Post by Franko10 ™ on Sept 16, 2004 10:49:19 GMT -5
Diagem International Resource Corp. (“Diagem”) reports that KWG Resources Inc. (“KWG”) (TSXV: KWG), a company in which Diagem currently has a 32% interest, and joint venture partner Spider Resources Inc. (“Spider”) announce the preliminary results from the first diamond drill hole completed on the Good Friday kimberlite on their jointly held MacFadyen property in northeastern Ontario. A total of 132.2 metres of samples weighing 455.2 kilograms yielded a total of 121 diamonds.
The diamond population consisted of 111 micro diamonds (<0.5mm), 8 macro diamond (0.5-0.8mm) and 2 stones greater than 0.8mm. The results are preliminary and further evaluation is being conducted however, this confirms that the Good Friday Kimberlite is diamondiferous and warrants further investigation.
This drill hole SPQ4-01, tested a magnetic target, approximately 100 meters in diameter, located 300 meters northeast of previously discovered (1994) MacFadyen #1 kimberlite and 600 meters northeast of the MacFadyen #2 kimberlite, all of which are within 8 kilometers north of the advanced “Victor kimberlite development project” of De Beers Canada Exploration and 1.5 km east of De Beers’ Tango and Tango Extension Kimberlites.
The drill program included four additional drill holes of which two drill holes that intersected two other kimberlites and samples from those holes are currently being analyzed. The results are expected within the next few weeks.
The drill program was under the field supervision of an Independent Qualified Person (“IQP”) Roger Thomas (M.Sc., P.Eng., P.Geo). Mr. Thomas logged the drill core and selected the samples for diamond content processing that were personally delivered by project manager Neil Novak, P.Geo., to a diamond recovery laboratory managed by Kennecott Canada Exploration Inc. (Thunder Bay Mineral Processing Laboratory) for a complete diamond content analysis using caustic dissolution.
Diagem is funding this drill program as part of its $2,000,000 earn-in into the joint venture. Once these funds have been expended, Diagem will have earned an 8% interest in the joint venture, which may be converted into an equity interest in KWG (8,666,667 shares) and Spider (9,600,000 shares).
For and on behalf of
DIAGEM International Resource Corp.
"Dr. Mousseau Tremblay"
President