at a depth of 9.1 meters. The hole remained in
kimberlite to a depth of 186 meters. The kimberlite has been described as
crater facies, mud rich with a sand matrix, visible bedding and large
autoliths. AF08-02 tested a gravity low between DA1 and DA2,
intercepting 0.21 m of kimberlite in a possible fault zone. AF08-03 tested DA2
gravity low and intercepted 0.36 m of fine grained kimberlite, possibly a
kimberlite dyke offshoot from the main pipe. Core will be sent for
petrographic analysis to R.L. Barnett Geological Ltd. in order to determine and
confirm the mineralogy of the kimberlite as well as to the Saskatchewan
Research Council for diamond analysis using caustic fusion analysis.
Kimberlite was not encountered in the remaining nine holes.
“We are extremely pleased to have
collected kimberlite samples from the DA1 and DA2 kimberlites during this phase
of exploration for diamond recovery and preliminary grade modeling” said
Pamela Strand, President and CEO of Shear. “With many untested targets
remaining, many land based, our plan is to continue exploration once land use
permits have been approved.”
In
addition, crews completed 2,474 gravity stations as well as 295.5 line km magnetics
over eight targets in order to rank targets for testing. A remaining six
priority targets have been identified and designated for drill testing from the
spring work. A total of 86 geophysical targets suggestive for follow up
have been chosen on the property and will be continuously assessed during
ongoing exploration.
At the present time the joint venture is
applying for all government land-use permits in anticipation for continued
prospecting, ground geophysics and drilling at Afridi in late summer to fall.
All operations during this spring program were based out of Peregrine Diamonds
DO-27 camp located 15km west of the Afridi Project.
In 2007 a high resolution airborne gravity
gradient survey, flown by Bell Geospace of Houston, Texas proved that the
density contrast between the surrounding rock and the known kimberlites was
great enough to register an interpretable gravity gradient anomaly of two
hectares or larger. A review of the geophysical data by independent consultant
Christopher Campbell of Intrepid Geophysics, Vancouver B.C., identified more
than 25 targets characterized by land based isolated gravity low targets
suggestive of kimberlite that were the focus of the spring 2008 program.
The Afridi Project is comprised of 56,000
acres of claims and mineral leases within the Lac de Gras Diamond District located 320 km
northeast of the City of Yellowknife, NWT. The Afridi Project adjoins both the
DIAVIK Diamond Mine and the WO claims which host the DO-27 kimberlite. The
Afridi Project is host to five known diamond bearing kimberlites and there are
more than 40 known kimberlites within 40 kilometers of the Project. Shear
Minerals Ltd. holds a 58.2% interest in the Afridi Project and is the operator.
International Samuel has a 25.4% interest and New World Resources & Mantle
Resources each hold 8.2%.
This
news release may contain forward looking statements, being statements which are
not historical facts, including, without limitation, statements regarding
potential mineralization, exploration results, resource or reserve estimates,
anticipated production or results, sales, revenues, costs,
"best-efforts" financings or discussions of future plans and
objectives. There can be no assurance that such statements will prove accurate.
Such statements are necessarily based upon a number of estimates and
assumptions that are subject to numerous risks and uncertainties that could
cause actual results and future events to differ materially from those
anticipated or projected. Important factors that could cause actual
results to differ materially from either of the Companies’ expectations
are in Company documents filed from time to time with the TSX or the TSX
Venture Exchange and provincial securities regulators, most of which are
available at www.sedar.com.
The Companies disclaim any intention or obligation to revise or update such
statements. The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Suite 100, 9797 - 45
Ave
Edmonton, AB
T6E 5V8
Tel: (780) 435-0045;
Fax: (780) 989-0322
www.shearminerals.com