Diamondex cuts new kimberlite at Carat

Ongoing drilling by Diamondex Resources (DSP-V) at the Carat property, 350 km northeast of Yellowknife, N.W.T., has cut a new kimberlite pipe.

A hole, angled at 45, tested a land-based geophysical target covered by overburden. The hole intersected kimberlite at a down-hole depth of about 33 metres. Due to poor drilling conditions it was terminated, still in kimberlite, at a depth of 70 metres.

The company is repositioning the drill to test the target with a second hole and is evaluating several other geophysical targets for drill-testing.

The Carat property, which is controlled by a joint venture between Tyler Resources (TYS-V) and operator Diamondex, is contiguous with the northern boundary of the Ekati diamond mine, which is operated by BHP Diamonds.

Diamondex is increasing its interest in the Carat property from 60% to 70%.

The recent hole is part of a $3.8-million exploration program by Diamondex which is focussing on several properties in the Northwest Territories.