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HORTON VALLEY “PIPE” – LARGER THAN ORIGINAL FIELD ESTIMATE SUBSTANTIAL DIAMOND EXPLORATION TARGET UPGRADED IN SIZE
The Company has continued its exploration work in the last 8 days at its Horton Valley Diamond Prospect at Bingara NSW confirming the newly discovered “explosive volcanic breccia pipe” (so called “pipe” or “diatreme”), is much larger than original field estimates made in April 2007.
The Company undertook an additional 13 hole auger drill program across the pipe structure, confirming a pipe surface area of approximately 5.6 ha, now interpreted to be more than double the previous field estimate. Key heavy indicator minerals were observed from 10 of the 13 new auger holes.
The Horton Valley Prospect Pipe is large enough to yield an estimated 15 to 30 million tonnes in an open cut mining operation, making this structure a worthy sized exploration target to search for diamond.
Key Summary Points
* 13 new auger drill holes delineated the newly interpreted “pipe” structure “The Horton Valley Prospect”, already identified as the key “diamond indicator mineral source” (refer ASX releases 5/4/07 & 3/5/07)
* Key heavy indicator minerals (garnet) were recovered in abundant quantities from 9 of 12 auger holes
* A new size for the Horton Valley “pipe” is estimated at 5.6 ha exceeding previous estimates substantially. The Pipe is considered near vertical in its orientation
* The pipe appears to have favourable characteristics for potential mining based on the following:
* A well defined margin seems to exist at the pipe walls
* The fresh rock within the pipe is not overly hard, enabling reasonable opportunity to liberate any diamond material that may be present
* Breccia clasts (rock fragments) within the pipe are typically 1 to 20 cm in size, some “exceptional clasts” contain up to 10% chrome diopside, based on field assessment.
RIM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
