New Shoshoni hopes for diamonds at Drybones BNew Shoshoni hopes for diamonds at Drybones Bay
New Shoshoni Ventures Ltd NSV
Shares issued 7,842,808 Mar 5 2003 close $ 0.56
Wednesday March 5 2003 News Release
Mr. Ralf Hillebrand reports
New Shoshoni Ventures has completed three diamond drill holes to test the newly discovered kimberlite now known as DB-2.
The DB-2 kimberlite is centred approximately one-half mile (750 metres) south-southwest of the diamondiferous Drybones Bay kimberlite held under option by the company from prospector David Smith of Yellowknife.
Preliminary results for DDH 03-01 and DDH 03-02 were reported by the company in Stockwatch on Feb. 17, 2003. DDH 03-01 was terminated before achieving its target depth, after intersecting a kimberlite dike.
DDH 03-02 was collared at grid co-ordinates 1+05N/1+83W and drilled at a minus-45-degree inclination on a bearing of 135 degrees. Core obtained from this drill hole has now been logged in detail. DDH 03-02 encountered kimberlitic material from 489 feet to 775 feet for a total intersection length of 286 feet. This hole was ended at 803 feet in a mixture of granitic and greywacke material.
Drill hole 03-03 was collared at grid co-ordinates 0+92N/0+23E and drilled at an inclination of minus 50 degrees on a bearing of 235 degrees. This drill hole encountered kimberlitic material at 373 feet and was terminated in kimberlite at 803 feet, for a total kimberlite intersection length of 430 feet.
The core obtained from DB-2 was initially logged at the drill site by W.G. Timmins, professional engineer, who acted as the company's on-site engineer. After Mr. Timmins's on-site review of the core, the relevant sections were placed in sealed boxes and transported to a secure facility in Yellowknife. The company engaged Derrick Strickland, professional geologist, to log and sample the core at this facility.
Mr. Strickland reported that the drill core indicated that the DB-2 kimberlite is well preserved, with evidence for epiclastic kimberlite facies. If this holds true, the company may have discovered an entire kimberlite pipe with all the classical kimberlite facies. It is not currently known if the DB-2 kimberlite is diamondiferous but evidence suggests the potential for the existence of diamonds. The occurrence of peridotitic nodules, eclogitic nodules and picro-ilmenites indicates that the mantle was sampled by the kimberlite. A kimberlite magma which samples the mantle has a high potential for the presence of diamonds. Split samples from the kimberlite intersections have been placed in tamperproof pails in preparation for shipment for detailed laboratory analysis.