L''Esperance
Vancouver, BC -- Superior Diamonds Inc. (SUP-TSX.V) ("Superior" or "the
Company") has initiated a diamond drill program at the L'Esperance
project in southwestern Québec. Superior has completed three years of
exploration in the L'Esperance area, culminating in an extensive
overburden sampling program during the summer of 2006. These
exploration programs have defined at least five dispersal trains, three
of which are sufficiently well defined to warrant a diamond drill
program to explore for the kimberlite source. Additional overburden
sampling to be conducted during the autumn will further refine the
parameters of the other two dispersal trains.
The L'Esperance property comprises 225 claim blocks covering an area of
9,730 hectares. In August 2005 Superior entered into an option
agreement with Matamec Explorations Inc. and Cambior Inc. (now IAMGOLD)
to earn a 50% interest in the property and the right to 100% of all
diamonds and kimberlites discovered on the property. Matamec retains
all rights to other minerals and metals on the property. Matamec and
Cambior share a 2.5% gross overriding royalty ("GOR") on diamonds
produced from the property, subject to Superior's right to buy back a
1.5% GOR for $3 million.
Dr. T.F. Morris, President of Superior states, "The potential for
diamond-bearing kimberlite being discovered in this area is excellent
based on the well defined dispersal trains and kimberlite indicator
mineral chemistry." Over 4,000 kimberlite indicator minerals have been
recovered from 743 overburden samples, including chromite-inclusion
field chromites and diamond field, G10, chromite-pyrope garnets.
Superior's diamond drill program includes 19 targets planned for
drilling from 11 different collar locations. Many of these targets are
situated in the southwestern part of the property where kimberlite
stringers were intersected during a preliminary drill program in 2006.
The presence of these kimberlite stringers suggests close proximity to
a larger kimberlite source. This phase of drilling should be completed
by September.
A second phase of diamond drilling will be initiated in early 2008 to
test targets identified from the autumn overburden sampling program as
well as previously identified geophysical targets.