GQ yields quarter-carat stone

Band-Ore Resources (BAN-T) has recovered the largest diamond that bedrock sources have yielded so far in the Wawa area of Ontario.

The 0.254-carat diamond is described as a broken, white octahedral measuring 3.74 mm by 3.30 mm by 3.10 mm. It was recovered from a 12.5-tonne exploration sample from the Engagement zone (formerly Area E) on Band-Ore’s GQ property. Processing of the 12.5-tonne sample targeted only those stones between 0.85 and 8 mm in one dimension.

The sample surrendered another 29 diamonds that range in size from 0.7 mm to 3.06 mm. Twenty-seven of the stones measure more than 1 mm in two dimensions. Four have two dimensions greater than 2 mm. The stones exhibit colours that include white, yellow, pink, brown, gray and black.

The company says the results confirm that larger, commercial-sized diamonds are present in the Engagement zone (EZ).

So far, Band-Ore has processed 11 samples (weighing 389.4 kg) from EZ by caustic fusion. The company has recovered more than 12,000 diamonds, including 319 macrodiamonds (stones with at least one dimension greater than 0.5 mm).

A 46.8-kg sample was collected 100 metres to the northwest in EZ. It contained 47 macros and 446 micros. A second sample (weighing 32 kg) was collected 300 metres due north of EZ and returned 10 micros. This area probably represents another diamond-bearing breccia. It also hosts several near-source boulders.

Band-Ore plans a diamond drill program during the summer to further establish the dimensions and confirm the geometry of EZ.

Further mechanical stripping, trenching, mapping and technical studies are also planned for EZ and similar breccias during the summer and fall. The other breccias are little explored. They have yielded several macrodiamonds.

The program will be partially funded by a recently completed private placement of 139,000 flow-through special warrants at 72 each for gross proceeds of $100,080. Each warrant is exercisable, for no additional consideration, into one flow-through common share and half a common share purchase warrant. One share warrant allows the holder to purchase one share at $1 until Dec. 15, 2002.

Band-Ore has submitted an application to acquire an additional 14 sq. km in the immediate area of the GQ property.