GGL Diamond Corp.: Drilling Set to Go on PGB (NT)
GGL Diamond Corp.: Drilling Set to Go on PGB (NT) Nickel and VMS Targets; and for Copper-Gold at McConnell Creek (BC)
VANCOUVER, BRITISH COLUMBIA, Aug 21, 2008 (Marketwire via COMTEX News Network) --
RayHrkac, CEO, GGL Diamond Corp. (TSX VENTURE:GGL) ("GGL"), is pleased toreport that drilling is set to begin this week on a number of highconductance, large, discrete targets for potential nickel and VMSmineral deposits on GGL's 100%-owned claims on the ProvidenceGreenstone Belt (PGB) in the Northwest Territories (NT).
Atotal of 30 moderate to high conductance VTEM (Versatile time-domainelectromagnetic) geophysical targets were identified from thestate-of-the-art airborne survey completed earlier this year.
Oneof several large VTEM targets prospective for nickel mineralization,designated as "61W", will be drilled first. This feature consists of astrong EM conductor hosted within a moderate to low magnetic zone. The"61W" zone has overall dimensions of 1.4 km (NE) by 0.5 km (NW).Modeling of parts of the conductor suggests it is comprised of a numberof discrete units some of which are of very high conductance. This areais an extension of areas sampled during the 2007 program, in whichultrabasic rocks were identified as komatiites. The identifiedkomatiites within the Company's PGB project area have geochemicalsignatures similar to komatiites that host nickel deposits in similarArchean terranes worldwide.
Exploration work in 2007 and todate in 2008 has confirmed and enhanced the potential for magmaticnickel deposits associated with komatiites and also established thatthe PGB, in common with many greenstone belts, has the potential forVMS (copper, zinc, lead, silver and gold) deposits and for golddeposits associated with both iron formation and major structural shearzones. The results of the 2008 VTEM airborne survey were exceptionalfor the number of isolated, discrete, high conductance geophysicalanomalies and at this stage of exploration, reflected a most successfuloutcome.
Based at Zip Camp, our field crews, including crewsfrom Aurora Geosciences Ltd., have been examining, evaluating andselecting drill sites for the various areas. The VTEM targets are largeand should any one target return positive drill results then extensivedrilling to outline a possible deposit would be required.
Therealization of the varied economic potential of the area led theCompany to take an aggressive approach to land acquisition. The Companyholds a total of 426,104.88 acres over a length of 120 km of the PGB.
Theindependent Qualified Persons for the Company for the PGB project areN.C. Carter, PhD., P.Eng., Consulting Geologist, and Qualified Personsfrom the consulting firm of Aurora Geosciences Ltd.
Drill permit issued for McConnell Creek, BC copper-gold project
AtGGL's prospective copper-gold property at McConnell Creek in northcentral British Columbia, the drill permit has been issued and GGL isin the process of fulfilling the requirements of that permit. TheCompany hopes to move the drill into position within the next severaldays.
GGL DIAMOND CORP.
Raymond A. Hrkac, President & CEO
For more information, please check our website at www.ggldiamond.ca.
Forward-Looking Information
Thisnews release contains certain statements that may be deemed"forward-looking statements". All statements in this release, otherthan statements of historical fact, that address events or developmentsthat the Company expects to occur, are forward looking statements.Forward looking statements are statements that are not historical factsand are generally, but not always, identified by the words "expects","plans", "anticipates", "believes", "intends", "estimates", "projects","potential" and similar expressions, or that events or conditions"will", "would", "may", "could", "should" or are "subject to" occur.Although the Company believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual resultsmay differ materially from those in the forward-looking statements.Factors that could cause the actual results to differ materially fromthose in forward-looking statements include market prices, exploitationand exploration successes, and continued availability of capital andfinancing, and general economic, market or business conditions.Investors are cautioned that any such statements are not guarantees offuture performance and actual results or developments may differmaterially from those projected in the forward-looking statements.Forward looking statements are based on the beliefs, estimates andopinions of the Company's management on the date the statements aremade. The Company undertakes no obligation to update theseforward-looking statements in the event that management's beliefs,estimates or opinions, or other factors, should change.
SOURCE: GGL Diamond Corp.
GGLDiamond Corp. Susan de Stein (604) 688-0546 or Toll Free:1-866-688-0546 (604) 688-0378 (FAX) Email: susan.de.stein@ggldiamond.caWebsite: www.ggldiamond.ca
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