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Post by Franko10 ™ on Feb 19, 2006 7:02:08 GMT -5
Diagem Releases Preliminary Results of Eluvial Gravel Testing on their Collier-04 Kimberlite Pipe in Brazil (ccnm)
MONTREAL, QUEBEC--(CCNMatthews - Feb. 17, 2006) - Diagem Inc.(TSX VENTURE:DGM) ("Diagem" or the "Company") reports that the preliminary results of 40 bulk samples of the in situ eluvial gravels overlying the Collier-04 kimberlite pipe have been received. A total of 688 cubic metres of in situ gravel extracted from 40 pits was processed into concentrates which were then split and partially sorted by hand. The calculated recovery of diamonds is determined to be 169.58 carats by extrapolating the diamond content of the unsorted concentrate fractions. The preliminary average grade achieved was 0.25 carats per cubic metre with the highest grade being 1.16 carats per cubic metre. The four largest diamonds weigh 1.87, 2.14, 3.16 and 17.14 carats. The attached table and map show the preliminary grade results and locations of the pit samples. The final grade results, the total available gravel volumes, and the average per carat value of the diamonds are yet to be determined.
A significant amount of the material processed is made up of lateritic gravels. Lateritic gravels can contain granules (pisoliths) made of soft iron oxides that enrobe diamonds thus making them undetectable. Lateritic gravels may require additional processing in order to release the diamonds from their enrobing material, which has not been done in the case of these samples. From the perspective of assessing the viability of mining the underlying kimberlite, the results to date are very encouraging due to the size of the diamonds recovered. Lateritic gravels are to be found only at surface and would not present a problem in mining the actual kimberlite body.
Additionally, following the recent agreement to revise their joint venture agreement with Spider Resources Inc., KWG Resources Inc., which Diagem owns over 30% of the outstanding shares, is developing plans to explore and sample various kimberlite occurrences in the area of the De Beers Victor kimberlite swarm. The joint venture's kimberlite bodies known as the MacFadyen swarm are located 7.5 kilometres north-north-west of the De Beers Victor mine and within one kilometre to the east of De Beers Tango-1 pipe. The joint venture has already discovered three kimberlite occurrences and there is strong evidence that there may be two to four more kimberlites included in the MacFadyen swarm.
The technical content of this news release has been approved by Dr. Mousseau Tremblay, of Williamstown, Ontario, a Qualified Person and Chairman of the Board of Directors of Diagem Inc.
Table of preliminary results is available on CCNMatthews' website at the following address:
www.ccnmatthews.com/docs/diaf0217.pdf
A map is available on CCNMatthews' website at the following address:
www.ccnmatthews.com/docs/diam0217.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Diagem Inc.
Paul Einarson
Chief Financial Officer
(514) 866-6001
(514) 866-6193 (FAX)
or
Diagem Inc.
Claude Durocher
Chief Executive Officer
(416) 368-3601
www.diagem.com
The tsx venture exchange does not accept responsibility for the adequacy or accuracy of this press release.
MONTREAL, QUEBEC--(CCNMatthews - Feb. 17, 2006) - Diagem Inc.(TSX VENTURE:DGM) ("Diagem" or the "Company") reports that the preliminary results of 40 bulk samples of the in situ eluvial gravels overlying the Collier-04 kimberlite pipe have been received. A total of 688 cubic metres of in situ gravel extracted from 40 pits was processed into concentrates which were then split and partially sorted by hand. The calculated recovery of diamonds is determined to be 169.58 carats by extrapolating the diamond content of the unsorted concentrate fractions. The preliminary average grade achieved was 0.25 carats per cubic metre with the highest grade being 1.16 carats per cubic metre. The four largest diamonds weigh 1.87, 2.14, 3.16 and 17.14 carats. The attached table and map show the preliminary grade results and locations of the pit samples. The final grade results, the total available gravel volumes, and the average per carat value of the diamonds are yet to be determined.
A significant amount of the material processed is made up of lateritic gravels. Lateritic gravels can contain granules (pisoliths) made of soft iron oxides that enrobe diamonds thus making them undetectable. Lateritic gravels may require additional processing in order to release the diamonds from their enrobing material, which has not been done in the case of these samples. From the perspective of assessing the viability of mining the underlying kimberlite, the results to date are very encouraging due to the size of the diamonds recovered. Lateritic gravels are to be found only at surface and would not present a problem in mining the actual kimberlite body.
Additionally, following the recent agreement to revise their joint venture agreement with Spider Resources Inc., KWG Resources Inc., which Diagem owns over 30% of the outstanding shares, is developing plans to explore and sample various kimberlite occurrences in the area of the De Beers Victor kimberlite swarm. The joint venture's kimberlite bodies known as the MacFadyen swarm are located 7.5 kilometres north-north-west of the De Beers Victor mine and within one kilometre to the east of De Beers Tango-1 pipe. The joint venture has already discovered three kimberlite occurrences and there is strong evidence that there may be two to four more kimberlites included in the MacFadyen swarm.
The technical content of this news release has been approved by Dr. Mousseau Tremblay, of Williamstown, Ontario, a Qualified Person and Chairman of the Board of Directors of Diagem Inc.
Table of preliminary results is available on CCNMatthews' website at the following address:
www.ccnmatthews.com/docs/diaf0217.pdf
A map is available on CCNMatthews' website at the following address:
www.ccnmatthews.com/docs/diam0217.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Diagem Inc.
Paul Einarson
Chief Financial Officer
(514) 866-6001
(514) 866-6193 (FAX)
or
Diagem Inc.
Claude Durocher
Chief Executive Officer
(416) 368-3601
www.diagem.com
The tsx venture exchange does not accept responsibility for the adequacy or accuracy of this press release.
