Canabrava Diamond Corporation: Victoria Island Drill Camp Established and Geophysical Crew Mobilized.Business Editors Canabrava Diamond Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) ) announced today that the drill camp has been moved to the Hadley Bay Project on Victoria Island, Nunavut. The geophysical crew has mobilized to the camp and has commenced the ground geophysical surveys in preparation for drilling. Program operator, Diamonds North Resources Ltd., has completed the drill camp move, during ice breakup breakup The division of a company into separate parts. The most famous breakup to date was the 1984 division of AT&T (formerly, American Telephone & Telegraph Company). This breakup was intended to increase competition in the communications industry. , to the Hadley Bay Project in preparation for a ten-hole drill program, which is due to commence before the end of July. The current drill program will test a number of new high priority targets within the Hadley Bay kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. cluster. Canabrava has the option to earn a 50-per-cent interest in Diamonds North's Hadley Bay diamond Project by spending $5-million and issuing 250,000 shares to Diamonds North over a four-year period. The 2002 program consists of a $700,000 exploration budget and issuance of 50,000 shares of Canabrava to Diamonds North. The ground geophysical crew expects to start grid layout and geophysical surveys by July 18, 2002, over targets defined from airborne geophysics. These targets will be drilled as soon as the ground geophysical surveys are completed. Victoria Island is currently being explored by a number of companies and, to date, 16 kimberlites have been discovered, 14 of which have been confirmed to contain diamonds, some of which have produced significant macrodiamond counts. Of the 16 kimberlites, five occur within the Hadley Bay Project and all five contain diamonds. Since most of the known kimberlites have undergone inadequate delineation drilling and diamond testing, additional drilling and sampling will be carried out on all five kimberlites. Crater facies facies /fa·ci·es/ (fa´she-ez) pl. fa´cies [L.] 1. the face. 2. surface; the outer aspect of a body part or organ. 3. expression (1). material has been identified in some of the kimberlites, which occur as distinct geophysical anomalies in the carbonate country rocks. Indicator minerals derived from kimberlite and till samples contain high interest peridotitic and eclogitic minerals, indicating that these kimberlites have potentially sampled both peridotitic and eclogitic diamonds. George Read George Read is the name of:
n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the potential of this drill program to intersect In a relational database, to match two files and produce a third file with records that are common in both. For example, intersecting an American file and a programmer file would yield American programmers. diamondiferous kimberlite." Canabrava Diamond is actively exploring for diamonds in Canada and Brazil, both independently and through major joint ventures with Kennecott Canada Exploration Inc., Navigator Exploration Corp., Majescor Resources Inc., and Paramount Ventures and Finance Inc. Canabrava is 38.9 per cent owned by Southwestern Resources Corp. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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