OverviewInternational Samuel Exploration Corp. is a Canadian exploration company actively exploring for base and precious metals in the Reed Lake District of Manitoba and for diamonds in the Canadian Arctic. The Company has 2 key projects that it is currently focusing on. The Company’s mission is to fund the exploration and development of these projects to enhance shareholder value. In May 2008, VMS Ventures announced a drill intersection of 18.99 metres of 7.10% copper and 0.17% zinc. International Samuel is in the enviable position of holding a 50% interest in mineral licenses comprising approximately 80915.27 hectares (196,946 acres) that is contiguous to the south, north, and west of the VMS Ventures property.
International Samuel Exploration Corp. is also participating in the ongoing race to find diamonds in northern Canada. Active on almost 1.5 million acres in 3 key locations in the Northwest Territories and Nunavut, the Company is playing an important role in keeping Canada in the international spotlight for diamond discoveries. The Company recently entered into a joint venture agreement with Diamonds North Resources Ltd., earning a 30% interest in the one million acre Ualliq project. This exciting property is largely located within the western portion of the kimberlite-bearing Amaruk property in the Pelly Bay region of Nunavut, Canada’s newest diamond district. Recent kimberlite discoveries on the Amaruk project have yielded very encouraging diamond counts and excellent diamond characteristics. Chief PropertiesReed LakeInternational Samuel has acquired a 50% interest in 80915.27 hectares strategically located around the VMS Ventures Inc. base metal discovery in the historic and prolific Flin Flon mining camp. Over the past 75 years, 27 significant mineral deposits have been continuously discovered in the area, the most recent of which is the HudBay Lalor Lake property with 20 million tonnes of 8.8 % zinc. VMS Ventures recently announced a drill intersection with intercepts including 18.99 metres (62.3 feet) of 7.10 % copper and 0.17 % zinc. The International Samuel property is contiguous to the north, west, and south of the property hosting this discovery. In April 2008, the Company completed a 3,300 line kilometre VTEM (Geotech) airborne electromagnetic survey. The VTEM survey system has proved to be one of the industry’s best airborne, deep-penetrating electromagnetic systems. The survey will be used to search for basement conductors and resistivity lows that reflect volcanic massive sulphide mineralization. Using a deep-penetrating electromagnetic geophysical system will enable International Samuel to pursue deep base metal targets with a great deal of confidence.
UalliqThe Ualliq property, located in the Pelly Bay region of Nunavut, Canada’s newest diamond district, is a joint venture between International Samuel and Diamonds North Resources Ltd. Under the terms of the option agreement, International Samuel is earning a 30% interest in the property by issuing 2,000,000 shares to Diamonds North and incurring $3,000,000 in expenditures on the property over the next four years. In addition, for each of the first four kimberlite bodies discovered on the property, International Samuel shall issue 250,000 common shares to Diamonds North. Diamonds North will operate the project. Kimberlite indicator minerals on the property define several anomalous regions including a discrete 60 kilometre-long area with the potential for multiple kimberlite intrusions. A strong cut-off associated with several kimberlite indicator mineral clusters supports this idea for multiple kimberlites on the Ualliq property. Based on the mineral chemistry of the garnets from the area and the proximity to Diamonds North’s Amaruk property, any kimberlites discovered in the area have potential to be diamondiferous. To date, 330 targets have been identified on the Ualliq Diamond property in Nunavut from initial airborne geophysical interpretation, of which approximately 80 are rated as high to moderate priority. Significantly, 47 of the targets range in size from 2 to 7 hectares. More than 20,000 line kilometres of airborne geophysics have been surveyed over the property, primarily over a well-defined kimberlite indicator mineral train that originates on the property. Ualliq is less than 20 kilometres from several recently discovered kimberlites on the diamondiferous Amaruk property. The Companies have approved a two phase program designed to screen targets ahead of an intensive drilling program. A camp has been established and field work is underway. The two Companies have adopted an exploration approach similar to that taken on the Amaruk property. This year’s plan includes ground geophysics on 60 to 100 airborne geophysical targets. Up to 20 targets will be drill tested to confirm the presence of kimberlite. Any kimberlite intersected will be submitted for microdiamond analysis.
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