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Big Red Diamond Corporation: Big Red Diamond Corporation: The Completion of a 43-101 for its Strategis Project

^{Published on 2009-02-12 13:16:01, Last Modified on 2009-02-12 13:17:32 - Market Wire}
 

MONTREAL, QUEBEC--(Marketwire - Feb. 12, 2009) - Big Red Diamond Corporation ("BRDC") is pleased to announce that the NI 43-101 report, prepared by Alain Calame, geo, for the Strategis project is now available on SEDAR and on our website ([ www.bigreddiamond.com ]). The Strategis property in the Otish Mountains sector held by Big Red Diamond Corporation is located approximately 300 km northeast of Chibougamau, in the Chibougamau mining district. Located in the northwest corner of the NTS sheet 23D/04 "Lake Laparre" the property consists of 97 claims covering approximately 7200 hectares.

The mineralization potential of this property is partly linked to its location approximately 10 km northeast of the Matoush showing (32P/16 sheet "Lake Hippocampe") owned by Strateco Resources Inc. and where indicated mineral resources are estimated at 201,000 tons grading 0.79% U3O8 containing 3.48 million pounds of uranium and inferred mineral resources estimated to total 65,000 tons grading 0.43% U3O8 containing 0.62 million pounds of uranium. The Matoush uranium showing is similar to the uranium veins associated with shear zones, except that the mineralized zone is located above the unconformity in the sandstone units and not in the basement rocks such as in Rabbit Lake or Beaverlodge Lake in northern Saskatchewan. Even if this type of deposit is a target for future exploration work, more typical uranium deposit types associated with unconformities and similar to those found in the Athabasca Basin remains preferred targets, since the Strategis property is underlain for the most part by Archean rocks located along the edge of the unconformity between these and the younger rocks of the Otish basin. A uranium showing, known as Lorenz Gully is associated with this unconformity. Located less than 300m from BRDC's claim boundary (northern central portion), the showing yielded historical drill intersections from 1977 that included 0.35% U3O8 on 52 cm, 0.21% U3O8 on 50 cm and 0.09% U3O8 on 50 cm. Veins with a pitchblende mineralization are associated with the Lorenz Gully 330 degrees N attitude fault.

Usually, the detection of structures such as faults associated with gabbro dykes, and in relation with unconformities, represents the first primary targets for future exploration work on the Strategis properties.

According to the geological map compilations of the MRNF (Ministere des Resources naturelles et de la Faune du Quebec), the north section of the property is covered by Archean gneissic rocks and the Otish Group rocks cover the narrow south-western appendage of the property. The Archean basement rocks, on the south western corner of the basin, are composed of a gneissic complex (amphibolites, biotite gneisses), metasedimentary and metavolcanic rocks, migmatites and granite. The Otish Group consists of a rock formation of late Aphebian age resting in an angular unconformity on the Archean rocks from the Province of Superieur basement. Rocks from this group are known to be the host of many uranium showings. The Otish Group rocks are displayed in sub-horizontal strata relatively undeformed, except when in contact with faults where the gneissic Archean rocks dip sub-vertically to the northwest trending approximately 75 degrees N. The sedimentary rocks are cut (especially in the eastern part of the basin) by gabbro dykes and sills. Strong fault patterns have been developed in the Otish Basin both before and as a result of the Grenville Orogeny.

In light of this information, an exploration program aimed at finding and developing uranium mineralized structures on the Strategis property is recommended:

The first phase of the program mainly consists of surficial exploration work: completion of a ground radiometric survey combined with soil sampling (moss), prospecting, and geological mapping. It should be combined with a magnetic and a VLF (EM-16) geophysical ground investigation in order to pinpoint and confirm the presence of structures and fault zones, which we strongly suspect the existence of, based on the results of the high resolution airborne magnetic survey conducted on the property during the summer of 2008.

The portion of the property in which is located on the belt of high radiometric anomalies and particularly the zones with higher radiometric anomalies revealed by the high resolution airborne radiometric survey are primary targets for these future exploration work. Particular attention should be given to coincident uranium-thorium-potassium radiometric anomalies, considering that some of these extend quite significantly. The largest anomaly measures 1500m by 500m and appears to be bordered to the west by a 340 degrees N structure as demonstrated by the high resolution airborne magnetic survey. Special attention should also be given to the coincident uranium-potassium anomaly located proximal to the Lorenz Gully uranium showing.

If the results of the first phase prove to be particularly promising to justify a second phase of work, it would essentially include more detailed prospecting work and drilling prioritized targets. Consequently, 1,000 m of NQ-calibre drilling (10 cm in diameter) are recommended for the second phase.

This press release has been prepared by management of Big Red Diamond Corporation ("BRDC") and has been approved for dissemination by Clinton Barr P. Geo, Director of BRDC and a Qualified Person as such term as defined under National Instrument 43-101, who has reviewed and verified the technical information contained in this press release and has approved the contents of this press release.

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