Shear Minerals, Golconda nab Alaskan diamonds

Edmonton-based Shear Minerals (SRM-V) and partner Golconda Resources (GA-V) report that diamonds have been recovered from one of 18 samples taken from drill core from their spring 2002 drill program at the Shulin Lake Property in Alaska.

Lakefield Research of Ontario recovered 15 microdiamonds form a 9.972 kg sample and one macrodiamond measuring 0.71-by-0.57-by-0.47 mm. A microdiamond is defined in this case as less than 0.5 mm in one direction with a minimum dimension of 0.10 mm in one direction.

Lakefield characterizes these diamonds as generally being white, transparent, mostly fragments, some with crystal faces, frosted surfaces and graphite coatings. The diamondiferous sample was taken from hole 10 at a depth of 574-609 ft.

According to Shear Minerals, this is the first time that diamonds have been discovered from a bedrock source in the State of Alaska, USA.

Early this spring, operator, Golconda, drilled eleven holes. The last six holes were drilled into a sequence of interbedded volcaniclastic and tuffaceous rocks containing olivine and pyroxene. Golconda believes that this unit shows similarities with lamprolitic intrusions. A total of 18 random samples were collected from drill holes 8 through 10. Samples were shipped to Lakefield Research for caustic fusion and diamond recovery. All 18 samples yielded synthetic diamonds derived from the drilling operation including 44 synthetic diamonds from the diamondiferous sample.

Follow up drilling will be a priority to determine the size and geometry of the unit. Shear reports that the remaining drill core above and below the diamondiferous section will be sampled to confirm and determine diamond distribution. The Shulin Lake Property 51%-owned by Golconda Resources with the remaining interest divided between Shulin Lake Mining, a private company, and Shear Minerals.