Stornoway Diamond Corporation: Summer Exploration Program Set to Commence at Jubilee.
VANCOUVER, British Columnia--(BUSINESS WIRE)--July 23, 2003
Stornoway Diamond Corporation ("Stornoway") (SWY:TSXV) is pleased announce that field crews have now been mobilized to the Coronation (North Slave) Diamond District of Nunavut and are scheduled to begin summer exploration work on the Jubilee property later this month. The Jubilee Property, located approximately 90 km southeast of Kugluktuk, comprises approximately 555.4km2 of prospective diamond claims situated immediately north of properties held by Ashton Mining of Canada Inc.(Vic) and Diamondex Resources Ltd. (Peregrine), and adjacent to other ground controlled by Stornoway Diamond Corporation.
Stornoway is the operator of exploration programs on the Jubilee Property, and during 2002 collected 6,464 line kilometers of tightly spaced (100m) horizontal gradient aeromagnetic data as well as 225 till samples along regional lines spaced at five-kilometer intervals. An interpretation of the aeromagnetic data identified 93 priority targets, most of which remain to be ground checked in 2003. Kimberlitic indicator minerals have been successfully recovered from many of the samples, and although electron microprobing is not yet complete, it has confirmed the kimberlitic provenance for a number of grains, including 250 ilmenites in a single sample. At the present time there are indications of four, or possibly five, anomalous areas of immediate interest that appear to be confined to the property.
Exploration work proposed for 2003 consists of infill till sampling designed to better define potential indicator mineral trains, and continued prospecting and ground checking of airborne anomalies. Some 250 to 300 samples will be collected from specific areas of interest under a budget of approximately $350,000.
Stornoway Diamond Corporation (formerly Stornoway Ventures Ltd., and Northern Empire Minerals Ltd.), Earth Star Diamonds Ltd., Wind River Resources Ltd. and International Samuel Exploration Corp. entered into a letter agreement with 524520 BC Ltd., under which each of the five companies were granted an option to acquire a 20% interest in the Jubilee Property. On April 30, 2003 Wind River elected not to continue participation in the Jubilee Property. All remaining partners have elected to acquire their pro-rata share (five percent) of Wind River's interest in the Jubilee Property by paying an additional $50,000 in exploration expenditures on the property. If all participants fund their share of the earn-in, the respective interests in the Jubilee property shall be as follows: Stornoway Diamond Corporation - 50%, Earth Star Diamonds Ltd. - 25%, International Samuel Exploration Corp. - 25%.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
Eira M Thomas, President
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