Big Red Diamond Corporation
TSX VENTURE : DIA

Big Red Diamond Corporation

December 09, 2010 15:21 ET

Big Red Diamond Corporation/J6L1 Rare Earth Metals Project: Sampling Program Completed. Awaiting Assay Results

MONTREAL, QUEBEC--(Marketwire - Dec. 9, 2010) - Big Red Diamond Corp ("Big Red") (TSX VENTURE:DIA) would like to notify its shareholders that it has been advised by its joint venture partner on the J6L1 Rare Earth Metals project, Arctic Star Diamond Corp. (TSXV: ADD), that the sampling and prospecting program commenced in early November has been completed. We are currently awaiting assay results. 

During early November, anomalies generated from a recently completed magnetic and radiometric survey were ground checked, prospected, and sampled. A total of 118 samples were collected throughout the property. Highly anomalous radioactivity was encountered at seven distinct locations, with several readings exceeding those from the historic J6L1 showing directly adjacent to the property. Anomalous radioactivity is considered a primary indicator of for rare metal mineralization. Most anomalous readings were traced for short distances, and appear to be confined to narrow trends associated with quartz veins. Many of these trends were truncated by overburden and require further evaluation.

The geology of the property has previously been mapped as a hypersthene monzonite intrusion. Coupled with historic assays of highly anomalous Nb-Zr and rare earth elements (REE), this suggests potential for the area to host per-alkaline rocks and associated rare metal mineralization.

Samples were sent to Activation Laboratories of Ancaster, ON for analysis using their 8-REE (whole rock, REE, base-trace metals) with Nb and Ta determined using XRF and Au by fire assay. Results will be released when received.

The property closely borders four Nb, Zr, Y, and rare earth element (REE) showings discovered by Soquem in the late 1970's (J6L1-West, Central, East, and North showings). The showings were discovered after follow-up of uranium anomalies from a lake bottom geochemical survey. Trenching of the showings produced analysis of 1.90% to 7.88% Nb2O5 and peak values of approximately 4% rare earths (semi-quantitative) and 12% Zirconium.

An airborne magnetic and radiometric survey recently completed over the property and immediate surroundings has outlined a large (~ 5 x 5 km) ring structure with a distinct magnetic core. The J6L1 showings lie within an outer ring characterized by low background magnetics that extend throughout much of the property. Multiple anomalies, considered prospective for Nb-Zr-REE mineralization were outlined by the airborne survey.

NI 43-101 Disclosure

Darren L. Smith, M.Sc., P.Geol., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

About Big Red Diamond Corporation

Big Red Diamond Corporation is a junior exploration company with exploration projects in the Attawapiskat diamond exploration project located in the Ontario James Bay Lowlands, surrounding De Beers' Victor diamond deposit, near Sept-Iles, Quebec and Prince George, British Columbia for Rare Earth Elements and in the West Timmins Gold camp.

We seek safe harbour

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Big Red Diamond Corporation
    Jean-Francois Perrault
    President and CEO
    514-576-5837
    514-904-1788 (FAX)
    BigRedDiamond@gmail.com