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Snowfield Development Corp. SWFCF



GREY:SWFCF - Post by User

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Post by bobroberton Jan 21, 2004 1:05pm
203 Views
Post# 6929160

Snowfield awaits Ticho land use permit

Snowfield awaits Ticho land use permitSnowfield awaits Ticho land use permit Snowfield Development Corp SNO Shares issued 23,441,892 Jan 20 2004 close $ 0.23 Wednesday January 21 2004 News Release Mr. Robert Paterson reports TICHO DIAMOND PROJECT LAND USE PERMIT UPDATE On Jan. 13, 2004, the Mackenzie Valley environmental impact review board (MVEIRB) held a public hearing in Yellowknife, NWT, with respect to the environmental assessment of Snowfield Development's application to the Mackenzie Valley land and water board (MVL&WB) seeking a Class A land use permit for a period of five years covering exploration activities on Snowfield's Ticho diamond exploration project. The Ticho project, located approximately 50 kilometres southeast of Yellowknife, NWT, near Drybones Bay, includes the Mud Lake kimberlite complex discovered by Snowfield in 2003. Snowfield expects the MVEIRB to announce its recommendations in the near future and looks forward to the MVEIRB recommending that the MVL&WB issue a land use permit with respect to the Ticho project, as applied for by Snowfield. Upon receipt of a land use permit, Snowfield expects to commence exploration programs during March, 2004, including drilling up to 20 diamond drill holes on the Mud Lake kimberlite. These drill holes are designed to further delineate the Mud Lake kimberlite discovery to enable Snowfield to conduct a minibulk sample of approximately 500 tonnes of the Mud Lake kimberlite. This sample will be taken from a number of different areas of the kimberlite complex and will be processed for the recovery of diamonds. This will give the company a representative picture of the viability of the discovery. Previous analysis of core recovered from the Mud Lake structure confirms that the kimberlite intrusion has sampled the diamond stability field and contains garnets with chemical compositions that are known to be found as inclusions in diamonds. Additionally, Snowfield expects to undertake a second diamond drill program during the current exploration season to test a number of high-priority targets not associated with Mud Lake, including a significant geophysical anomaly on the Hurcomb claim block approximately three kilometres south of the Mud Lake kimberlite. This anomaly has a geophysical signature that is very similar in size and nature to the Drybones Bay diamondiferous kimberlite pipe currently held under option by New Shoshoni Ventures Ltd. The Drybones Bay pipe is the largest known kimberlite in the Northwest Territories, being approximately 70 acres in size.
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