Shear announces additional 750,000 acres in mineral rights and exploration update, Jericho Diamond Project, Nunavut

Marketwire | July 6, 2011 | 10:27 pm Canada Diamond 

Shear Diamonds Ltd. (TSX VENTURE:SRM) today announced the acquisition of 34 newly staked claims totaling 77,250 acres contiguous with the Carat Property surrounding the Jericho Diamond Mine. This new land package provides Shear with blanket mineral rights covering existing and newly interpreted priority indicator dispersion trains. Shear’s ongoing review of historical datasets has confirmed compelling evidence of undiscovered kimberlites in certain areas outside the immediate mine area with recommended ground follow up.

“In addition to our main goal for 2011 to support and augment the existing geological model for the Jericho Kimberlite Complex, Shear continues to evaluate the exploration potential of Shear’s entire land package at Jericho,” said Pamela Strand, President. “We have added these additional mineral rights based on priority area based on geophysics and favorable G10 pyrope indicator mineral chemistry.”

Shear’s in-house geology team have been working in partnership with Mineral Services Canada (“MSC”) of North Vancouver, BC in a comprehensive review of historic indicator mineral dispersion data from tills and historic kimberlites at the Jericho Project and surrounding lands. Using a comprehensive database the primary goal of the study by MSC has been to assess the areas of interest for indications of potential undiscovered kimberlites and to evaluate associated diamond potential, as indicated by mineral compositions in the tills. The MSC 2011 study has resulted in the following interpretations and conclusions:

  • Definition of 20 indicator mineral dispersion trains in and around Jericho that are not explained by known kimberlites.
  • Confirmation that the diamond potential in kimberlites in the Jericho area is driven primarily by the presence of diamond-associated low-chrome eclogitic and websteritic paragenesis in the garnet population. The presence of high-Cr G10 garnets in some of the dispersions suggests that there may be undiscovered kimberlites in close proximity to Jericho that are likely diamondiferous.
  • The mineral train derived from the Jericho Kimberlite Complex (JD-01 and JD-02 kimberlites) shows evidence of input from either a kimberlite phase not yet tested or not yet discovered that has peridotitic diamond potential (high-Cr G10 garnets).
  • Confirmation that the Babylon Float dispersion, located 500 m west of the Jericho kimberlite, has high diamond potential based on low-Cr garnet mineral compositions and the presence of high-Cr G10 garnets from the float and corresponding till data. The mineral composition signature in this dispersion is similar to that of the Jericho dispersion train.

Exploration Update

A total of five holes were completed into the Jericho Kimberlite Complex (“JKC”), to help resolve the kimberlite contacts as well as aid in understanding the geological domains as Shear revises the geological model for Jericho. Four of the five drill holes intersected kimberlite outside the current geological model, suggestive of upside tonnage potential.

Work is currently underway by Mineral Services Canada and Geostrat Consulting Ltd. to refine the existing geological model using detailed petrographic analysis, historical core logging and the incorporation of this most recent drilling.

Read the full news release here.

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