Adelaide, Oct 4, 2006 AEST (ABN Newswire) - Drilling has commenced on a large lamproite target at Paramount Mining Corporation Limited's (ASX: PCP) Ellendale Project in Western Australia. The location lies around 19 kilometres northwest of Kimberley Diamond Corporation's Ellendale Diamond Mine.
The closest known diamondiferous lamproite is Ellendale 17, a body of some 42 hectares in area, which lies 2 kilometres west of P 04/ 198.
Paramount's key lamproite target lies within Prospecting Licence P 04/ 198, located on the southern margin of the Napier Range, near Carpenter Gap. Earlier drilling had intersected lamproite at shallow depths in 5 drill holes. Shire excavations for roadworks has exposed lamproite in two separate areas within the tenement.
After lengthy delays, ASX-listed Paramount recently received approval from the Western Australian Department of Industry and Resources for the drilling programme in P 04/ 198, which falls within a proposed National Park.
"We are delighted to at last be able to commence drilling at Ellendale," Ms Maureen Muggeridge, Paramount's Chief Executive Officer said today. "From data acquired to date it appears that P 04/ 198 contains a large lamproite body, but others may be present too. Size is an important factor, though several smaller bodies of high grade and diamond value would also constitute an attractive target."
Paramount's drilling programme is aimed at determining the surface area of the body (or bodies), and collecting samples for analysis of the various lamproite phases present, in particular seeking the more diamond prospective tuffaceous lamproite and marginal phases.
Results from a high-resolution aerial magnetometry survey suggested that the lamproite target in P 04/ 198 may be larger than was interpreted from an earlier survey.
The recent survey was flown by UTS Geophysics for Paramount over all four Ellendale Project tenements in 2005. These results were subsequently investigated by Cowan Geodata Services, specialists in the modelling and interpretation of geophysical data. Extracts from the Cowan report, describing the results of data enhancement, analysis and preliminary interpretation of the high-resolution aeromagnetic and radiometric data, follow:
" Magnetic surveys have proved to be very effective over the main Ellendale lamproite field, since the response of the weakly magnetic lamproites is quite clear against a background devoid of other shallow magnetic features. Magnetic signatures of lamproites are quite variable, with usually only the magmatic phases being magnetic. The pipes vary in size and shape and some possess significant remanent magnetisation, consistent with frequent geomagnetic polarity reversals in the Tertiary. Amplitudes range up to 50 nT but are commonly less than 10 nT. In aeromagnetic data, the pipes are seen as small discrete blips superimposed on the much longer wavelength magnetic background due to basement."
"P04/198 appears to have good potential to host a larger lamproite diatreme or several diatremes" .... "Assuming that the aeromagnetic data are only responding to late-stage magmatic lamproite, there may be extensive non-magnetic pyroclastic rocks and epiclastic sediments."
The lamproite target on P 04/ 196 may also be larger than was thought previously and will be also be investigated.
Company will release further information as soon as details are received from the field.
Contact
Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au
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