VanEck Vectors Global Alternative Energy ETF Completes First Block of Airborne Geophysical Surveys over James Bay Lowlands by 24hgold

Keywords : Canada | Nickel |

Tuesday, May 06, 2008
Diamondex Completes First Block of Airborne Geophysical Surveys over James Bay Lowlands

Vancouver, B.C. - Diamondex Resources Ltd.'s (DSP-TSX.V) (the "Company") wholly-owned subsidiary, Nickel Bay Resources Inc., is pleased to announce that a 5,105 line kilometre airborne EM survey was recently completed over its 100% owned claims in the James Bay Lowlands of Ontario. The survey, which was flown with Geotech's VTEM airborne electromagnetic survey system at 200 metre line spacing, overflew approximately one third of the 390,000 acre nickel exploration property held by Nickel Bay Resources in the area. Numerous deep electromagnetic anomalies with closely coincident magnetic responses were detected by the survey. These basement conductors are interpreted to be excellent targets for magmatic sulphide exploration (see www.diamondex.net for project location and an image of some of the VTEM B-field, late time high priority anomalies).

To this point a total of thirty-five discrete late-time conductors have been identified, with interpreted strike lengths that vary from approximately 300 metres to 1,600 metres. Dr. Mark Shore, Magma Geosciences consulting geophysicist, commented "the VTEM survey proved remarkably effective at detecting and resolving conductors in Precambrian basement beneath 100 to 200 m of resistive Paleozoic cover rocks. In one month it has advanced an area of over 4000 km2 from a conceptual exploration play to one that has a dozen-plus accurately located high-priority targets that can be readily evaluated by the standard ground EM techniques used in nickel exploration."

The high priority anomalies will be followed-up with detailed ground geophysical surveys to further assist conductor characterization and ranking (including width, dip, depth and ultra-low frequency EM response). These efforts will assist in drill target prioritization. All targets are interpreted to be hosted by volcano-sedimentary stratigraphy similar to that containing Noront's Double Eagle nickel deposit and Spider-KWG's McFauld's Lake VMS deposits.

A second airborne EM survey will be scheduled for the month of June over the Company's southern block of mineral claims within the James Bay Lowlands.

Nickel Bay is one of the largest property holders in the area, and has established a leading position in what could be one of Canada's last unexplored volcanic belts with demonstrated economic potential.

The current field program is being managed by Raymond Ashley, P.Geo., Vice President Exploration for Diamondex Resources Ltd. Mark Shore, Ph.D., P. Geo., a consulting geophysicist with Magma Geosciences, is providing QA/QC and data interpretation for the survey. He is a Qualified Person in accordance with National Instrument 43-101, and has reviewed and approved the content of this press release.

DIAMONDEX RESOURCES LTD.

"Randy C. Turner"

Randy C. Turner, President

For further information please contact Salimah Lalli at 604-687-6644 or diamonds@diamondex.net

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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