VANCOUVER, B.C., April 30, 2019 – Lithoquest Diamonds Inc. (TSX-V: LDI) (“Lithoquest”, or the “Company”) today announced that it has completed a thorough review of all available data and defined 20 priority target areas on its 100% owned North Kimberley Diamond Project in Western Australia.
Three criteria were used to select the priority target areas: 1) the presence of Kimberlite Indicator Minerals (KIMs), 2) geophysical anomalies, and 3) areas of interest resulting from a geospatial analysis designed to detect kimberlites. Three target areas met each of the criteria and are considered the highest priority. A majority of the remaining 17 target areas met at least two of the three criteria.
1. KIM Targets: Rock, stream or loam samples that yielded diamond, KIMs with diamond inclusion chemistry or KIMs in high abundance were considered significant. 15 targets have been identified based on the sample results from the 2018 field program and historical KIM occurrences.
2. Geophysical Targets: Magnetic, electromagnetic, radiometric and gravity datasets were reviewed for anomalies with characteristics typical of a kimberlite pipe. A total of 14 geophysical targets were identified.
3. Geospatial Analysis Targets: A proprietary algorithm-based geospatial analysis of all available data relevant to kimberlite and diamond exploration on the property was conducted by Flood Consulting. The study was focused on the area enclosed by the airborne magnetic survey conducted in November 2018. A total of 93 targets were identified with 11 considered “very high” priority, including two targets that ranked higher than the 1804 kimberlite.
Click here to view the Project page, containing the area of interest.
The objective of the 2019 field program is to investigate and prioritize the target areas, followed by drill testing of the most promising kimberlite targets. Field work to define drill targets is expected to commence in early June and will include geologic mapping, prospecting, geophysical surveying and KIM sampling. Drilling is expected to begin in August.
The technical contents of this news release have been reviewed and approved by Bruce Counts, P. Geo., President, CEO and a Director of Lithoquest Diamonds Inc. and Qualified Person under National Instrument 43-101.
About Lithoquest Diamonds Inc.
Lithoquest is a Canadian diamond exploration company focused on the discovery and development of economic diamond deposits on its 100% owned North Kimberley Diamond Project located in Western Australia, approximately 65km east of the community of Kalumburu.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company’s strategic plans, future operations, future work programs and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
For further information, please contact:
Lithoquest Diamonds Inc.
+1 (778) 373-1485