Kimberlite Intersected on Australia Diamond Project

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Source: Streetwise Reports   09/10/2018

This is the first kimberlite discovery in the area in 20 years.

Lithoquest Diamonds Inc. (LDI:TSX.V; CWVWF.OTCPK) announced that the company has intersected kimberlite in the first drill hole at target 1804 on its 100%-owned North Kimberley Diamond Project in Western Australia.

"The discovery of kimberlite during the Company's first drill program is a significant success given that no discoveries have been made in the area for 20 years," said Bruce Counts, CEO of Lithoquest. "Results confirm the prospective nature of the North Kimberley Diamond Project and highlight the potential for additional discoveries in the area."

The company drilled two holes into target 1804, according to the company.

"The first drill hole targeted coincident ground magnetic and gravity anomalies where indicator minerals, including diamonds, were recovered in historical loam samples," noted the company. "The drill hole was oriented at an azimuth of 114° degrees and inclined at -75°. Extensively clay-altered basalt was intersected from the top of the hole at 5.7 meters to 100.5 meters, followed by kimberlite breccia to 124.3 meters. Immediately following the kimberlite intersection was a carbonatized basalt which grades to a fresh basalt at 138.4 meters. Fresh basalt was present to the end of the hole at 156.6 meters."

The second hole at 1804 was drilled at an inclination of -50 degrees, and collared 10 meters from the first drill hole along the same 114° azimuth.

"''The second hole encountered sandstone from 6.9 meters to 11.1 meters followed by clay-altered basalt to 61.7 meters and fresh basalt to the end of the hole at 69.1 meters," stated the company. "The kimberlite breccia is characterized by xenoliths of the local volcanic and sedimentary sequence. The core will be shipped to Canada for detailed observation, laboratory analysis and diamond testing. Diamond results are expected during Q4 of 2018."

The results from ground geophysical surveys over target 1804 and textures observed in the kimberlite suggest the occurrence is a pipe. But additional drilling and petrographic work will be required to definitively determine the geometry and nature of the body.

No kimberlite was intersected in target 1805, which was also tested with one drill hole during the second phase of drilling. The drilling marks the completion of the current field program and field crews have been demobilized from the property.

"In addition to drilling, the 2018 field program included rock, loam and stream sediment sampling as well as ground geophysical surveys and mapping," stated the company. "Field samples will be submitted for laboratory analysis with results expected in Q4. The next phase of work will be determined once laboratory results are received and the Company has analyzed the 2018 field data."

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( Companies Mentioned: LDI:TSX.V; CWVWF.OTCPK, )

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