Printer Friendly

Airborne Geophysical Survey Underway, Severn Project, Northern Ontario.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--May 1, 2000

Canabrava Diamond Corporation (CDNX:CNB.) and Navigator Exploration Corp. (CDNX:NVR.) report that a detailed fixed wing aeromagnetic survey has commenced over mineral claims staked as part of the Severn joint venture in the Attawapiskat region of northern Ontario.

The survey is designed to collect approximately 8,200 line kilometres of high-resolution total field and horizontal gradient magnetic data over a survey area of approximately 700 square kilometres.

The Severn joint venture claims are located adjacent to, and in the vicinity of, the diamondiferous Victor kimberlite pipe and cover more than 30 airborne magnetic anomalies identified from a regional magnetic dataset. In addition five high interest magnetic anomalies were identified and staked in an adjacent area.

The Superior Craton has recently become a focus for new diamond exploration in Canada, following the news that Monopros (the Canadian arm of De Beers) commenced a 10,000 tonne bulk sampling program on the Victor Pipe in early January 2000. The 18-hectare Victor kimberlite is the largest of 18 pipes that comprise the Attawapiskat cluster. Published reports confirm that 14 of these pipes are diamondiferous.

Abundant kimberlite indicator minerals including pyrope garnet, chromite, picro-ilmenite, chrome diopside and olivine, recovered from a heavy mineral analysis of 204 samples collected in Canabrava's 1999 reconnaissance sampling program, are now being analyzed for major element chemistry. The program was designed to test an extensive area of prospective terrain on the Superior Craton including the area currently being evaluated.

Summer exploration on the Severn Project will include additional airborne geophysics and probable follow-up heavy mineral sampling to identify prospective targets for drilling later this year.

Under the terms of the Severn Joint Venture agreement, Navigator can earn a 50% interest in the Severn Project by spending $1.75 million over two years, with a firm commitment to spend $1 million within the first year. Once Navigator has earned its 50% interest, exploration expenditures will be jointly funded on a pro-rata basis. Navigator is the operator of the project.

Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada both independently and through major joint ventures with Kennecott Canada Exploration Inc., SouthernEra Resources Limited and Paramount Ventures and Finance Inc. Canabrava is 52.5% owned by Southwestern Gold Corporation (SWG-T).

Rory O. Moore, President Canabrava Diamond Corporation Eira Thomas, President Navigator Exploration Corp.

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
COPYRIGHT 2000 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:4EXRU
Date:May 1, 2000
Words:416
Previous Article:Motorola Stockholders Approve Increase in Authorized Common Shares; 3-for-1 Stock Split to be Distributed June 1.
Next Article:RMH Teleservices Second Quarter Net Income Up 128% On 82% Sales Increase.
Topics:


Related Articles
Canabrava Diamond Corporation: Progress Report on Company Activities.
Canabrava Diamond/Navigator Exploration: Winter Program Underway, Severn Project, Northern Ontario.
Canabrava Diamond Corporation and Navigator Exploration Corp.: Progress Report on Severn Joint Venture.
Discoveries show potential for diamond mines.
Canabrava Diamond: Progress Report on Company Activities; Two Drilling Campaigns Planned.
PGM exploration project on.
Discover Abitibi releases geological airbone survey results.
Firm expands wind farm proposal.
Junior leads diamond 'rush' by example; Sharing and comparing data with Discover Abitibi helped Tres-Or spark the biggest staking rush to hit the...

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters