Quebec yields more diamonds for Dianor and partners

Dianor Resources (DOR-V) and joint-venture partners Metalex Ventures (MTX-V, MLXVF-O) and Wemindji Exploration have recovered more diamonds from surface rock samples at their new diamond discovery in the James Bay region of Quebec.

Additional diamonds were recovered from surface rock samples on the joint venture’s Ekomiak V property and on Dianor’s adjacent 100%-owned PEM property. Diamonds and gold also were recovered from similar rocks on the Ekomiak IV property, about 75 km northeast of the PEM property.

The companies recovered 1,763 diamonds in total from 21 of 39 conglomerate rock samples from the three properties.

A single 35 kg conglomerate sample from the PEM property contained 542 diamonds. The largest from the Ekomiak V property was a clear amber fragment measuring 1.06 mm x 0.76 mm x 0.52 mm.

The Saskatchewan Research Council’s laboratory in Saskatoon is analyzing the color and dimensions of all the diamonds Dianor and its partners have recovered so far. Full results are available only for diamonds greater than 300 microns.

Results from 70 of the 178 outcrop samples taken from the PEM, Ekomiak IV and the Ekomiak V properties indicate that 67% of the samples contain diamonds, and two samples from Ekomiak IV contain flakes and small pieces of gold. Dianor also points out that 90% of the conglomerate samples from Ekomiak V are diamond bearing.

During the summer of 2007, a reconnaissance surface rock sampling program was undertaken on five of the eight joint-venture Ekomiak properties, accessible by road, as well as on Dianor’s PEM property.

A total of 226 surface bedrock samples of conglomerate, averaging 30 kilos each, were collected from 116 sample sites on the five properties and the PEM. At each site two samples were taken; one sample for attrition milling to recover indicator minerals plus diamonds and the second sample for caustic fusion to recover only diamonds.

Attrition milling of 12 conglomerate samples from Ekomiak IV found 582 indicator minerals. Mineral grains showed kimberlite and diamond indicator minerals including olivine, pyrope and eclogitic garnets; chromites; clinopyroxenes and picroilmenite.

The conglomerate formation, called the Ekomiak Formation, is believed to be more than 2 billion years old and amongst the oldest diamond bearing conglomerate in the world.

Geological mapping and prospecting indicates that the diamond bearing Ekomiak Conglomerate extends for 15 km along strike and is up to 1 km in width on the PEM and the Ekomiak V properties, with individual outcrops about 500 metres by 400 metres in size.

Dianor first discovered diamonds in the James Bay region in 2002 when it recovered the gems from lamprophyre dykes and intrusive breccias on the PEM property.

Eight different geographic areas of Quebec were then staked during late 2006 and early 2007 with the last completed in February. In total, 772 claims totaling 395 sq km have been staked on behalf of the joint-venture partners.

Three of the five properties contain a large area of Archean-aged diamond bearing conglomerates.

In addition to the Quebec properties in its portfolio, Dianor holds the Leadbetter diamond project in northern Ontario, 12 km northeast of the town of Wawa.

The Leadbetter project is Dianor’s most advanced project and contains diamonds, gold, sapphires and rubies.

Dianor’s stock is trading at about 32 per share. The company has a 52-week trading range of 28.5-$1.58 with 152.2 million shares outstanding.