Post by Franko10 ™ on Sept 16, 2004 10:50:10 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 remaining two drill holes completed on the MacFadyen property in the James Bay Lowlands of northeastern Ontario. A total of 19 diamonds were recovered from 149.12 kilograms of kimberlite taken from these two drill holes completed prior to the spring break-up. Fifteen (15) micro diamonds (0.15 mm to 0.50 mm) were recovered from 70.91 kilograms of kimberlite (from 62.7 meters to 96.7 meters down-hole) in drill-hole SPQ-04-03, three (3) micro diamonds (0.15 mm to 0.50 mm) and one (1) macro diamond (0.50 mm to 0.80 mm) were recovered from 78.21 kilograms of kimberlite (from 105 meters to 131.38 meters down-hole) in drill-hole SPQ-04-05.
The presence of diamonds confirms that these two kimberlites are diamondiferous and increase to five the number of diamondiferous kimberlites located on the MacFadyen property. Additional work is required to ascertain the significance of these two new diamond bearing kimberlites.
Drill-hole SPQ-04-01 (the Good Friday Kimberlite) previously announced (May 27, 2004) contained 111 micro diamonds (0.15 mm to 0.5 mm), 8 macro diamonds (0.5 - 0.8 mm) and 2 stones were found to be greater than 0.8 mm. The largest (commercial sized) diamond measured 1.45 mm by 0.96 mm by 0.77 mm and weighed 0.19 carat. This stone is described as an irregular fragment green colored, transparent diamond.
The second commercial size stone measured 0.96 mm by 0.46 mm by 0.2 mm, weighed 0.02 carat and is described as an irregular fragment of a white transparent diamond. The entire kimberlite sample from drill-hole SPQ-04-01 weighed 0.455 tonnes, the average grade of all diamonds (collected on a 0.15 mm screen) recovered was 0.15 carat per tonne.
All five of the pipes on the MacFadyen property are located within eight kilometers north of the advanced “Victor kimberlite development project” of De Beers Canada Exploration Inc. and 1.5 kilometers east of De Beers’ Tango and Tango Extension Kimberlites.
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 delivered under seal 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