Big Red Diamond Corporation

Big Red Diamond Corporation


August 04, 2006 09:00 ET

Big Red Diamond Corporation: Announcement

MONTREAL, QUEBEC--(CCNMatthews - Aug. 4, 2006) - Big Red Diamond Corp.(TSX VENTURE:DIA) and AntOro Resources Inc.(TSX VENTURE:ORE) are pleased to announce the beginning of their exploration program on the Foleyet joint venture diamond project. This project comprises 18 claim blocks covering a total area of 1,152 hectares located within the townships of Carty, Foleyet, Horwood, Ivanhoe, Keith, Lemoine, Lincoln, Muskego, Paul, Raney, Evans and Warren all within the Patricia mining division of Northern Ontario.

These properties were acquired following the processing of data provided by the Natural Resources Canada 2001 "Kapuskasing Structure Geophysical Data Set, Kapuskasing-Chapleau Aeromagnetic Survey." This survey was flown with 200-metre flight line spacing. A preliminary interpretation of the magnetic data over the area of interest was completed by Scott Hogg & Associates Ltd., geophysicists, of Toronto, Ontario. The interpretation identified anomalies which could represent small circular intrusive bodies such as kimberlite pipes with diameters in the few 100 metres range. The outlined anomalies include two magnetic susceptibility lows that suggest remnant magnetization and other isolated anomalies that contrast well with their surrounding magnetic geological environment.

The 1991 "Summary Report of Kimberlite Indicator Program (OP-91-94)" by William C. Kerr, highlights the presence of numerous potential kimberlite indicator minerals from till sampling directly down-ice from the BRDC-ORE Foleyet project.

The 2001 Chapleau-Foleyet Treasure Hunt Kimberlite Indicator Study labelled the Foleyet area as one of two highly recommended areas. The magnetic anomalies covered by the BRDC-ORE claims are located up-ice from an area where several kimberlite indicator minerals such as G10 and G9 garnets, Mg-ilmenites, chromites, Cr-diopsides and olivines have been identified in the glacial drift of the area. One G10 garnet was found in the Lemoine township and a second was found, down-ice, two townships away in the Chewett township as outlined in the above-mentioned "1991 ...Summary Report" by Kerr.

The 2006 summer field program consists essentially in sampling with an auger drill glacial sediments down-ice from the geophysical anomalies underlying the claim blocks. A heavy mineral concentrate is produced from the recovered sediments and examined under the microscope for kimberlite or diamond indicator minerals. An exploration team of 1 geologist-in-training and a prospector will attempt to sample 16 of the 18 prospective sites. It is expected that 2 or 3 samples will be taken from each site. Where not feasible, stream sediments or esker gravel will be sampled in lieu of till. The remaining 2 targets will be explored during the winter because of the wetlands making sampling sites access difficult during the summer time.

Each company hold 50 per cent of the project and Big Red Diamond is deemed the operating partner; furthermore, each company also share half of the NSR obligations of 1.2 per cent and the 1-per-cent buyback.

The project represents an important addition to an established strategic land position in this diamond-exploration area.

This press release has been reviewed by Benoit M. Violette, Geo, a qualified person as per National Instrument 43-101. Mr. Violette is a director of both companies.

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

Contact Information

  • Big Red Diamond Corp.
    François C. Desrosiers
    (514) 982-6044, ext 223