- DMDD prepares detailed surface sampling program, followed by
2,000 meter drill campaign on its Caribou Property for Chrome, PGE
and Gold potential
NEW YORK, Aug. 24, 2011 /PRNewswire/ - Diamond Discoveries
International Corp. (OTCQB: DMDD), a U.S company focusing on
chromium, platinum group elements (PGE) and gold exploration on
it's 100% owned Caribou Property in Thetford Mines, Quebec is pleased to announce
that it has resumed its exploration program commenced in 2008 that
resulted in high chromium values in multiple areas.
The Caribou Property is located approximately 200 kilometers
northeast of Montreal, Quebec and
at 5 kilometers south of the City of
Thetford Mines, Quebec. The property consists of 140 mining
claims totalling 6,000 hectares.
The property is located within the Southern Québec Ophiolite
Belt which is characterized by several exploration and exploitation
programs that were completed on the property and in the area from
1835 until today. Several types of mineralization are present and
are well described in the NI 43-101 Technical Report on the Caribou
Property prepared by A. Geologica Group-Conseil Inc.(2008). An
updated NI 43-101 is expected within the next 4-6 weeks.
More than eleven (11) known chromite occurrences are recognized
and defined on the Caribou Property (Montréal Mine, Caribou Mine,
American Chrome Deposit, American Chrome Jr., Finneth, César,
Dumais, Vaillancourt, Gagné, Greenshields and
Lambly-Nadeau/Victoria Mines). The
results of the past and recent work are very interesting and
significant for the Company since they not only confirm the
presence of chromite on the Caribou Property, but also seem to show
that most of the occurrences have PGE mineralization content.
As presented in our past press release, Six (6) samples from the
American Chrome Junior returned high chromium values with composite
assays of 10.72% Cr2O3 over 5 metres and .4 g/t PGE (Platinum,
Palladium and Rhodium). This composite include 1 metre grading
21.47% of Cr2O3 and .5 g/t PGE.
In 2009 Diamond Discoveries had undertaken channel sampling (1
metre wide) on the new discovery called the Bil Showing. Five (5)
samples from the new showing returned up to 9.8% Cr2O3 over 1 metre
with traces of PGE. The pyroxenite/dunite rock, that hosts the main
mineralized zone, is part of the Thetford Mine ophiolitic complex
which is well known for is chromium potential.
Plans for 2011 include large scale mapping, additional surface
sampling and phase one drilling of 3-5 targets totalling 2,000
meters. Due to the property's Southern
Quebec location and excellent infrastructure the budget for
phase one is approximately five hundred thousand dollars.
Gold Potential
The Thetford Mines area is
presently enjoying a major staking rush following a gold discovery
by Bowmore Exploration Limited (TSX-V:BOW). Bowmore, which is 40%
owned by Osisko and has nearly 1,200 mining claims along the
sedimentary basin St-Victor,
between Magog and the Beauce. This
represents approximately 700 square kilometers. Bowmore announced
on April 18, 2011 that a diamond
drill program had begun on their St-Victor property.
"Sedimentary formations in Quebec have been overlooked in the past for
their gold potential but are now strong contributors to major new
gold deposits in the Province such as Canadian Malartic (Osisko
Mining) and Eleonore (Goldcorp)," said Bertrand Brassard, President of Diamond
Discoveries, "In addition to chromium, which is our primary focus,
we intend to also take part in this new Appalachian gold play."
In addition to chromium, the Company also has gold discovery
potential on its Caribou Property, one grab sample returned grade
of 12,3 g/t Gold and 60 g/t Silver and 2,9% Copper on the northeast
part of the property (GM 22358 Assessment Report from MRNF).
Several other companies showed interest for the Gold in the
region including but not limited to Bowmore: Nevado Resource Inc.
(TSX-V:VDO - News), Niogold Mining Corporation (TSX-V:NOX - News),
Golden Hope Mining (TSX-V:GNH),
Fancamp Exploration (TSX-V: FNC), and VVC Exploration
(TSX-V:VVC).
The technical content of this press release has been reviewed
and approved by Bertrand Brassard,
P.Geo., President of Diamond Discoveries,who is a Qualified Person
under the quidelines of National Instrument 43-101.
About Diamond Discoveries International Corp.
Diamond Discoveries International Corp. is a U.S. exploration
company with executive offices in New
York, NY and Burlington,
Ontario. Since inception it has been focused on diamonds,
chromium, PGE (platinum, palladium and rhodium) and gold. In June
of 2008 the company received a NI 43-101 technical report on its
100% owned Caribou Property, Thetford
Mines, Quebec.
For further information on Diamond Discoveries International
Corp., visit http://www.diamonddiscoveries.com
Forward-Looking Statements
This news release contains discussion of items that may
constitute forward-looking statements within the meaning of
securities laws that involves risks and uncertainties. Although the
company believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no
assurances that its expectations will be achieved. Factors that
could cause actual results to differ materially from expectations
include the effects of general economic conditions, actions by
government authorities, uncertainties associated with contract
negotiations, additional financing requirements, market acceptance
of the Company's products and competitive pressures. These factors
and others are more fully discussed in company filings with U.S.
securities regulatory authorities.
SOURCE Diamond Discoveries International Corp.