Vaaldiam's Candle Lake show up to 100 MT kimberlite 2009-09-29 11:33 ET - News Release Mr. Ken Johnson reports UPDATED CANDLE LAKE TECHNICAL REPORT FILED ON SEDAR BY VAALDIAM Vaaldiam Resources Ltd. has completed an updated NI43-101 technical report for its 100-per-cent-owned Candle Lake diamond property, situated in the Fort a la Corne diamond district (FalC) in Saskatchewan. The technical report, which has been filed on SEDAR, provides a summary of results generated from the small- and large-diameter drilling programs completed during the period 2006 through 2008. The drilling programs predominantly focused on the southern portion of the large C29/30 kimberlite, one of two diamond-bearing kimberlites on the Candle Lake property. The report indicates that the C29/30 kimberlite remains underexplored and further delineation drilling and mini-bulk testing has been recommended to fully evaluate the deposit's economic potential. Highlights of the report: - Drilling and geophysical survey results indicate the C29/30 kimberlite has a surface area of approximately 100 hectares with 70 to 100 million tonnes of kimberlite in the potential mineral deposit;
- A preliminary 3-D geological model of the kimberlite body suggests that the C29/30 kimberlite is a single volcanic complex with three main zones consisting of six kimberlite units that have clear similarities to other large, diamond-bearing kimberlite bodies in the FalC diamond district;
- Since 2006, a total of 1,120 diamonds totalling 0.15 carat were recovered from microdiamond analyses of 2,434.85 kilograms of drill core recovered from the C29/30 kimberlite;
- A total of 370 macrodiamonds with a total weight of 14 carats were recovered from 633 tonnes (dry) of kimberlite extracted from nine large-diameter reverse circulation drill holes testing the C29/30 kimberlite (as reported in a news release in Stockwatch on June 23, 2008);
- Macrodiamond results for large-diameter mini-bulk samples have not been factored upward to reflect probable underestimations of the diamond grade due to the small sample size, potential diamond breakage or loss, and dilution of mini-bulk sample grade by overburden contamination during drilling;
- Previous diamond sampling programs were focused on the southern portion of the C29/30 deposit and therefore may not be representative of the entire body; additional microdiamond and macrodiamond sampling is required to meet industry requirements for representivity and to facilitate first-order grade forecasting;
- The report recommends the continuation of staged exploration programs including delineation core drilling and mini-bulk sampling to representatively evaluate the C29/30 kimberlite pipe and provide the necessary technical information required to support a threshold decision to proceed with a bulk-sampling program.
TOTAL 2006-2008 MICRODIAMOND RESULTS BY GEOLOGICAL UNIT
FOR THE C29/30 KIMBERLITE
Kimberlite Sample
unit Diamonds Carats weight (kg) Stones/10kg
KIMB 1 328 0.041 515.75 6.4
KIMB 2 168 0.025 315.50 5.3
KIMB 3 402 0.044 1,000.30 4.0
KIMB 4 80 0.021 193.20 4.1
KIMB 5 11 0.001 40.45 2.7
KIMB 6 131 0.020 369.65 3.5
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Total 1,120 0.152 2,434.85 4.6 Brent Jellicoe, vice-president of Vaaldiam and a professional geoscientist in the province of Saskatchewan, is author of the technical report and is Vaaldiam's qualified person responsible for the verification and quality assurance of the analytical results generated from the Candle Lake property. Mr. Jellicoe emphasized that: "Similar to other large diamond-bearing FalC kimberlites, Candle Lake C29/30 is a significant explo
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