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Snowfield Development Corp. has completed its first hole in the Phase II drilling program on the Ticho Diamond Project and is pleased to announce that kimberlite was intersected in this first hole. The Ticho Diamond Project area is located approx 5kms southeast of Drybones Bay, NWT. The Company can earn an 80% interest in the property under an option agreement from the prospector David Smith, of Yellowknife, NWT.
This first hole (Mud-9) was drilled to a depth of 92.7 meters (304 feet); kimberlite was intersected from 19.5 to 23.6 meters. The width of kimberlite intersected was 4.1 meters (roughly 13.5 feet). The kimberlite is identical to that intersected in previous holes in the Mud Lake area and has been described by Dr. Roger H. Mitchell, Lakehead University as "carbonatized macrocrystal serpentine calcite kimberlite". Magnetic susceptibility readings taken on kimberlite core samples from Mud-9 show it to be clearly magnetic.
This is the first hole in a planned 20-hole drill program and is designed to delineate the kimberlite body and locate the outcrop of the kimberlite beneath the glacial cover at Mud Lake. Till sampling results from a previous survey just to the west of the current drilling area revealed a number of very high garnet counts (> 500 grains), many of these kimberlite indicator minerals also exhibited partial alteration mantles. In the case of a pyrope grain this is called a "kelyphitic rim" or coating on the grain. Effectively, it means that the grain has not traveled far from the source. In one of those samples (MLG-01) kimberlite fragments were identified. These very high counts together with the kelyphitic rims and the kimberlite fragments suggest that the kimberlite body comes to surface in the vicinity of Mud Lake. The drill rig has now been moved to a new location and drilling will commence shortly. All of this work is directed towards the taking of a 500 tonne bulk sample from the kimberlite to test for the presence of diamonds.
Additionally, a second drill rig is scheduled to arrive at Mud Lake later this month and will commence exploration drilling immediately after "freeze-up" at Aspen and Pond Lakes, located approximately 1 km north-east of Mud Lake, to identify the location of an additional three possible kimberlites identified by geochemical and geophysical exploration as announced (NR 04-08) June 8, 2004.
Snowfield has retained Aurora Geosciences Ltd to provide consulting services and independent project overview. Aurora Geosciences Ltd will provide the services of Garry Vivian P.Geol and Jim Robinson P.Geol. Garry Vivian P.Geol and Jim Robinson P.Geol are qualified persons under NI 43-101. Jim Robinson P.Geol has reviewed and approved the content of this press release.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
President
SNOWFIELD DEVELOPMENT CORP.
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENTS HEREOF.