RE:Why is this "Tanking?"
It went from 20 cents to over 80 cents last April based on the following speculation. VANCOUVER, B.C., April 2, 2018 – Lithoquest Diamonds Inc. (TSX-V: LDI) (“Lithoquest”, or the “Company”) today announced that micro-diamonds have been recovered from a sample of highly-weathered outcrop at target 0702 on its 100% owned North Kimberley Diamond Project located in the northern region of Western Australia.
Three micro-diamonds were recovered from a 10.06 kg rock sample submitted for kimberlite indicator mineral analysis. The diamonds, two yellow and one grey, were recovered from the +0.1 mm to -0.3 mm size fraction and compositions were confirmed with a scanning electron microscope (“SEM”).
“The recovery of micro-diamonds is extraordinary given that the primary objective of the laboratory process was to extract kimberlite indicator minerals, not diamonds,” stated Bruce Counts, President and CEO of Lithoquest. “This confirms that rocks present at target 0702 are diamond bearing and reinforces the prospective nature of the North Kimberley Diamond Project. We look forward to the commencement of the 2018 field program that will include drilling to collect samples specifically for micro-diamond testing.”
It is now giving up all the speculative value gained because the drilling results did not support (to date) that speculation.
Vancouver, British Columbia (FSCwire) - Lithoquest Diamonds Inc. (TSX-V: LDI) (“Lithoquest”, or the “Company”) today announced that it has completed phase one of the 2018 drill program on its 100%-owned North Kimberley Diamond Project located in Western Australia. Drilling has ended at Targets 701, 702 and 1604. Phase two is scheduled to commence in approximately two weeks with drilling on Targets 1804 and 1805.
Two drill holes were completed at Target 701. Both drill holes targeted gravity anomalies in the immediate vicinity of rock samples that yielded kimberlite indicator minerals. No kimberlite was intersected in either hole. The historical record indicates that the KGB-2 kimberlite dyke is located in the vicinity of Target 701; however, publicly available information suggests that the rock samples collected by the Company have different mineralogy than KGB-2. The source of the high interest indicator minerals remains unexplained and additional kimberlite indicator mineral sampling and geophysical surveying will be required to do so.
Two holes were also completed at Target 702. The first hole was drilled to a depth of 279 meters at an inclination of -60° to target the area where the Company recovered micro-diamonds from a small sample of outcrop (see April 2, 2018 news release). The hole was oriented to pass directly below the micro-diamond occurrence. The hole intersected 12 metres of overburden before encountering basalt to the end of the hole. A second hole was drilled to test a gravity anomaly located north of the micro-diamond occurrence. Approximately 40 metres of mixed sand and clay were encountered at the top of the hole, followed by 16 metres of altered basalt.
One drill hole was completed at Target 1604. The hole tested a circular topographic feature where kimberlite indicator minerals were recovered by the Company. No kimberlite was intersected and further kimberlite indicator mineral sampling and geophysical surveying will be required to determine the source of the indicators recovered.