Business
Diamond Fields: Nickel Exploration Update
Diamond Fields: Nickel Exploration Update.
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\nSYMBOL: DFI\n\n\nCAPE TOWN, May 9 /CNW/ - Diamond Fields International Ltd. (DFI:TSX)\n("DFI" or the "Company") is pleased to announce that it has exercised its\noption to acquire the rights to the Valozoro nickel property in Madagascar and\nnow owns 100% of these exploration rights which are valid until May 2011.\n\n\nThe Valozoro nickel deposit is located 60 kilometres north of the town of\nFianarantsoa in south central Madagascar and is reported in the Catalogue des\nPrincipaux Gites Mineraux de Madagascar (Catalogue of Principal Mineral\nDeposits of Madagascar). During 1956 and 1957, UGINE completed an extensive\nprospecting program and reported an estimated resource of 3.7 million tons of\nlateritic ore (derived from an altered peridotite host) grading 1.75% nickel\ncontaining 65,000 tonnes of contained nickel metal. This is a historical\nresource estimate and a Qualified Person has not done sufficient work to\nclassify the historical estimate as current mineral resources or mineral\nreserves under National Instrument 43-101 ("NI 43-101"). The Company is not\ntreating the historical estimate as current mineral resources or mineral\nreserves as defined in sections 1.2 and 1.3 of NI 43-101, and accordingly the\nhistorical estimate should not be relied upon.\n\n\nDFI has completed a reconnaissance level sampling pass over the Valozoro\nlateritic nickel deposit with results from the program confirming the presence\nof a high grade nickel deposit (the results of this program were announced in\na news release dated March 4, 2004). The reconnaissance pass of sampling\ncollected 1 meter chip and channel samples through the lateritic profile by\nre-visiting 18 of the more than 454 pits excavated on the property by UGINE.\nIn addition road cuts and hillside exposures of mineralization were sampled\nand 170 of the pits were mapped and logged for depth.\n\n\nPit sampling was restricted to pits with a maximum depth of 8 metres (m)\ndue to equipment constraints, while mapping shows that some pits reach a depth\nof 17.5 m. The shallow depth of sampling meant that results are mainly from\nthe upper 6.6 m of lower grade boulder dominated material. Sampling returned\ngrades between 0.61% and 1.77% nickel over thicknesses of 4 to 6 m in 10 of\nthe 18 pits sampled in this upper horizon. Where sampling reac...