DSP News Release found 1.5mm diamond sampling GOING UP :) Diamondex Resources Ltd (C-DSP) - News Release Diamondex allocates $1-million more for Lena West Diamondex Resources Ltd DSP Shares issued 49,455,152 Mar 2 2004 close $ 1.20 Wednesday March 3 2004 News Release Mr. Randy Turner reports DIAMONDEX RESOURCES LTD.: LENA WEST, BEAR HEAD, KINGFISH AND GAYOT PROJECT UPDATES Diamondex Resources has provided an update on the Lena West, Bear Head and Kingfish projects in the Northwest Territories, the Gayety project in Northern Quebec, as well as recent land acquisitions in Nunavut (see www.diamondex.net for property locations). Exploration programs and budgets are currently being finalized and will be announced shortly for the Carat, Kelsey and Hilltop projects, which are all located in the Northwest Territories. Lena West project, Northwest Territories A detailed high resolution, horizontal gradient airborne magnetic survey is expected to commence over the southern portion of the Lena West project during the second week of March. This survey, conducted by Fugro Airborne Surveys, will total approximately 33,000 line kilometres and will be flown at 300-metre line spacings. This survey is in addition to 63,800 line kilometres of airborne geophysics conducted over the northern two-thirds of the project area in 2003. A review of these airborne data has indicated several large, prospective targets which will be followed up by ground geophysics and an auger drill sampling program commencing during the second quarter. In addition to the airborne survey, all stream samples collected during the 2003 exploration program have now been processed and analyzed for kimberlite indicator minerals (KIMs). A fourth diamond measuring 1.5 millimetres in the longest dimension was recently recovered. This is the largest diamond recovered to date from the Lena West project -- three other diamonds measuring 0.8 millimetre, 0.6 millimetre and 0.5 millimetre in their longest dimensions have previously been reported from stream sediment samples. Highlights reported from the examination of KIM grains recovered from the stream sediment sampling program include pyrope garnets up to three millimetres in size, the preservation of kelyphitic rims, as well as the presence of a population of both pyrope and ilmenite grains with little or no mechanical wear. Chemical analysis and morphological studies of the kimberlite indicator minerals are currently being conducted at the Diamond Research Institute in Novosibirsk, Siberia, under the supervision of Dr. Nikolai P. Pokhilenko. Results and analysis for these studies are expected shortly. A $2.5-million budget exploration program and budget was previously announced (see news in Stockwatch on Jan. 26, 2004) for 2004 to evaluate and test several targets which have been outlined by geophysics and stream sediment sampling within the permit areas. An additional $1-million has now been allocated for further detailed exploration on the Lena West project following the receipt of all data from the 2003 exploration program. The Lena West property, comprised of 139 prospecting permits totalling 6.15 million acres, is centred approximately 310 kilometres north of Norman Wells and 200 kilometres southeast of Inuvik, Northwest Territories. The Lena West property is 100 per cent owned by Diamondex. Bear Head property, Northwest Territories A $725,000 budget has been approved to further evaluate the Bear Head project. The 2004 exploration program, consisting of ground geophysics, till sampling and diamond drilling, is expected to commence during the first half of March and is designed to further evaluate eight geophysical/geochemical targets delineated from the 2003 exploration program. Till sampling has revealed the presence of anomalous concentrations of high chromium pyrope garnets, ilmenites and chromites. Exploration conducted over the Bear Head property to date includes 8,630 line kilometres of airborne magnetic/electromagnetic (mag/EM) (Fugro/Dighem), detailed ground geophysics (including mag/EM and gravity) over 16 high priority targets, 1,110 till samples and 1,479 metres of diamond drilling. A total of $2.3-million has been expended on the Bear Head property to date. The Bear Head property is located 220 kilometres northeast of Yellowknife, NWT. This property adjoins the southern boundary of the Camsell Lake claim block, which hosts the Snap Lake diamond deposit. This property totals 252,766 acres in size and is 100 per cent owned by Diamondex. Kingfish property, Northwest Territories During 2003, Diamondex completed its initial evaluation of the Kingfish property with an exploration program that included the collection of 291 till samples and 6,012 line kilometres of airborne mag/EM (Fugro/Dighem). For 2004, a budget of $550,000 has been approved for follow-up exploration. In early April, 10 priority airborne anomalies will be assessed with detailed ground geophysics (mag/EM/gravity). A till sampling program of approximately 400 samples will commence during the third quarter and 1,000 metres of drilling has been allocated to evaluate high priority targets. Total expenditures to date on the Kingfish property are $650,000, which includes the recent acquisition of 30,000 acres immediately south of the Kingfish property. The Kingfish property is located approximately 260 kilometres northeast of Yellowknife, NWT. This property consists of 70 mineral claims totalling 167,660 acres and is situated immediately east of the Camsell Lake property, which hosts the Snap Lake diamond deposit. The Kingfish property is 100 per cent owned by Diamondex. Gayety project, Quebec Drilling has commenced on the Gayety property, which is a 50:50 joint venture between Diamondex and Majescor Resources Inc. Interpretation of the recently completed airborne mag/EM survey has outlined a number of targets, several of which coincide with anomalous concentrations of kimberlite indicator mineral counts in till samples (see news in Stockwatch on Oct. 28, 2003). Thirteen of these targets have been selected for ground followup and four to five of these targets will be drill tested under this current program. The Lac Gayety area is located approximately 85 kilometres northwest of the Caniapiscau reservoir in Northern Quebec. This property consists of 1,382 map-designated cells encompassing 162,000 acres. The Gayety project is a 50:50 joint venture with Majescor Resources Inc. Land acquisitions, Nunavut Two prospecting permits totalling approximately 75,000 acres, located in the Boothia Peninsula area, Nunavut (approximately 175 kilometres northwest of Repulse Bay) were recently granted to the company. In addition, Diamondex has recently staked 30,000 acres of mineral claims in the Melville Peninsula area. These permits and claims were acquired to cover major geological structures within areas where anomalous concentrations of kimberlite indicator minerals have recently been reported. Diamondex holds a large and prospective portfolio of diamond exploration properties located in the southern Slave province and the lower Mackenzie River area of the Northwest Territories, the Coronation Gulf district of Nunavut and Northern Quebec. The company holds up to a 100-per-cent interest in 7.8 million acres consisting of 16 diamond properties. David Clarke, PGeol, MSc, vice-president of exploration for Diamondex Resources, is a qualified person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Diamondex Resources.
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