NR with additional commentsMetalex reports diamonds and kimberlite from Dumont Nickel Attawapiskat Joint Venture properties
Dumont Nickel Inc. (DNI : TSX-Ven)
TORONTO, Sept. 27 /CNW/ - With reference to the September 24, 2004, press
release from METALEX VENTURES LIMITED (MTX:TSX-Ven), DUMONT NICKEL INC.
(DNI:TSX-Ven) is pleased to announce that drilling at its Attawapiskat
Property has been accelerated as a result of the reported resolution of a
dispute among METALEX, KEL EX DEVELOPMENT LTD. and BIG RED DIAMOND CORPORATION
(DIA:TSX-Ven). The dispute did not involve DUMONT nor its interest in the
Dumont Joint Venture, and terms of its resolution are set out in the METALEX
press release. DUMONT's Attawapiskat Property claims are being actively
explored by the parties under the terms of their Dumont Nickel Attawapiskat
Joint Venture. DUMONT retains a 10% carried interest to production and a 5%
carried interest in certain surrounding areas if acquired by KEL-EX.
The METALEX press release reports that forty power auger holes, from the
planned 221 auger target sites and 19 core target sites, have already been
completed. An additional auger drill rig has recently arrived at the project
site and two drills are being used for the 221 initially planned auger sites.
Fifteen of the 19 initially planned core holes are to be drilled in the
vicinity of an auger intersection of field identified diamond bearing
kimberlite.
METALEX further reports that the target sites identified are up-ice from
18 glacial trains containing exceedingly abundant kimberlite indicator
minerals, containing compositions that grow with diamonds, and several of them
are also geophysical targets. Amongst indicator minerals recovered so far are
peridotitic G10 garnets and Group 1 eclogitic garnets, together with variable
amounts of chrome diopsides and olivines, all with diamond inclusion
compositions. Three diamonds have also been found.
Mr.Charles Fipke reports in the Metalex press release that "it is
presently thought that the source of the 18 glacial trains are derived from as
yet undiscovered diamond-bearing kimberlites situated in both the Dumont
Nickel Joint Venture claims and on the Metalex/Arctic Star/Big Red joint
venture claims".
Auger hole samples of glacial till from seven of the holes have already
been sent for diamond indicator analysis. A piece of field-identified
kimberlite discovered in one of the auger holes has also been sent for
confirmation. METALEX also reports that an up-to-date news summary of results
to date for the Attawapiskat project will follow, once prepared by Dr. P.
Gregory, president of METALEX.
Mr.Shahé F.Sabag, Dumont's President and CEO said in a statement "...we
are very pleased with resolution of the dispute among METALEX and its joint
venture partners as it clears the way to accelerated development of our
Attawapiskat Property and also facilitates timely release of additional news
from the project. We are particularly pleased to be party to what appears to
be an emerging new diamond camp in Canada".
DUMONT's Attawapiskat Property is adjacent to DeBeers' Victor Project and
is located in the same structural corridor hosting kimberlites across the
region, including DeBeers' diamondiferous Victor kimberlite pipe which is
proceeding toward production.
Information on the Attawapiskat Property and 2003-2004 exploration
results were previously announced (May 25, 2004, press) and are also available
from DUMONT's website (www.dumontnickel.com). Additional information and
progress reports will be made available once they are received.
UTAH PROPERTIES AND PROJECTS UPDATE
DUMONT will shortly report an update on status of developments from its
Utah gold projects, many of which have progressed to Stage-2 drilling phase,
including a large definition drilling planned program at the Kiewit Project to
move forward toward volume estimates for parts of the gold bearing zone
discovered earlier in the year.
DUMONT is a mineral exploration company with operations in Ontario and
Utah. DUMONT holds one of the largest prospective land positions in the
Attawapiskat diamond area in the James Bay Lowlands, Ontario, with a carried
interest in the Dumont Nickel Joint Venture previously announced by Metalex
Ventures Limited and others. The Dumont Nickel Joint Venture is under the
Operatorship of companies under the direction of Mr. Charles Fipke. DUMONT is
Operator of the Utah Joint Venture which now comprises approximately 33
contiguous square miles of mineral properties across the historic Clifton-Gold
Hill gold-silver-copper Mining District. All of DUMONT's properties are under
active exploration either directly by DUMONT or via joint venture.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.