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Golconda Resources finds more diamonds at Shulin Lake project


Last updated 10/31/2004 at Noon

Calgary-based Golconda Resources Ltd., operator of the Shulin Lake diamond exploration joint venture, says it found micro-diamonds during its spring drilling program at the Southcentral Alaska property.

The holes at the Shulin Lake project, which is about 25 miles due west of the Parks Highway and about 80 miles north of Anchorage, were drilled to test different areas of a circular structure visible on a satellite photo of the property.

In an Oct. 6 statement, the company said 19 selected samples were sent to SGS Lakefield Research Ltd. for caustic fusion and diamond recovery. Each sampled weighed up to 8 kilograms.

Golconda said three micro diamonds were discovered with the following dimensions: 0.66 by 0.43 by 0.41 millimeters; 0.29 by 0.20 by 0.10 millimeters; and 0.17 by 0.14 by 0.08 millimeters.

"All diamonds are white, transparent and fragments with the largest diamond showing some crystal faces," the company said. The diamondiferous sample was recovered from hole 22. Golconda said the drill holes were widely spaced with more than 200 meter spacing. Hole 22 was drilled 600 meters north of the others.

Tracked diamonds to possible source

Golconda said Oct. 6 that it was "pleased that it has succeeded to track these diamonds back to its volcanic centre which is the possible source for the diamonds."

The company said the structure was "several kilometers" in diameter.

Golconda said five holes were drilled in the spring drilling program, not the 10 holes the company said it planned to drill in a Feb. 4 press release.

The property previously yielded diamond indicator minerals and in 2002, Golconda said, micro-diamonds were found in drill hole DSL 10 about 3 kilometers to the south of hole 22. According to joint venture partner Shear Minerals, it was the first known discovery of diamonds from a bedrock source in Alaska.

Golconda said the western and northern parts of the circular feature have not been drilled yet and will be the target of the next drill program.


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