| | Published : June 12th, 2009 | Drill Results for James Bay Lowlands-Nickel Bay Property |
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Thursday, June 11, 2009
Diamondex Announces Drill Results for James Bay Lowlands-Nickel Bay
Property
Vancouver, B.C. - Diamondex Resources Ltd. (DSP-TSX.V)
(the "Company") announces results from diamond drilling of eight
priority geophysical targets on its 90% owned Nickel Bay Property in the
James Bay Lowlands area of northern Ontario. The targets are located inside
Area 1, a subset of roughly three contiguous claim blocks, within the
414,385 acre property. See www.diamondex.net for
project location and description.
All of the tests, which were collared at an average of 12 kilometres apart,
intercepted sulphide mineralization, primarily comprised of pyrrohotite and
pyrite as well as visible chalcopyrite and sphalerite. Individual drill
intercept widths of massive and semi-massive sulphide mineralization ranged
from approximately 2 to 50 metres. Analytical results from 139 samples from
these zones were submitted to Accurassay Laboratories of Thunder Bay,
Ontario. Strongly anomalous copper (0.14%) and zinc (0.32%) assays were
returned. No significant nickel values were reported.
Several of the tests intersected intervals of well developed hydrothermal
alteration, over widths of up to 40 metres, which contained varying amounts
of sericite, carbonate, and silica alteration along with quartz veins and
brecciation developed within the altered sections. Whole rock geochemistry
from cores collected above and below the altered zones indicates that the
tested areas are dominated by volcanics of tholeiitic and calc alkaline
basalt affinity. These suites of rock types can be associated with the
upper (younger) successions of the Archean greenstone belts of the Superior
craton (and cratons throughout the world) and can host volcanogenic massive
sulphide (VMS) deposits as well as lode gold mineralization.
This initial drill program within a relatively unexplored greenstone belt
successfully demonstrated Area 1's potential to host VMS and lode gold
deposits. The discovery of well developed hydrothermally altered zones
within a package of prospective volcanic rocks that returned anomalous
copper and zinc values as well as gold assays up to 0.6 grams/tonne is
highly encouraging. In light of consistently anomalous gold values within
some of these intervals, the Company is currently sampling additional cores
from within the hydrothermal zones and the assay results will be reported
as they are received. The Company is confident that follow-up drilling of
off-hole conductors located by subsequent Borehole Pulse electromagnetic
surveys as well as the testing of the remaining priority geophysical
anomalies within Area 1 is warranted. A follow-up drill program is
currently being planned to further test additional geophysical targets on
the property.
Area 1 represents less than 20% of the Nickel Bay property. In 2008
approximately 13,000 line-kilometres of versatile time domain
electromagnetic ("VTEM") surveys were flown over the entire
property identifying 78 priority conductors with minimum conductance values
greater than 100 siemens. The resulting targets are characterized as strong
conductors hosted within volcano-sedimentary stratigraphy similar to that
which hosts Noront's Double Eagle nickel deposit and Spider-KWG's McFauld's
Lake VMS deposits.
The Company is one of the largest property holders in the area, and has
established a leading position in what could be one of Canada's last
unexplored volcanic belts with demonstrated economic potential.
David Clarke, P.Geol., M.Sc., Senior 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.
DIAMONDEX
RESOURCES LTD.
"Randy Turner"
Randy C. Turner, President
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EXPLORATION STAGE |
CODE : DSP.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Canterra Minerals is a gold and cobalt exploration company based in . Canterra Minerals holds various exploration projects in Canada. Its main exploration properties are STONY ROAD, CACHE PROPERTY, DISMAL LAKE, BRODEUR PROJECT, LENA WEST PROPERTY, MANN LAKE, BUFFALO HILLS, PASFIELD LAKE, JAMES BAY PROPERTY, CARAT PROPERTY, HILLTOP PROPERTY, KING PROPERTY, RIVER LAKE / HIGHROCK, LAC DES BOIS PROPERTY, WEILAND JV, WEST CARSWELL, WOLLASTON NE, KENDALL RIVER, RANULF PROJECT, LOON RIVER, MOUNTAIN LAKE, AYLMER LAKE WEST, BEAR HEAD and CZAR in Canada. Canterra Minerals is listed in Canada and in United States of America. Its market capitalisation is CA$ 6.5 millions as of today (US$ 6.5 millions, € 4.4 millions). Its stock quote reached its highest recent level on December 29, 2000 at CA$ 2.60, and its lowest recent point on February 27, 2009 at CA$ 0.02. Canterra Minerals has 186 901 000 shares outstanding. |
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