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Kimberlite Discoveries On Tahera/Kennecott Joint Venture |
05/30/2000 |
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Download this Press Release
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Properties In Nunavut
Tahera Corporation ('Tahera') is pleased to announce that two new kimberlites have been discovered on its Kennecott Joint Venture Properties. Three extensive Properties (Hood River, Rockinghorse and Ice Claims) in Nunavut and the Northwest Territories are held under the Kennecott/Tahera Joint Venture. Under the agreement, Kennecott Canada Exploration Inc. can earn a 50% interest in the properties by making expenditures of C$50 million by 2008, of which approximately C$16 million has been spent to
date. Accordingly Tahera has no immediate funding requirements.
Hood River Property
The kimberlite discovered on the Hood River Property is located approximately 110 kilometers north of Tahera's wholly-owned Jericho Diamond Project, and is in close proximity to Echo Bay's Ulu gold deposit. The new kimberlite, named 'Tenacity', is the first kimberlite discovered on the Hood River Property. Preliminary core drilling has determined that the kimberlite body has a surface expression of
approximately 80 by 100 meters. The chemistry of the kimberlite indicator mineral train emanating from the area of the Tenacity kimberlite indicates that its source should be diamondiferous. Microdiamond testing of the tenacity drill core recovered thus far is underway at Kennecott's diamond laboratory in Thunder Bay, Ontario. Results are expected in June 2000.
Rockinghorse Property
The kimberlite discovered on the Rockinghorse Property is located approximately 70 kilometers west of the Jericho Diamond Project. The new kimberlite, named 'Nanurjuk' (Inuit word for the star Aldebaran), has been intersected by two drill holes. The kimberlite occurs as a series of stacked thin sills up to three meters thick, spaced three to four meters apart. Microdiamond testing to determine if the new kimberlite is diamondiferous will be carried out at Kennecott's diamond laboratory during June 2000.
The approved budget for the 2000 Joint Venture exploration program is approximately C$2.5 million, although the budget may be increased following evaluation of the results of the current program.
Tahera Corporation is focused on bringing its wholly-owned Jericho Diamond Project in Nunavut Territory to commercial production. In tandem with this development focus, Tahera will continue to explore its highly prospective landholdings in close proximity to the Jericho kimberlite. Any new discoveries in the project area could enhance both the scale and economics of the Jericho Diamond Project. Tahera also has interests in extensive exploration landholdings in Nunavut and the NWT through
exploration Joint Ventures with Kennecott Canada Exploration Inc. and Ashton Mining of Canada Inc.
CONTACT: TEL: (416) 777-1998 Grant Ewing, V.P., Investor Relations &
FAX: (416) 777-1898 Corporate Development
Toll Free: (877) 777-2004
E-mail: investor@tahera.com
WEBSITE: www.tahera.com
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