Caledonia Mining Corporation: 2003 Kikerk Lake Program Approved.Business Editors TORONTO--(BUSINESS WIRE)--March 7, 2003 Caledonia Mining Corporation ("Caledonia") of Toronto (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : CAL) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CALVF) is pleased to report that its partners in the Kikerk Lake joint venture have approved a $600,000 exploration program for the Kikerk Lake property in the Coronation Gulf Coronation Gulf () lies between Victoria Island and mainland Nunavut in Canada. To the northwest it connects with Dolphin and Union Strait and thence the Arctic Ocean; to the northeast it connects with Dease Strait and thence Queen Maud region of Nunavut. The program includes ground geophysics and drilling of new targets in the winter, and heavy mineral sampling and conversion of the mineral claims to mining leases in the summer. The investigation of airborne geophysical anomalies through ground geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. will commence in early April followed by the drilling of high priority targets identified from this work. Of particular interest are a group of three electromagnetic anomalies with associated indicator mineral anomalies underlying lakes approximately 1,000 metres west of the diamondiferous Potentilla kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. . A number of unexplained indicator mineral and geophysical anomalies remain to be investigated. The summer program will focus on detailed heavy mineral sampling up-ice from these anomalies and the collection of property-scale samples. Past exploration has demonstrated the potential of the Kikerk Lake property. A 5.83 tonne sample collected from Potentilla returned an estimated diamond content of 22.0 carats per hundred tonnes and yielded a 0.34 carat CARAT, weights. A carat is a weight equal to three and one-sixth grains, in diamonds, and the like. Jac. L. Dict. See Weight. diamond. A second diamondiferous kimberlite, Stellaria, located 700 m east of Potentilla, is interpreted to be a steeply dipping hypabyssal hyp·a·bys·sal adj. Geology Solidifying chiefly as a minor intrusion, especially as a dike or sill, before reaching the earth's surface. Used of rocks. hyp dyke with an approximate true width of 13 metres. Therefore, the 15 mineral claims that comprise the 15,000 hectare property will be taken to lease. Exploration on the Kikerk Lake property is governed by an agreement among Caledonia, Ashton Mining of Canada Inc. ("Ashton") and Northern Empire Minerals Ltd. ("Northern Empire"). The current respective interests of the parties are Ashton 52.5 percent, Caledonia 17.5 percent and Northern Empire 30 percent. Ashton has exercised an option to increase its interest to 59.5 percent by carrying Caledonia until the completion of a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. . Northern Empire is participating in the current program. Ashton is the operator of the programs and is responsible for their design and conduct and the verification and quality assurance of analytical results. Further information regarding Caledonia's exploration activities and operations along with its latest financials may be found on the Corporation's website http:/www.caledoniamining.com |
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