Latest Voisey Bay results spark new wave of interest

Results from the latest round of drilling at Diamond Fields Resources'(TSE) Voisey Bay nickel-copper project in Labrador have sparked a new wave of interest in the area.

To date, 51 holes have been drilled and assays have been received from holes 95-20 to 95-30. Seven of these 11 holes were drilled within the ovoid-shaped massive sulphide body, and the results show excellent base metal grades and thicknesses within, and near, the massive sulphide zone. Grades range from a high of 3.91% nickel, 2.87% copper and 0.14% cobalt over 47.1 metres in hole 95-25, to a low of 1.96% nickel, 1.15% copper and 0.09% cobalt over 78.3 metres in 95-29.

Three of the 11 holes were completed on the new discovery zone, 300 to 400 metres southeast of the ovoid zone. Significant results include 1.06% nickel, 0.47% copper and 0.04% cobalt over 24.2 metres in 95-23, and 1.57% nickel, 0.94% copper and 0.08% cobalt in 95-28.

Assay results from the remaining 21 holes (95-31 to 95-51) are pending. Visual indications are that holes 37 and 40 (on section 1300E), as well as holes 45, 48 and 49 (on section 1250E) have encountered significant thicknesses of massive sulphide mineralization. (See end of story for new assay results within the ovoid-shaped, massive sulphide body.) Three drill rigs are working around the clock at Voisey Bay. Future drilling will continue to define the ovoid massive sulphide body and its eastern and western extensions. In addition, further testing will be done on the southeastern discovery and other geophysical targets.

An airborne geophysical survey of the southern claim block has been completed and the survey will now move north of the original discovery site on to other blocks controlled by Diamond Fields. Results will be released when the data have been interpreted.

As the Diamond Field discovery grows in scope, activity by several juniors in the region is heating up. Fairstar Explorations (ME) has staked 905 claims totalling 20,235 hectares in the Voisey Bay area. The company plans to carry out an airborne geophysical survey and preliminary exploration later this summer.

Three companies in the Murray Pezim fold — Prime Equities International (VSE), Goldnev Resources (VSE) and Tapestry Ventures (VSE) — have all acquired properties in the area.

Prime recently optioned 448 claims, raising its land holdings to nearly 400 sq. km. The properties cover an area of troctolite, highly anomalous, nickel-copper-cobalt lake and stream sediment anomalies, and/or airborne anomalies adjacent to known nickel-copper showings in both the Harp Lake and Voisey Bay areas.

Goldnev has acquired 100 claim units covering 25 sq. km in five properties. The claims were purchased for $100,000 and 180,000 Goldnev shares.

One property, 45 km east-northeast of the Diamond Fields discovery, contains a 274-by-46-metre gossan including disseminated chalcopyrite, pyrrhotite and pyrite. The gossan zone is associated with a strong magnetic signature which trends across the property. This property is subject to a 3% net smelter return royalty, with a buyback option of 1.5% for $1.5 million.

Tapestry has picked up 48 claims covering 12 sq. km in the Harp Lake intrusive complex, about 100 km south of Voisey Bay. The property contains two sulphide gossans within a 700-metre-long zone, with anomalous magnetic values and copper-nickel-cobalt lake sediment geochemistry.

Tapestry’s holdings in the area now total 248 claims.

The Pezim companies are continuing negotiations with several landowners to acquire additional claims in the area. Airborne geophysical surveys will begin shortly, with field exploration slated to commence in June.

Two other related companies alsohave acquired land positions in the Voisey Bay area. Minefinders (VSE) and Republic Goldfields (VSE) have bought 100% interests in two separate, 80-claim properties which comprise about 1,300 hectares each.

HoleIntervalNiCuCo

(metres)(%)(%)(%)

20394.052.180.16

overall72.22.521.370.11

21drilled north of ovoid, did not intercept main sulphide zone

2272.13.521.890.15

24733.592.260.14

2547.13.912.870.14

overall60.13.262.380.12

2717.44.082.530.15

overall542.631.690.1

2925.63.952.180.18

122.21.470.1

overall78.31.961.150.09

3026.83.61.930.16

Note: “Overall” includes disseminated mineralization below the massive sulphide horizon.