|November 04, 1998|
New Kimberlite Pipe Cluster Discovery
|- New Kimberlite Pipe Cluster Discovered at Molopo|
- Drill Program Continuing
Layfield Resources Inc. is pleased to report the discovery of a new cluster of kimberlite pipes on the Molopo property in Botswana. Layfield is earning a 75% interest in this property that is located along the same structural lineament that hosts the Jwaneng Mine (the richest producing diamond mine in the world). Southern Africa Minerals Corporation will retain a 25% participating interest in the Molopo Property. The current vertical reverse circulation drillhole is testing magnetic anomaly 98-83 and has encountered kimberlite at a depth of 96 meters beneath Kalahari sands. The hole is at a depth of 127 meters and will continue to a depth of about 150 meters to obtain samples for microdiamond and chemical analyses. This is the third hole of a minimum six hole program and the second to encounter kimberlite.
The hole that tested magnetic anomaly 98-97 encountered kimberlite from 48 meters to the end of the hole at 121 meters. Samples for microdiamond analysis have been taken and will be analyzed for diamonds content by Lakefield Research Limited of Lakefield, Ontario.
The kimberlite encountered at magnetic anomaly 98-83 is the first anomaly tested in a cluster of thirteen magnetic anomalies located by Layfield's recently completed aeromagnetic survey. Seven of the magnetic anomalies, including 98-83, are very highly ranked with the remaining six in the medium/high ranking. Layfield's current drill program is continuing and will test at least another three magnetic anomalies that are similar in magnetic character to 98-83 and 98-97.
On Behalf of the Board of Directors
D. Neil Briggs
President & Director
No Stock Exchange Has Approved Or Disapproved The Information Contained Herein