Paramount Diamonds
Perth, Oct 15, 2006 AEST (ABN Newswire) - Five diamonds, measuring between approximately 1 - 2.5 mm in diameter, were recorded from the first pit excavated at Paramount Mining Corporation's (ASX: PCP) Ochinso Project, southern Ghana. Another diamond was recorded from a second pit, of three completed to date. The field report from Paramount's geologist states that the first pit also contained four flakes of gold (dimensions unspecified) the shape of which suggests that the source of the gold is not far from the present location.
The report says that the other two pits each showed traces of gold visible in the field concentrates. Further pits are in progress, and a detailed report on gold and diamonds recovered will be provided to the Australian Stock Exchange as soon as samples being collected from each pit have undergone laboratory analysis.
"This is a very encouraging start to our work at Ochinso," Paramount's Chief Executive Officer, Ms Maureen Muggeridge, said today. "The three pits were from two different river systems, showing already that there is a spread of diamonds and gold in the project area. The project area is located within the Birim Diamond Field, which has produced over 100 million carats of diamonds. The Birim area is not a recognised gold belt, although alluvial gold has been recorded in earlier reports. The hard rock gold potential is therefore unknown, but presents a worthwhile exploration target".
Pits measuring 1.5 by 1.5 metres in surface area are being excavated by hand to bedrock. Prospective gravel material is being removed from the pits and the heavy mineral component is being extracted in the field using small hand jigs. This heavy mineral sample concentration is only carried out to a limited extent in the field for security purposes as well as to maximise recovery of diamonds and gold. The sample concentrates are being retained for later laboratory analysis, where additional diamonds may be recovered, and accurate weights for diamonds and gold will be determined.
This initial field programme is due to end this month. The aim of the programme is to test for the presence of diamonds and gold in the main river systems in the project area. These results will assist in deciding priorities for the next phase of exploration, which will include more pitting work and mapping.
The Ochinso Project, located around 110 kilometres northwest of the capital city of Accra, targets alluvial and hard rock deposits for gold and diamonds within the Birim River catchment. On 12 th September 2006, the Company announced a new agreement with Aurion Resources Limited ("Aurion") on the Ochinso Project in southern Ghana, a 37 square kilometre area within the former Akwatia Diamond Project ("Akwatia") area. The Ochinso Project represents the current Prospecting Licence area, renewed for 12 months in October 2005. The Ochinso agreement replaces the former Akwatia agreement.
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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