
Updated April1, 2008
Under the Darnley Bay joint venture, Diadem proposes to carry out up to 5,000 metres
of diamond drilling following completion and analysis of further detailed ground gradiometer
magnetic surveys which commenced April 02nd, 2008 and will be completed by the end of April.
The surveys are to better define the precise locations of drill targets. Permitting for the
drilling program is currently in process. Costs of the ground survey and related work and
permitting will satisfy Diadem’s final earn-in requirement. To date, Diadem reports it has
invested over $3.5 million in the Franklin Diamond Project. To satisfy its remaining 50%
earn-in requirement it is making further expenditures of about $450,000 by June 30, 2008
A joint venture with an optionee, whom has right to earn 50%
interest in the diamond project, has completed 52,000 line-kms
of an airborne survey and has added an additional 11 highly
rated kimberlite targets to the drilling inventory.
Under the joint venture, ground magnetic
surveys were completed over 22 of the kimberlite targets. Eight
are considered to be high priority drill targets; 3 targets
exhibit characteristics consistent with known kimberlites on the
property, of the remaining 5 targets, 3 are negative anomalies
and 2 are positive circular magnetic anomalies. The existence of
kimberlite targets of varying magnetic signatures are consistent
with known kimberlite fields elsewhere in the Canadian Shield
and may indicate more than one age of kimberlite intrusion.
The diamond joint venture has flown approximately 52,000 line-kms
of an airborne magnetic survey and collected 223 till samples
for heavy mineral processing and optical examination for
kimberlite indicator minerals. Only a very small percentage of
the magnetic targets have been tested and continuing exploration
could lead to a new diamond province in the N.W.T.
The Joint Venture 2005 results are very encouraging, as many of
the kimberlite indicator minerals analyzed originated from the
diamond-bearing kimberlites. The Joint Venture has identified 13
high priority drill targets in addition to DBR’s 10 previously
drilled kimberlite targets. The known kimberlite targets are to
be tested by diamond drilling. The objective of the drilling
should be to outline the dimensions and size of the pipes, as
well as to collect larger sample for micro-diamond analysis. The
Joint Venture optionee is endeavoring to identify a senior
industry partner to drill test the remaining kimberlite targets.
The following are photo enlargements of diamonds found in the
till samples:
Thrasher Zone – Macro Diamond
(Sample XS5754) |
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N.W. Zone – Micro Diamond |
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| Size: -1mm to +0.5mm |
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Size: -0.5 mm to +0.3 mm |
| The stone is a colourless, somewhat distorted octahedral diamond
with variable and often pronounced development of the
dodecahedral form. |
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The diamond is a colourless, almost perfect octahedron, with
characteristics of diamonds from the upper part of a kimberlite
(e.g. at Venetia or Jwaneng) estimated as being brought to
earth’s surface more than 70 million years ago. |
| Ref: De Beers – consignment CAN 99-238 |
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Ref: De Beers – consignment CAN 99/230 |
The kimberlites found to date are likely only a small percentage
of those that actually occur in the area.
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