Caldera Resources Inc.

Caldera Resources Inc.

January 24, 2007 10:23 ET

Caldera Resources Inc.: Update on Ellendale East and Ellendale South Projects-Western Australia

SOUTH PERTH, WESTERN AUSTRALIA--(CCNMatthews - Jan. 24, 2007) - Caldera Resources Inc. ("Caldera") (TSX:CDR) today announced that its joint venture partner Resource and Investment NL ("R&I") has disclosed in its quarterly report for December 31, 2006 the following:

R&I's Ellendale Projects comprise five adjoining Exploration Licences and Exploration Licence Applications covering an area of over 800 square kilometres, located south east of Kimberley Diamond Company's (KDC) Ellendale 4 mining operation. Geophysical surveys completed by Caldera in 2005 identified 47 magnetic targets within the Ellendale East area. Drilling and sampling of some of these targets led to that company announcing the discovery of up to six potential new lamproite pipes.

In September 2006, R&I commenced an aircore drilling program in the Ellendale East Project to test a number of high-priority magnetic targets. The program was designed to confirm previous results and to test magnetic anomalies not yet drilled by Caldera. A total of 46 holes and 2,655 metres were drilled to test 25 (out of 47) magnetic anomalies within the area. One of these targets covers an area in excess of 200 hectares.

Much of the drilling targeted a potential "volcaniclastic quartz tuff" unit previously identified by Caldera and reported to contain microdiamonds and indicator minerals. The 2006 drilling program confirmed the presence of this material and identified it as a distinct unit within the Permian-aged, Grant Formation. R&I collected over a tonne of samples from the unit and shipped the material to Diatech's laboratory in Perth for initial screening and dense media separation. The resulting heavy mineral concentrate and fine fraction was further processed at KDC's laboratory to recover microdiamonds and indicator minerals.

Observation of concentrates from drill samples is ongoing. At this stage, no microdiamonds have been recovered but a number of chromite grains having chemistry consistent with their derivation from a lamproitic (or kimberlitic) source have been identified. Mineral chemistry and petrological studies are being undertaken on the "volcaniclastic quartz tuff" material to confirm its identity and provenance. This work has the potential to lead to the identification a previously unrecognised kimberlite/lamproite emplacement event in the West Kimberley region. R&I will be seeking environmental approval to conduct a bulk sampling program to conclusively test this unit.

The drilling and sampling program within the Ellendale East area was terminated because of the early onset of the northern wet season. Additional drilling and a bulk sampling program are planned for 2007 but are unlikely to start before April. Their commencement will be conditional on access availability and on the outcome of ongoing work-programs.

R&I are expecting a number of Exploration Licence Applications in the Ellendale South Project area to be granted in the near future. The tenements lie along structures from the Ellendale East Project and Ellendale Lamproite Field and are considered very prospective. Detailed aeromagnetic surveys to locate additional lamproitic targets are currently planned for these areas.

Caldera will advise of any further information on the Ellendale East and Ellendale South Projects as it becomes available.

Other Activities

Caldera is engaged in diamond exploration in Australia through five projects. Two projects are located in the Pilbara region of northern Western Australia, one of which is joint ventured with Mr. Ronald Winston. The Company also has two projects located adjacent to the Ellendale Lamproite Field in the Kimberley region of Western Australia, one of which is also ventured with Resource and Investment NL, an associated company of Kimberley Diamond Company Limited.

Caldera also has two base metal/gold projects in South Australia. One of these projects is the Mt. Carulina Project, which is an Olympic Dam - style base metal/gold target.


No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Caldera, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Caldera's expectations are exploration risks detailed herein and from time to time in the filings made by Caldera with securities regulations.


Canada Australia

Suite 3100 1 Charles Street
40 King Street West Suite 8
Toronto. Ontario. M5H 3Y2 South Perth. Western Australia. 6151
Telephone: 416-865-6605 Telephone: 011-618-9367-7728
Facsimile: 416-865-6636 Facsimile: 011-618-9367-7705

Cusip: 1287D 105

Contact Information

  • Caldera Resources Inc.
    Chris Reindler
    +61-8-9367-7705 (FAX)
    Caldera Resources Inc.
    Robert Levitt
    Investor Relations
    (514) 242-1852