TORONTO, Jul 16, 2002 (Canada NewsWire via COMTEX) --
Tahera Corporation is pleased to announce encouraging microdiamond results from the central previously untested area of the Ranch Lake kimberlite.
BHP Billiton Diamonds Inc., the operator of the ICE claims/Ranch Lake kimberlite joint venture, advised Tahera that caustic fusion microdiamond results have been received from Lakefield Research Ltd. in Lakefield, Ont. for the four vertical NQ (approximately two-inch diameter) core holes which were drilled in the central untested area of the Ranch Lake kimberlite pipe. The core holes were drilled in the spring of 2002 and are summarized in the table below.
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Diamond Drill Depth to Top Total Hole Total Kimberlite Total Weight
Hole Name of Kimberlite(m) Depth(m) Intercept(m) of
Kimberlite
Sampled (kg)
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P02-1 39.7 157.7 118.0 166.4 kg(x)
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P02-2 38.5 200.3 161.8 271.1 kg(x)
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P02-3 55.8 200.3 144.5 246.0 kg
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P02-4 58.8 184.1 125.3 171.1 kg
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TOTAL 742.4 m 549.6 m 854.6 kg
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(x) Drill intervals (P02-1, 151.5 - 151.7 m and P02-2, 135.6 - 200.3 m) were inadvertently combined during processing and are reported as combined intervals.
A total of 854.6 kilograms of kimberlite (dry weight) were processed by Lakefield Research Ltd. resulting in the recovery of 266 stones (0.1 mm square mesh cut-off) of which 46 were greater than 0.425 mm square mesh sieve size. The results of the caustic fusion program are summarized in the following table. -------------------------------------------------------------------------
Drill Hole Interval (m) Kimberlite Total Diamonds Diamonds Diamonds
Processed(kg) Recovered (+0.425mm (+0.85mm
(+0.10mm sq. mesh) sq. mesh)
sq. mesh)
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P02-1 39.7 - 78.8 36.0 4 2 0
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P02-1 78.8 - 151.5 114.3 68 14 0
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P02-2 38.5 - 135.6 155.2 63 10 1(x)
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P02-1 151.5 - 157.7 132.0 23 2 0
P02-2 135.6 - 200.3
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P02-3 55.8 - 155.7 165.4 44 10 3(xx)
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P02-3 155.7 - 200.3 80.6 17 2 0
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P02-4 58.8 - 149.6 130.8 32 3 0
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P02-4 149.6 - 184.1 40.3 15 3 0
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(x) Largest stone recovered: 1.31 mm x 1.20 mm x 0.95 mm (0.015 carats)
(xx) Three largest stones recovered are as follows:
1.60 mm x 0.86 mm x 0.75 mm (0.009 carats),
1.71 mm x 1.31 mm x 1.37 mm (0.024 carats), and
2.00 mm x 1.82 mm x 1.10 mm (0.043 carats).
Samples P02-2 (38.5 - 135.6 m) and P02-3 (55.8 - 155.7 m) correspond to an olivine-rich tuffisitic kimberlite unit, which occupies the central area of the pipe. Drill hole P02-3 is located near the centre of the pipe and drill hole P02-2 is located approximately 100 metres north of P02-3.
BHP Billiton plans to continue its assessment of microdiamond, mineral chemistry and geological data of the Ranch Lake pipe. Further evaluation work will focus on determining the economic significance of the shallow central portion of the pipe.
The qualified person for the ICE claims project is Jon Carlson, manager exploration and resources, of BHP Billiton Diamonds Inc.
BHP Billiton, the operator of the joint venture, has the option to earn a 60 percent to 70 percent interest in Tahera's ICE claims. BHP Billiton is required to commence the extraction of a 200-tonne bulk sample on the Ranch Lake kimberlite pipe by July 2003 to retain its option to earn an interest in the kimberlite. The Ranch Lake kimberlite pipe, situated on the ICE claims, is located 75 kilometres northwest of the Ekati Diamond Mine(TM) and 85 kilometres south of Tahera's Jericho claims.
To find out more about Tahera Corporation (TSX: TAH), visit our website, www.tahera.com.
Tahera Corporation is focused on developing its highly prospective diamond projects in Canada's prolific Slave Craton. Tahera has joint ventures with two of the world's premier mining companies in Rio Tinto and BHP Billiton on its core diamond projects, and is the operator on other diamond exploration projects in the Slave Craton. The common shares of the Company trade on the Toronto Stock Exchange under the symbol 'TAH'.
%SEDAR: 00003313E
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: http://www.newswire.ca/cgi-bin/inquiry.cgi?OKEY=21780
For further information: Grant Ewing, Vice President Investor Relations and Corporate Development, Tel: (416) 777-1998, Fax: (416) 777-1898, Toll free: (877) 777-2004
Email: investor@tahera.com
News release via Canada NewsWire, Toronto 416-863-9350 Copyright (C) 2002 CNW, All rights reserved
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