Shear Announces Additional 75,000 Acres in Mineral Rights and Exploration Update, Jericho Diamond Project, Nunavut
July 06 2011 - 9:27AM
Marketwired Canada
Shear Diamonds Ltd. (TSX VENTURE:SRM) today announced the acquisition of 34
newly staked claims totaling 77,250 acres contiguous with the Carat Property
surrounding the Jericho Diamond Mine. This new land package provides Shear with
blanket mineral rights covering existing and newly interpreted priority
indicator dispersion trains. Shear's ongoing review of historical datasets has
confirmed compelling evidence of undiscovered kimberlites in certain areas
outside the immediate mine area with recommended ground follow up.
"In addition to our main goal for 2011 to support and augment the existing
geological model for the Jericho Kimberlite Complex, Shear continues to evaluate
the exploration potential of Shear's entire land package at Jericho," said
Pamela Strand, President. "We have added these additional mineral rights based
on priority area based on geophysics and favorable G10 pyrope indicator mineral
chemistry."
Shear's in-house geology team have been working in partnership with Mineral
Services Canada ("MSC") of North Vancouver, BC in a comprehensive review of
historic indicator mineral dispersion data from tills and historic kimberlites
at the Jericho Project and surrounding lands. Using a comprehensive database the
primary goal of the study by MSC has been to assess the areas of interest for
indications of potential undiscovered kimberlites and to evaluate associated
diamond potential, as indicated by mineral compositions in the tills. The MSC
2011 study has resulted in the following interpretations and conclusions:
-- Definition of 20 indicator mineral dispersion trains in and around
Jericho that are not explained by known kimberlites.
-- Confirmation that the diamond potential in kimberlites in the Jericho
area is driven primarily by the presence of diamond-associated low-
chrome eclogitic and websteritic paragenesis in the garnet population.
The presence of high-Cr G10 garnets in some of the dispersions suggests
that there may be undiscovered kimberlites in close proximity to Jericho
that are likely diamondiferous.
-- The mineral train derived from the Jericho Kimberlite Complex (JD-01 and
JD-02 kimberlites) shows evidence of input from either a kimberlite
phase not yet tested or not yet discovered that has peridotitic diamond
potential (high-Cr G10 garnets).
-- Confirmation that the Babylon Float dispersion, located 500 m west of
the Jericho kimberlite, has high diamond potential based on low-Cr
garnet mineral compositions and the presence of high-Cr G10 garnets from
the float and corresponding till data. The mineral composition signature
in this dispersion is similar to that of the Jericho dispersion train.
Exploration Update
A total of five holes were completed into the Jericho Kimberlite Complex
("JKC"), to help resolve the kimberlite contacts as well as aid in understanding
the geological domains as Shear revises the geological model for Jericho. Four
of the five drill holes intersected kimberlite outside the current geological
model, suggestive of upside tonnage potential.
Work is currently underway by Mineral Services Canada and Geostrat Consulting
Ltd. to refine the existing geological model using detailed petrographic
analysis, historical core logging and the incorporation of this most recent
drilling.
The following table provides details of the recently completed delineation holes.
----------------------------------------------------------------------------
Kimberlite Intercepts (m)
----------------------------------------------------------------------------
Drillhole # Azimith Dip From To Intercept TD (m)
----------------------------------------------------------------------------
11JER-01 265 -65 162.86 208.1 45.24 244.5
----------------------------------------------------------------------------
11JER-02 240 -75 20.46 62.96 42.50 226.5
140.9 196.0 55.10
----------------------------------------------------------------------------
11JER-03 105 -65 18.5 206.8 188.3 244.5
----------------------------------------------------------------------------
11JER-04 300 -65 18.2 134.0 115.8 184.5
----------------------------------------------------------------------------
11JER-05 190 -52 49.7 154.4 104.7 346.5
259.4 305.23 45.83
----------------------------------------------------------------------------
(i)Note all intercepts that are not kimberlite are granitic country rock
An attempt was made to drill additional delineation holes into JD-02, the
satellite kimberlite immediately north of the Jericho pit, however difficult
overburden conditions and troubles containing the resultant drill cuttings
forced the abandonment of these holes until the ground is thawed.
In preparation for an on-ice exploration program this spring, an extensive
program of ground geophysics was conducted, collecting 455.7 line kilometers of
magnetic data and 55.7 line kilometers of HLEM data over 35 targets. A total of
eleven high priority drill targets were selected for drilling, however only
three holes over three targets were completed due to permitting and weather
conditions. No kimberlite was intersected in the three holes; and the anomalies
were sufficiently explained by magnetic or faulted country rock.
The following table details the recently completed exploration holes:
----------------------------------------------------------------------------
Overburden Total Depth
Drillhole # Azimuth Dip (m) (m) Geology
----------------------------------------------------------------------------
11CT-01 320 -50 7.0 148.5 Granite; faulted
----------------------------------------------------------------------------
11CT-02 109 -50 5.0 125.5 Granite; weakly
magnetic
----------------------------------------------------------------------------
11CT-03 360 -50 10.5 154.0 Granite; weakly
magnetic
----------------------------------------------------------------------------
Shear is considering a brief summer exploration program which will include
prospecting, the collection of additional till samples, ground geophysical
surveying, and data compilation with interpretation. Once full results have been
interpreted drill targets will be prioritized for future drilling.
About Shear Diamonds Ltd.
Shear is a Canadian-based company focused on diamond exploration and development
in Canada's North, where it explores established diamond districts and has
discovered new ones. Shear currently has a portfolio of eight diamond projects,
including three advanced projects with development potential. Shear holds a 100%
interest in its recently acquired Jericho Diamond Mine and surrounding
exploration assets, located in the Kitikmeot region of Nunavut.
Qualified Persons
Pamela Strand, P. Geol., Shear's President and Chief Executive Officer, and
Jennifer Burgess, P. Geol. Shear's VP Exploration, are qualified persons for
purposes of National Instrument 43-101 who supervised the preparation of the
information forming the basis for this press release.
On behalf of the Board of
SHEAR DIAMONDS LTD.
Pamela Strand, P. Geol., President
Julie Lassonde, CEO & Executive Chairman
This news release may contain forward looking statements, being statements which
are not historical facts, including, without limitation, statements regarding
potential mineralization, exploration results, resource or reserve estimates,
anticipated production or results, sales, revenues, costs, "best-efforts"
financings or discussions of future plans and objectives. There can be no
assurance that such statements will prove accurate. Such statements are
necessarily based upon a number of estimates and assumptions that are subject to
numerous risks and uncertainties that could cause actual results and future
events to differ materially from those anticipated or projected. Important
factors that could cause actual results to differ materially from Shear's
expectations are in its documents filed from time to time with the TSX or the
TSX Venture Exchange and provincial securities regulators, most of which are
available at www.sedar.com. Shear disclaims any intention or obligation to
revise or update such statements.
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