Shear Minerals Ltd.
TSX VENTURE : SRM

Shear Minerals Ltd.

October 11, 2007 08:30 ET

Shear Discovers 31 New Kimberlites at Churchill

EDMONTON, ALBERTA--(Marketwire - Oct. 11, 2007) - Shear Minerals Ltd. (TSX VENTURE:SRM) and Stornoway Diamond Corporation (TSX:SWY) today announced that a total of 31 new kimberlites were discovered from prospecting and drilling in 2007 at the Churchill Diamond Project, Nunavut. Three of the kimberlites are interpreted to be of the high interest variety for diamonds similar to those found elsewhere on the property beginning in 2006.

Sixty-four drill-holes totaling 4,666m were completed on the property to test new exploration targets and to define and better understand the Kahuna kimberlite.

"This year's program has been focused on better understanding the diamond content of our known kimberlite dykes; Kahuna in particular," says Shear President and CEO Pamela Strand. "We are further encouraged that ongoing exploration continues to uncover numerous new kimberlites including the high diamond potential variety that will require follow up drilling."

At Kahuna, 30 drill-holes from 18 set-ups totaling 2,333m were drilled along a tested 4.5km strike length of the kimberlite dyke to provide a better understanding of its size and geometry. A total of 142m of kimberlite was intersected down hole, with single intercepts ranging from 0.5 to 4.6 metres and averaging 2.6m in true width. Drill core samples totaling 225kg were also collected for micro diamond analysis to assist in grade modeling. These results together with the remaining macrodiamond counts from the Kahuna mini bulk sample (see Sept 18, 2007 press release) are expected to be available shortly.

"The first results from the bulk sampling program at Kahuna yielded a high average diamond content of 0.90 carats per tonne and this year's drilling supports our interpretation of a significant kimberlite body along the 4.5km proven strike length," says Shear President and CEO Pamela Strand.

Also in 2007, 26 exploration targets were tested with 32 drill holes totaling 2,354m resulting in the discovery of 15 new kimberlites on the property. Three of these are interpreted as high diamond potential kimberlite dykes, occurring at the heads of three different G10 pyrope mineral trains in the Sedna Corridor and are believed to be the source of the mineral chemistry. Sample material totaling 190.4kg was collected and sent for diamond recovery. The KD308 kimberlite (see below) accounts for 160kg of this material and results from the remaining material will be released when available.

Prospecting on the property resulted in 16 new kimberlite discoveries occurring as outcrop and subcrop. A total of 291kg of kimberlite was collected in 15 to 25kg grab samples from each new outcrop and subcrop occurrence. In addition to the outcrops and subcrops, nine unsourced kimberlite float anomalies were found. All samples will be analyzed to determine diamond potential.

Meeka kimberlite

Of particular interest is the Meeka kimberlite found from prospecting an east-west linear trend located southeast of the Jigsaw kimberlite. An area of green coloured till was sampled and nineteen diamonds were recovered from a 15kg till sample using caustic fusion. Based on interpretation from a ground geophysical grid, Meeka is an east-west trending dyke 500m in length and open in both directions. Trenching along the kimberlite was unable to establish true width but enabled the collection of a 1.8-tonne mini bulk sample for macro diamond analysis and a 100kg sample collected for microdiamond analysis using caustic fusion. Results will be released when available.

Additional work at Churchill this year included:

- High resolution geophysical surveys over all high-interest G10 pyrope corridors to assist with target identification and drilling. This consisted of ground geophysics totaling 5,000 line-km at 40m line spacing and high resolution airborne magnetics surveying using the FUGRO MIDAS system totaling 12,000 line-km at 15m line spacing to provide seamless data for followup.

- 488 till samples taken to infill known priority areas.

- 51 auger drill holes completed in the Josephine River Corridor to trace the high-interest pyropes in the glaciofluvial sand deposits. 37 of these holes contained visible kimberlite fragments.

KD308 Diamond Results

The KD308 kimberlite, which was drilled earlier this year and reported in a May 2, 2007, press release, was interpreted to represent a kimberlite blow on a parallel structure 2.5 km east of Kahuna. A sample of 160 kg of material was collected and analyzed for diamond content. The results are tabulated below:



----------------------------------------------------------------------------
Sample 0.106 0.15 0.212 0.3 0.425 0.6 0.85 1.180
Sample Weight mm mm mm mm mm mm mm mm
Number (kg) Sieve Sieve Sieve Sieve Sieve Sieve Sieve Sieve Total
----------------------------------------------------------------------------
KD-308 160 10 6 4 0 0 1 0 0 21
----------------------------------------------------------------------------

(1) The three largest diamonds measured 1.00mm x 0.68mm x 0.58mm; 0.5mm
x 0.42mm x 0.26mm; 0.38mm x 0.32mm x 0.30mm


All samples were submitted to the Saskatchewan Research Council Geoanalytical Laboratories ("SRC") accredited to the ISO/IEC 17025 standard by the Standards Council of Canada as a testing laboratory for diamond analysis using caustic fusion.

The Churchill Diamond Project is owned 58.14% by Shear and 41.86% by Stornoway and is comprised of the diamond rights to more than two million acres located near the communities of Rankin Inlet and Chesterfield Inlet in the Kivalliq region of Nunavut. Work is focused on continued exploration of new promising indicator mineral trains and geophysical anomalies as well as the evaluation of four significantly diamond-bearing, vertically-emplaced kimberlite dykes (up to 4m in width) that have returned sample grades up to 2.18 carats per tonne. The 2007 field program is under the supervision of Jennifer Burgess, P. Geol., a Qualified Person under NI 43-101.

On behalf of the Board

SHEAR MINERALS LTD.

Pamela Strand, P. Geol., President


On behalf of the Board

STORNOWAY DIAMOND CORPORATION

Eira Thomas, Chief Executive Officer

This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from either of the Companies' expectations are in Company documents filed from time to time with the TSX or the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Companies disclaim any intention or obligation to revise or update such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Shear Minerals Ltd.
    Pamela Strand, P. Geol.
    President
    (780) 435-0045 or Toll Free: 1-866-298-9695
    Website: www.shearminerals.com
    or
    Stornoway Diamond Corporation
    Eira Thomas
    Chief Executive Officer
    (604) 331-2271 or Toll Free: 1-888-338-2200
    Website: www.stornowaydiamonds.com