Shear and Empire identify second Churchill kimberlite
Shear Minerals Ltd SRM
Shares issued 26,920,727 Jun 6 2003 close $ 0.68
Monday June 9 2003 News Release
Also Northern Empire Minerals Ltd (C-NEM) News Release
Ms. Pamela Strand of Shear Minerals reports
NORTHERN EMPIRE MINERALS LTD. AND SHEAR MINERALS LTD.: SECOND KIMBERLITE DISCOVERED AT CHURHILL
Shear Minerals, Northern Empire Minerals and BHP Billiton have discovered a second kimberlite on the Churchill diamond project. Drill hole No. CD002 was designed to test anomaly CK156, a circular magnetic low anomaly 150 metres by 150 metres located six kilometres north of CD001. The first two kimberlites have been named Thunder and Lightning ("Kadluk" and "Kraumalak" in Inuktituk).
"The first two targets drilled have resulted in separate kimberlite discoveries," said Pamela Strand, president and chief executive officer of Shear. "Now that we know there are kimberlites at Churchill, we have added confidence that the source of the outstanding mineral chemistry we have observed is located on the property."
Said John Robins, president and CEO of Empire, "These discoveries clearly confirm our belief that Churchill will become one of Canada's leading diamond projects."
The current phase of drilling is designed to test a minimum of 15 high-priority kimberlite targets of the 217 geophysical targets identified to date on the property. Drilling continues and additional results will be forthcoming. The Churchill diamond project totals more than 1.5 million acres and is located near the community of Rankin Inlet, Nunavut.
Shear has a 51-per-cent interest and is operator of all exploration programs. Northern Empire is earning into a 35-per-cent interest by incurring $750,000 in exploration expenditures. BHP Billiton has a 14-per-cent interest in Churchill and has also agreed to finance the costs of collection, sampling and processing the initial 200 tonnes of kimberlite.
All programs are under the supervision of Dean Besserer, PGeol, of APEX Geoscience Ltd., a qualified person under NI 43-101.
(c) Copyright 2003 Canjex Publishing Ltd. http://www.stockwatch.com
old url (better for printing)
"these posts are not of a licensed investment advisor or analyst nor does he give out buy, sell or hold advice to anyone"
"A Blind Bat could do a better job at regulation"
Shear Minerals (SRM)
Stock Trading Info: