CHALICE
DIAMOND CORP.
#711 – 675 West
Hastings Street, Vancouver,
B.C. V6B 1N2 Telephone: 604-685-2222 Fax: 604-685-3764
TSX-V: COD
www.chalicediamonds.com
FOR IMMEDIATE RELEASE
February 26,
2008
DIAMOND DISCOVERIES
Chalice Diamond Corp. (TSX-V: COD) has systematically staked or acquired the largest land package in one
of Ontario’s
most potential diamond bearing areas. Within only 2 years the Company and
its predecessor Golden Chalice Resources Inc.(GCR) have identified large
diamond potential in areas that have had very limited diamond exploration in
the Wawa - Missanabie region of Ontario.
COD’s land position covers more than 420,000 acres or 170,000 hectares
within an area that stretches 75 km long by 35 km wide. Drilling is
planned to commence this Spring to test wide diamond bearing kimberlite dykes
and potential kimberlite pipes identified by ground and airborne geophysical
surveys. COD’s early success in discovering diamonds is due in part
to strategic joint venture partnerships that have allowed the company to
maximize funding and exploration activity.
The Wawa area is historically known for being prolific in diamonds
within Archean rocks that are over 2.5 billion years old. COD has
discovered that younger rocks in the area may have greater potential to contain
large diamonds. The rationale for this is that two younger dykes
that COD has been exploring contain multiple phases of kimberlite.
Certain phases of kimberlite appear to contain more diamonds than others.
Equally important to the diamonds that have been found is the chemistry of the
Kimberlite Indicator Minerals (KIMs) that were recovered from the dykes.
The KIMs chemistry indicates that the dykes tapped the diamond field of the
mantle where either large diamonds are present or no diamonds at all. The
small sampling that has been done by COD clearly indicates the presence of
diamonds. Therefore, there is good potential for large diamonds to be
present. The table below shows the number of microdiamonds recovered from dyke
material.
These 2 kimberlite dykes, called GC1 and Fletch, were first discovered
by prospectors in the late 1990’s but were never explored.
Trenching by COD has traced the dykes for up to 600 metres along strike with
the dykes still open in both directions. Recently, 16 microdiamonds have
been retrieved through caustic fusion from the GC1 dyke and 8 microdiamonds
have been discovered from separate sample sites on the Fletch occurrence. The
dykes range from 0.5m to over 5m in width. They have subvertical dips
that are an orientation preferred for mining. The dykes are accessible by
road with power and infrastructure in the area. These factors greatly
improve the exploration and development potential as compared to the far
northern reaches of Canada
where access, exploration and development costs can be prohibitive.
In addition, COD’s exploration activities have resulted in the
discovery of 13 new dykes that have KIM
chemistry similar to the GC1 and Fletch dykes. There are also 5 kimberlite boulders that have been discovered with
good KIM chemistry. These boulders are in new areas that will be
followed up by prospecting, ground geophysics and geochemistry this summer.
COD has also discovered 35 diamonds in an 8.4 kg rock sample which
included 5 macrodiamonds. The rock is on strike with and is similar to
diamond bearing rocks found at Dianor Resources Ltd’s Leadbetter Diamond
Discovery. This and other results were announced in GCR’s press
release of April, 17, 2007. Sampling of rock outcrops in the area
have also discovered additional diamonds, see Corbiere Diamond table
below. Larger samples have since been collected over a large area (225m
by 300m). These samples are currently being tested for diamonds by
caustic fusion analysis. Mapping by Dr. Trygve Hoy has not only outlined
the favourable Leadbetter stratigraphy on COD’s Corbiere Property, but
has also led to the discovery of a diamond in a volcanic breccia on COD’s
Esquega Property.
All these new discoveries have been the result of 2 years of systematic
exploration by GCR and COD as follow-up to KIM in till anomalies and airborne
geophysical surveys by the Ontario Geological Survey and Ministry of Northern
Development and Mines. To date, ground geophysical surveys have evaluated
92 circular airborne magnetic targets that could be kimberlite pipes.
The exploration team has also collected a total of 890 till samples, 407 rock
and 93 stream sediment samples. The initial results of this sampling have
contributed to the discovery of new kimberlite dykes. COD is looking forward to
receiving results from more than 300 of the samples that have been submitted
for analysis.
The diamonds mentioned in this release were recovered by caustic fusion
at SGS Laboratories in Lakefield,
Ontario. The KIMs
were recovered by heavy mineral separation at True North Mineral Laboratory in Timmins and sent to C.F. Mineral
Research Ltd., in Kelowna
British Columbia for x-ray
diffraction analysis and chemical classification of diamond
potential.
Chalice Diamond Corp. is a newly formed company that was formed as a
result of a plan of arrangement with Golden Chalice Resources Inc. and has been
recently listed on the TSX Venture Exchange. Various portions of
COD’s large prospective diamond land package are being explored in
conjunction with Joint Venture partners including Klondike Gold Corp., Amador
Gold Corp., Kalahari Resources Inc., Sedex Mining Corp., Abitibi Mining Corp.
or Kootenay Gold Inc. To view a map showing the joint venture property
holdings, please visit the Chalice Diamond web sit at www.chalicediamonds.com.
MISSANABIE AREA DIAMONDS
Sample #
|
# of
Diamonds
|
Sample Weight
/kg
|
Location
|
78743
|
2
|
6.36
|
Fletch
Occurrence
|
79292
|
3
|
27.5
|
Fletch
Occurrence
|
81228
|
1
|
10.15
|
Fletch
Occurrence
|
81230
|
2
|
7.47
|
Fletch
Occurrence
|
81231
|
16
|
91.36
|
GC1
|
CORBIERE AREA DIAMONDS
Sample #
|
# of Diamonds
|
Sample Weight
/kg
|
415
|
1
|
8.2
|
418
|
1
|
10.17
|
420
|
35
|
8.4
|
432
|
1
|
9.1
|
434
|
2
|
6.7
|
440
|
1
|
8
|
Peter Caldbick, P.Geo. is a qualified person for the purposes of
National Instrument 43-101 and has read and approved the contents of this news
release.
About Chalice Diamond Corp.
ChaliceDiamond Corp. a the spin-off company from
Golden Chalice Resources Inc. and, in conjunction with joint venture partners,
holds a large prospective diamond area play lying between Chapleau and Wawa,
Ontario.
CHALICE DIAMOND CORP.
On behalf of the Board of
Directors
/s/ “Richard Hughes”
Richard Hughes, Chairman
For Further Information
Contact: The Hughes Exploration Group
Phone: (604) 685-2222 or
visit Chalice Diamond’s web-site: www.chalicediamonds.com
This document
contains certain forward looking statements which involve known and unknown
risks, delays and uncertainties not under the corporation’s control which
may cause actual results, performance or achievements of the corporation to be
materially different from the results, performance or expectation implied by
these forward looking statements.
The
TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this news release.