Ditem Explorations: Drilling and Additional Survey Underway on Beartooth Prospect, Lake Athabasca
January 29 2008 - 7:30AM
Marketwired Canada
Ditem Explorations (TSX VENTURE:DIT) (FRANKFURT:D8X) is pleased to report that
work on the Beartooth Project is underway on a two-phase winter exploration
program consisting of diamond drilling near Beartooth Island and an additional
ground geophysical survey on a permit to the north-east. The estimated value of
the work for which mobilization is currently underway is budgeted at $2,000,000.
Mobilization is presently on-going and the Two-Phase Program will run
concurrently over the next 2-3 months. A fully operational camp has been
established on Beartooth Island to accommodate both geophysical and drilling
crews, geologists and support staff. As agreed upon, the program will consist of
the following.
Phase I : The Spartan MT Survey
The survey, presently in progress, will consist of approximately 118 line
kilometres of additional target coverage (northeast section of property) and
detailed in-fill surveying based on the definition of a series of basement
conductors and associated resistivity lows outlined from the 2007 survey. The
Spartan MT survey is a deep resistivity sounding geophysical tool that collects
magnetotelluric resistivity data over a large frequency range, allowing long
recording periods when the signal strength is at its best. As a result, more
accurate imaging of the resistivity to depths of 1-2 kilometres and greater can
be achieved. The system was developed "in-house" by Quantec Geosciences.
Phase II : The Drill Program
The 2008 winter diamond drilling program will total between 3,000 to 4,000
metres, and may potentially be expanded, depending on the results of the Phase I
geophysical work, drilling logistics, and general ice conditions. Drilling is
expected to commence by mid-February, 2008.
Four basement conductors defined by the winter 2007 Spartan MT survey were
selected as initial targets for diamond drill testing. Their strike length
ranges between 400 to 1,200 metres and remain open in both directions. The
conductors appeared to be spatially linked to margins of structural uplifts
(basement highs) and down-drops and along magnetic gradients associated with
northeast trending lineaments in the eastern part of the property and
north-south trending lineaments in the western portion of the property and all
thought to potentially represent fault zones. In the east portion of the
property, these lineaments are considered of interest due to their proximity to
the Black Bay fault zone, associated potentially with uranium mineralization
closer to the Uranium City and Beaverlodge areas to the northeast.
Drilling will test prospective resistivity lows in the Athabasca Basin sediments
located above basement conductors. Basement conductors of variable strengths
have been mapped (defined) at depths of 700 metres.
Unconformity-associated uranium mineralization is often associated with clay
alteration zones found in sedimentary cover rocks above the mineralization
either along the unconformity or within the basement. This clay alteration halo
is often detected as resistivity lows immediately above the basement conductors.
Ditem may earn an initial 50% interest in the Beartooth Island property by
incurring expenditures of $1,000,000 over three years. In the 4th year of the
agreement, or, after having incurred the first $1,000,000 in expenditures, Ditem
may elect to increase its interest by an additional 10% (60% aggregate) by
incurring a further $2,000,000 in exploration expenditures. Finally, Ditem may
then increase its interest by an additional 6% (66% aggregate) by completing a
bankable feasibility study within 10-years of signing. Golden Valley is
presently the operator of the program.
Pursuant to the terms of the agreement, Ditem expects to complete the initial
50% earn-in shortly. Thereafter, it may elect to increase its interest by an
additional 10% for a 60% aggregate.
Michael P. Rosatelli, P. Geo. is the Qualified Person as such term is defined in
National Instrument 43-101 and is responsible for the technical information
presented in this news release.
About Ditem
Ditem Explorations (45 M shares issued as of December 1st, 2007) is a uranium
exploration and development company with properties and interests in the
Athabasca Basin in Saskatchewan (Beartooth Island Project and Cree Lake Property
for a total of 1,067 km2) and the Otish Basin (Otish Uranium 258 km2 and Otish
South 381 km2) in Quebec. At present, Ditem Explorations has completed a 6 hole
drilling program in the Otish and work is continuing. Results should be made
known shortly. Other exploration programs are also being developed and new
Canadian acquisitions are expected. Ditem Explorations has also signed an MOU
with Sinosteel (see January 7th press release) and discussions are proceeding as
planned. Existing properties and general information may be viewed on the
Company's website at www.ditem.com.