| Tue 18 Nov 2008, 15:59 | | BCD - BRC Diamondcore Ltd - BRC Diamondcore provides update on DRC exploration |
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BCD
BCD
BCD - BRC Diamondcore Ltd - BRC Diamondcore provides update on DRC exploration
activities
BRC DIAMONDCORE LTD.
(Incorporated in Canada)
(Corporation number 627115-4)
Share code: BCD & ISIN Number: CA05565C1095
("BRC DiamondCore" or "the Company")
BRC DIAMONDCORE PROVIDES UPDATE ON DRC EXPLORATION ACTIVITIES
Toronto, Canada and Johannesburg, South Africa - November 18, 2008 - BRC
DiamondCore Ltd. (the "Company") (TSX - "BCD"; JSE - "BCD") is pleased to
provide the following update on exploration activities in the Democratic
Republic of the Congo (the "DRC").
Northern DRC - Option Agreement with Rio Tinto
Northern DRC is considered to be one of the last highly prospective regions in
the world for diamond exploration. The Company`s land package in the northern
DRC forms part of an agreement with Rio Tinto, as reported in the Company`s
press release of June 12, 2008.
Work in the form of regional stream sampling for heavy minerals started in
November 2007 and to date some 15,000 kmSquared have been covered. It is planned
to have an additional 13,000 kmSquared completed by April 2009. Simultaneously,
applications for other prospecting licences have been made. The first results,
all from the Equateur Province, have identified several diffused
diamond/chromite anomalies that have been earmarked for further work.
Southern DRC
Tshikapa Project
The Tshikapa area has produced well over 100 million carats of diamonds and
results from the stream samples taken in the area indicate that abundant
kimberlitic indicators are present. It has further been established that these
are not abraded and hence are not far removed from their primary source(s). In
addition, the chemistry of these minerals suggests that they have been derived
from mineralized kimberlites. Following a program of detailed stream sampling
and airborne geophysics at Tshikapa, the Company retained 2,400 kmSquared of the
most prospective ground with very encouraging geophysical and sampling targets.
Applying its aggressive approach to turn over ground and retain only those areas
that are likely to host kimberlites, the Company has relinquished just over
6,600 kmSquared in the Tshikapa area that are of no further interest, including
most of the ground covered by the Candore licenses.
The Company began drilling in June 2008 using a man portable core drill rig
capable of drilling down to 300 metres. Initial drilling was used to commission
the rig and focused on sterilizing ground of no further interest. Of the 12
holes drilled between June and September, two holes intersected ironstone, three
intersected late stage granites and two went into grano-diorites. The final
three holes intersected breccia.
Two additional option agreements were signed with Group Abba and Investors
Equity Ltd. respectively for four licences in favourable geological terrain
around Tshikapa and which contain very promising geophysical targets.
Wamba Project
Several licences were taken out in the Wamba drainage basin, located between the
Kwango River and Tshikapa, where diamonds and kimberlitic minerals have been
reported. Stream sampling has confirmed confined kimberlite targets and once
all the microprobe results have been received a program of airborne geophysics
over selected areas will be initiated.
Candore East
The Company applied for and received more ground close to the Sankuru River
where well defined heavy mineral anomalies have been identified by the Company.
Diamonds of good quality have also been reported from a specific river basin
close to the Sankuru draining the ground held by the Company. Follow up
sampling is planned during the current quarter to highlight the immediate area
of interest for a detailed geophysical survey.
Kwango River Project
The Company has delineated almost 20 alluvial targets with a program of pitting
and drilling. A program of detailed drilling over 7 of these has identified 11
million tons of gravel with a high degree of confidence. A series of bulk
samples has been planned for 2009 to fix grades and to provide confirmation of
the diamond values before the bulk sampling plant, which has been constructed in
South Africa specifically for the Kwango, will be employed to start trial
mining.
Lubao Project
Work on the Lubao project has been discontinued based on the most recent mineral
chemistry analyses and regional geological studies. The effect of discontinuing
this work is not considered to be material to the Company`s exploration
prospects in the DRC.
Company President Dr. Mike de Wit said: "We are very pleased with the pace of
exploration work in the DRC, which has successfully advanced the most
prospective ground at our projects to the next phase. In the northern DRC,
reconnaissance coverage of large tracks of Archaean terrain is progressing as
per schedule. In the southern DRC, we are very encouraged by the results of our
drill program at Tshikapa, which has started to identify rocks associated with
targets in the area, as well as by the solid progress being made at the Wamba,
Candore East and Kwango River projects."
Qualified Person
Dr. Mike de Wit, President of the Company, is the "qualified person" (as such
term is defined in National Instrument 43-101) who supervised the preparation of
and is responsible for the technical information in this press release.
Additional information with respect to the Company`s DRC properties is contained
in the technical report prepared by Venmyn Rand (Pty) Limited, dated July 31,
2007 and entitled "National Instrument 43-101 Technical Report on the Kwango,
Lubao and Tshikapa Projects of BRC Diamond Corporation in the Democratic
Republic of Congo". A copy of this report can be obtained from SEDAR at
www.sedar.com.
BRC DiamondCore Ltd. is an African-focused diamond explorer active in South
Africa and the DRC. Led by a management team with extensive experience in
diamond exploration and mine development, the Company has a broad spectrum of
projects ranging from advanced stage trial mining operations through grass-roots
exploration. The Company`s projects comprise both prospective alluvial gravels
and primary kimberlite targets. The Company works in a systematic and
responsible manner to discover, assess and develop diamond resources for the
benefit of its shareholders and local stakeholders.
Johannesburg
18 November 2008
Sponsor
River Group
For further information, please visit our website, www.brc-diamondcore.com, or
contact:
In Toronto:
Martin D. Jones, Vice President, Corporate Development, (416) 366-2221 or 1-800-
714-7938.
In Johannesburg:
James Duncan, Russell and Associates, +27 11 880-3924.
Forward-Looking Statements: This press release contains forward-looking
statements. All statements, other than statements of historical fact, that
address activities, events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without limitation,
statements relating to exploration results, potential mineralization and the
Company`s exploration plans) are forward-looking statements. These forward-
looking statements reflect the current expectations or beliefs of the Company
based on information currently available to the Company. Forward-looking
statements are subject to a number of risks and uncertainties that may cause the
actual results of the Company to differ materially from those discussed in the
forward-looking statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will have the
expected consequences to, or effects on the Company. Factors that could cause
actual results or events to differ materially from current expectations include,
among other things, uncertainties relating to the availability and costs of
financing needed in the future, the possibility that future exploration results
will not be consistent with the Company`s expectations, changes in equity
markets, changes in diamond markets, foreign currency fluctuations, inflation,
political developments in South Africa or the DRC, changes to regulations
affecting the Company`s activities, delays in obtaining or failure to obtain
required project approvals, the uncertainties involved in interpreting
geological data and the other risks involved in the diamond exploration
business. Any forward-looking statement speaks only as of the date on which it
is made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or
otherwise. Although the Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance should not be
put on such statements due to the inherent uncertainty therein.
Date: 18/11/2008 15:59:30 Produced by the JSE SENS Department.
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