SRM Shear Diamonds Ltd.

Shear Diamonds Ltd. (TSX VENTURE:SRM) today announced the commencement of its
spring drilling program at its 100% owned Jericho Diamond Project, Nunavut. The
first drill hole within the Jericho open pit into the Jericho Kimberlite Complex
has been completed and intersected more kimberlite than expected based on the
past models. 


As part of the ongoing exploration program (see news release February 28, 2011),
a series of six angled delineation drill holes have been planned to test areas
of the Jericho Kimberlite Complex where it is felt that additional data points
are required and to determine the potential for increased tonnage.


The first drill hole (11JER-01) was drilled from the 450 metre bench into the
southern lobe reaching a final depth of 244.5 metres at a -65 degrees
inclination. The kimberlite contact was intercepted 27 metres before expected
(according to the existing geological model), effectively increasing the outer
contact by 10 metres in the horizontal plane.


Drilling is underway on the 2nd hole from the ice surface at the bottom of the
open pit to test a contact in the Central Lobe on the west side of the
kimberlite. 


"The goal for 2011 is to refine and augment the existing geological model for
the Jericho Kimberlite Complex as well as discover new kimberlites nearby," said
Pamela Strand, President and CEO of Shear. "The results from our first hole are
extremely encouraging. Obtaining this new information from the delineation
program will increase Shear's confidence in the ongoing evaluation work on the
Jericho Kimberlite Complex." 


Once the delineation drilling is complete and the final water licence is issued,
the drill will be moved to the surrounding claims referred to as the Carat
Property to test priority exploration targets suggestive of kimberlite based on
ground magnetic and horizontal loop electromagnetic ("HLEM") surveys currently
underway. To date, there have been a total of 296 line-kilometres of magnetic
surveys over 27 targets, and 60 line-kilometres of HLEM surveys over 11 targets.
Drill target selection is ongoing, with lake-based targets a priority for the
remainder of the spring season.


Infrastructure Fully Operational

During the first quarter of 2011, crews worked diligently to open the Jericho
Diamond camp. This included significant work on heating the site, getting the
water treatment and sewage plant working, and ensuring that all facilities at
site were in good working condition. At this time the camp is fully functional:
it is fully heated, there is potable running water throughout, and the kitchen
is in good working order. In order to conserve fuel, and to maximize the use of
the facility, portions of the facilities were segregated to hold Shear's current
crew that will host between 20 and 50 staff on site. The airstrip and all mine
roads are plowed regularly and four Hercules aircraft have landed bringing in
site supplies, equipment and the core drill. Additional activities at site
include sampling for the Aquatics Effects Monitoring Program, commencement of
ground geophysical surveying, site surveying, and community consultations.


About Shear Diamonds Ltd.

Shear is a Canadian-based company focused on diamond exploration and development
in Canada's North, where it explores established diamond districts and has
discovered new ones. Shear currently has a portfolio of eight diamond projects,
including three advanced projects with development potential. Shear holds a 100%
interest in its recently acquired Jericho Diamond Mine and surrounding
exploration assets, located in the Kitikmeot region of Nunavut. 


Qualified Persons

Pamela Strand, P. Geol., Shear's President and Chief Executive Officer, and
Jennifer Burgess, P. Geol. Shear's VP Exploration, are qualified persons for
purposes of National Instrument 43-101 who supervised the preparation of the
information forming the basis for this press release.


On behalf of the Board of SHEAR DIAMONDS LTD. 

Pamela Strand, P. Geol., President & CEO

Julie Lassonde, Executive Chairman 

This news release may contain forward looking statements, being statements which
are not historical facts, including, without limitation, statements regarding
potential mineralization, exploration results, resource or reserve estimates,
anticipated production or results, sales, revenues, costs, "best-efforts"
financings or discussions of future plans and objectives. There can be no
assurance that such statements will prove accurate. Such statements are
necessarily based upon a number of estimates and assumptions that are subject to
numerous risks and uncertainties that could cause actual results and future
events to differ materially from those anticipated or projected. Important
factors that could cause actual results to differ materially from Shear's
expectations are in its documents filed from time to time with the TSX Venture
Exchange and provincial securities regulators, most of which are available at
www.sedar.com. Shear disclaims any intention or obligation to revise or update
such statements.

Shear Diamonds Ltd. (TSXV:SRM)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

Shear Diamonds Ltd. (TSXV:SRM)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024