Stornoway advances Coronation Gulf projects (March 31, 2003)

Vancouver — Stornoway Ventures (SWV-V) plans to follow up on indicator mineral trains found on its Sceptre and Tiara diamond properties in the Coronation diamond district of Nunavut.

Last spring, a 6,534-line-km helicopter-borne magnetic and electromagnetic survey was flown over the Sceptre and Tiara properties. The data identified 162 anomalies that could be indicative of kimberlitic pipes. Several of these targets were ground-checked, but the presence of numerous lakes and thick till cover prevented concise identification.

Last year, Stornoway collected 700 till samples, spaced at 500-metre intervals along a series of lines that were spaced 5 km apart and oriented perpendicular to the direction of glacial transport. Additional samples were taken down-ice of potential kimberlite targets that were identified in the airborne survey.

Results from these sampling campaigns suggest the presence of indicator mineral trains on the two properties. Eight mineral trains have unidentified sources, and six of those are on the Sceptre property, while two were found on the Tiara property. Additional sampling is required to determine their respective sources.

Data analysis of sample distribution and mineral chemistry indicate that at least one kimberlite body may be present on each property. Stornoway plans to perform additional till sampling, prospecting and possibly some ground geophysics on the targets, starting in June.

The Sceptre and Tiara properties together comprise 890 sq. km and adjoin Rhonda‘s (RDM-V) Inulik property and land packages held by Ashton Mining of Canada (ACA-T).

Stornoway can earn up to a 60% interest in Sceptre and Tiara from International Samuel Exploration (SAZ-V), Dasher Energy (DHR-V) and Cantech Ventures (CCV-V) by spending $7 million on exploration and issuing 600,000 shares by Dec. 31, 2006.