Post by Franko10 ™ on Sept 16, 2004 9:43:22 GMT -5
Diagem International Resource Corp. reports that KWG Resources Inc. ('KWG'), a company in which Diagem has a 33% interest, and, joint venture partner Spider Resources Inc. ('Spider') announce the start-up of the summer exploration program at their jointly owned McFauld's Lake Volcanogenic Massive Sulphide ('VMS') project, located in the Spider #3 project area of the James Bay Lowlands in northern Ontario. The program consisting of airborne geophysics and diamond drilling is designed to further test the massive sulphide target delineated by drilling earlier this year, highlights of which have been tabulated in a previous KWG press release dated June 19, 2003.
Heath &Sherwood Drilling (1986) Inc. of Kirkland Lake, Ontario has been awarded the drill contract, the drill crew will arrive during the week of July 7-11. The present program is expected to total 10 holes, four holes at McFauld's to test further extensions of the mineralization, one hole at a nearby anomaly and five others that will be assigned on the basis of the results of the new holes or directed at new target areas as identified by the airborne survey. The exploration camp, capable of accommodating 14 men, has now been relocated closer to the new VMS discovery thus providing better access to the project site. An airborne geophysical 'Megatem - Geotem'survey contract has been awarded to Fugro Airborne Surveys Corp. of Ottawa, Ontario. This magnetic and electromagnetic survey will cover the entire 60 square mile property that hosts the McFauld's Lake Cu + Zn VMS occurrence focusing on locating additional look-alikes in the area. In addition, the airborne survey will also cover a smaller survey area (32 square miles) over 32 newly staked claims in the Kitchie Lake area (60 miles south of McFauld's Lake). This is a Cr-Ni-PGM exploration target, where layered anorthositic gabbro has been identified in outcrop by previous geological mapping.
KWG and Spider have recently had some technical input on the geological front from various VMS geological consultants including world recognized VMS specialist James Franklin Ph.D. of Franklin Geoscience Ltd., based in Ottawa Ontario. It is the consensus of the consultants'opinion after viewing analytical results and drill core from the project, that KWG and Spider have discovered a new VMS geological setting and the likelihood of additional VMS occurrences nearby is high. The McFauld's Lake occurrence has many similarities to the Mattagami Lake Mine and its surrounding deposits. The geophysical contract is estimated to cost $225,000, while the drilling is estimated to cost in the order of $500,000. Both KWG and Spider are well financed as a result of a series of recent private placements and the exercise of options by members of management.
Diagem is a diamond exploration company holding significant diamond interests in Brazil and Canada. In Brazil it owns 20 properties totaling 130,000 hectares, containing extensive diamondiferous gravels and 8 kimberlites, located within the Juina Diamond Province, historically Brazil's largest diamond producing area. In Canada through its interest in KWG (TSXV: KWG), Diagem has an indirect interest in diamond exploration projects in the James Bay Lowlands and Wawa areas, in addition to the McFauld's Lake massive sulphide discovery in Ontario.
For and on behalf of
DIAGEM International Resource Corp.
"Dr. Mousseau Tremblay"
President
Heath &Sherwood Drilling (1986) Inc. of Kirkland Lake, Ontario has been awarded the drill contract, the drill crew will arrive during the week of July 7-11. The present program is expected to total 10 holes, four holes at McFauld's to test further extensions of the mineralization, one hole at a nearby anomaly and five others that will be assigned on the basis of the results of the new holes or directed at new target areas as identified by the airborne survey. The exploration camp, capable of accommodating 14 men, has now been relocated closer to the new VMS discovery thus providing better access to the project site. An airborne geophysical 'Megatem - Geotem'survey contract has been awarded to Fugro Airborne Surveys Corp. of Ottawa, Ontario. This magnetic and electromagnetic survey will cover the entire 60 square mile property that hosts the McFauld's Lake Cu + Zn VMS occurrence focusing on locating additional look-alikes in the area. In addition, the airborne survey will also cover a smaller survey area (32 square miles) over 32 newly staked claims in the Kitchie Lake area (60 miles south of McFauld's Lake). This is a Cr-Ni-PGM exploration target, where layered anorthositic gabbro has been identified in outcrop by previous geological mapping.
KWG and Spider have recently had some technical input on the geological front from various VMS geological consultants including world recognized VMS specialist James Franklin Ph.D. of Franklin Geoscience Ltd., based in Ottawa Ontario. It is the consensus of the consultants'opinion after viewing analytical results and drill core from the project, that KWG and Spider have discovered a new VMS geological setting and the likelihood of additional VMS occurrences nearby is high. The McFauld's Lake occurrence has many similarities to the Mattagami Lake Mine and its surrounding deposits. The geophysical contract is estimated to cost $225,000, while the drilling is estimated to cost in the order of $500,000. Both KWG and Spider are well financed as a result of a series of recent private placements and the exercise of options by members of management.
Diagem is a diamond exploration company holding significant diamond interests in Brazil and Canada. In Brazil it owns 20 properties totaling 130,000 hectares, containing extensive diamondiferous gravels and 8 kimberlites, located within the Juina Diamond Province, historically Brazil's largest diamond producing area. In Canada through its interest in KWG (TSXV: KWG), Diagem has an indirect interest in diamond exploration projects in the James Bay Lowlands and Wawa areas, in addition to the McFauld's Lake massive sulphide discovery in Ontario.
For and on behalf of
DIAGEM International Resource Corp.
"Dr. Mousseau Tremblay"
President