Dianor confirms Leadbetter diamonds (January 17, 2005)

Results from initial, independent sampling at Dianor‘s (DOR-V) new Leadbetter diamond property, near Wawa, Ont., are confirming the presence of diamonds and even suggesting the presence of a very large, near-surface diamond-mineralized structure.

In mid-December 2004, Dianor struck an option agreement to acquire an 80% interest in the 9.4-sq.-km property from local prospector Joseph Leadbetter, who found a gem-quality, 1.39-carat alluvial diamond on the property in 2003 and then discovered its bedrock source in 2004 (T.N.M., Dec. 24-30/04). To gain its interest, Dianor must spend $13.6 million in the form of various payments and work commitments over eight years.

Late in 2004, Dianor followed up Leadbetter’s surficial work with its own sampling of non-kimberlitic, bedrock outcrop of a single structure that extends at least 505 metres in an east-west direction.

So far, five of these samples have been processed at SGS Lakefield Research in Ontario, where they were concentrated and then separated using heavy liquids. In total, 53 diamonds totalling 0.0553 carat were recovered from the five samples, with the two largest ones reaching 1 mm in length. Almost 90% of the recovered diamonds are inclusion-free and half are transparent.

The vendors also sank three diamond-drill holes at the property, and intersected the diamond-bearing rock units in all three holes. One hole cut 166.5 metres of diamond-bearing rock from surface.

Dianor will release further diamond and indicator-mineral results in the next month. Small bedrock samples are undergoing attrition milling at the CF Minerals laboratory in Kelowna, B.C., and caustic-fusion analysis at the Saskatchewan Research Council’s laboratory in Saskatoon.