Snap Lake still sparkles

Test results from the second half of a 5,986-tonne kimberlite sample collected last winter from the NW dyke, owned by Winspear Resources (WSP-V) at Snap Lake in the Northwest Territories, have proven consistent with earlier results.

The company recovered 5,165.81 carats of cleaned diamonds from a 2,981.8-tonne sample from pit 3, for an indicated grade of 1.732 carats per tonne. The stones were determined to be worth an average of US$111.98 per carat, equal to an implied value of US$193.95 per tonne.

The parcel of diamonds was retrieved from a plus 3 diamond sieve (the equivalent of a 1.15 mm sq. mesh screen size). The parcel includes 103 stones weighing more than 3 carats. Three of the stones exceed 10.8 carats and have been classified as specials. The largest stone recovered was 14.07 carats. Valuations were conducted by the seven independent diamantaries who evaluated the first parcel.

By comparison, a 3,003.9-tonne sample collected from pit 4, 260 metres to the north, yielded 5,542.27 carats of cleaned diamonds for an indicated grade of 1.845 carats per tonne. That parcel was valued at an average of US$98.42 per carat, or US$181.58 per tonne, including 88 stones greater than 3 carats in weight. Six of the stones were classified as specials, the largest weighing 14.3 carats.

The combined pits have an average grade of 1.789 carats per tonne at US$104.96 per carat, for an implied value of US$187.77 per tonne.

The NW dyke subcrops on the northwestern peninsula of Snap Lake and dips 11-15 to the east beneath the lake. Drilling indicates the dyke extends north for 2 km and downdip for 2.5 km. The dyke is interpreted as a continuous sheet comprising a single phase kimberlite dominated by hypabyssal material. Local areas of kimberlite breccia occur in the dyke where there is an abundance of country rock fragments. The dyke remains open and thickens to the northeast, but thins to the south and southeast.

Consultant MRDI Canada has calculated a total in situ resource for the NW dyke of 23.4 million tonnes, representing a 2.44-metre vertical thickness, based on 180 drill holes. The true thickness is estimated to be at least 90% of the vertical thickness.

MRDI has defined 7.8 million tonnes of hypabyssal kimberlite and kimberlite breccia with an average thickness of 2.79 metres in a 2-metre-plus portion of the dyke.

Results of caustic fusion testing are pending for 103 holes drilled during the spring. If possible, Winspear will combine the microdiamond counts with results of bulk sampling in an attempt to predict macrodiamond grades for the body as a whole.

Several mining analysts have speculated that Winspear will go underground next winter to complete a $20-30 million feasibility study.

Snap Lake is part of the Camsell Lake joint-venture project, held 67.76% by Winspear and 32.24% by Aber Resources (ABZ-T). A legal dispute between the companies over Aber’s right to participate in this year’s exploration program remains unresolved.