Post by steeladybug on Mar 10, 2007 20:48:13 GMT -5
This article mentions Shore Gold and Fort a la Corne.
If it is already here, please delete.
Diamondex set for Saskatchewan drilling
2007-03-07 13:49 ET - Street Wire
by Will Purcell
Randy Turner's Diamondex Resources Ltd. is set to start drilling on its properties in central Saskatchewan. The company has long been a diamond hunter in Canada's North, but it began acquiring ground in Alberta in 2005 and it expanded its search into Saskatchewan last year. The latter hunts are showing enough early encouragement to warrant drill programs in two regions.
The plan
Diamondex signed an option deal last fall covering the 9,200-hectare Warman property, which lies about 30 kilometres north of Saskatoon. The company can earn a 100-per-cent interest in the play but to do so, it must spend $10-million on exploration over the next four years. As well, Diamondex agreed to pay $650,000 in cash and issue 650,000 shares to the vendors, Michael Hartley and his private company.
The spending requirement is hefty, but a large gravity target that has a surface expression of over 100 hectares appears particularly intriguing to Diamondex. After a preliminary investigation, the company thinks the feature could be a mammoth kimberlite comparable with the finds in the Fort a la Corne district, about 150 kilometres to the northeast. The company expects its Warman program will cost up to $200,000 for about 1,000 metres of drilling.
Diamondex will spend about $300,000 on its Summit Lake property, which consists of 17 isolated claims covering about 5,000 hectares of ground, roughly 75 kilometres northeast of the Fort a la Corne district. To earn a 60-per-cent interest, the company must spend $1.5-million by the end of this year. The winter drilling will bring Diamondex closer to fulfilling that requirement.
The Summit plan calls for Diamondex to test a few geophysical anomalies before it wraps up its drilling this month, but one target appears to be of particular interest. The company rates a gravity anomaly spanning about 15 hectares highly, because of its size and geophysical potential.
The encouragement
Diamondex warmed to the notion that low-grade kimberlites could be large enough to support profitable mines a few years ago, and the company is increasingly using the Fort a la Corne district as an exploration model. Shore Gold Inc. thinks it has at least one mine in the making in the area 60 kilometres east-northeast of Prince Albert, with the possibility that several other pipes nearby contain potentially economic zones.
Star is the most advanced of Shore's projects. The company is completing its third underground bulk sample and the cumulative results point to an average grade of about 0.16 carat per tonne in the richer phases of kimberlite. Shore's diamond valuations suggest the Star gems could be worth in excess of $130 (U.S.) per carat. The company is chasing comparable zones in a nearly continuous cluster of pipes stretching up to 10 kilometres northwest of Star.
The Fort a la Corne pipes lie within a corridor trending northwesterly from Star for approximately 20 kilometres, but there are encouraging signs that potentially economic pipes occur elsewhere in the region. Great West Diamonds Corp. is completing a big mini-bulk test of its C-29/30 kimberlite near Candle Lake, about 50 kilometres west of the Summit Lake property. Great West thinks its grade could prove comparable to some of the better Fort a la Corne pipes.
Diamondex's interest in the Warman and Summit Lake properties is purely geophysical, hardly an investor turn on, but geophysics works well in the area. The Fort a la Corne pipes remained largely intact because they erupted into a marine environment and a thick layer of overburden shielded the pipes during the succession of glacial advances and other erosive events. As a result, mineral sampling is of little use in the area.
Diamondex closed down one-half cent to 37 cents Tuesday on 274,300 shares.
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www.stockwatch.com/swnet/newsit/newsit_newsit.aspx?bid=B-657211-C:DSP&symbol=DSP&news_region=C
If it is already here, please delete.
Diamondex set for Saskatchewan drilling
2007-03-07 13:49 ET - Street Wire
by Will Purcell
Randy Turner's Diamondex Resources Ltd. is set to start drilling on its properties in central Saskatchewan. The company has long been a diamond hunter in Canada's North, but it began acquiring ground in Alberta in 2005 and it expanded its search into Saskatchewan last year. The latter hunts are showing enough early encouragement to warrant drill programs in two regions.
The plan
Diamondex signed an option deal last fall covering the 9,200-hectare Warman property, which lies about 30 kilometres north of Saskatoon. The company can earn a 100-per-cent interest in the play but to do so, it must spend $10-million on exploration over the next four years. As well, Diamondex agreed to pay $650,000 in cash and issue 650,000 shares to the vendors, Michael Hartley and his private company.
The spending requirement is hefty, but a large gravity target that has a surface expression of over 100 hectares appears particularly intriguing to Diamondex. After a preliminary investigation, the company thinks the feature could be a mammoth kimberlite comparable with the finds in the Fort a la Corne district, about 150 kilometres to the northeast. The company expects its Warman program will cost up to $200,000 for about 1,000 metres of drilling.
Diamondex will spend about $300,000 on its Summit Lake property, which consists of 17 isolated claims covering about 5,000 hectares of ground, roughly 75 kilometres northeast of the Fort a la Corne district. To earn a 60-per-cent interest, the company must spend $1.5-million by the end of this year. The winter drilling will bring Diamondex closer to fulfilling that requirement.
The Summit plan calls for Diamondex to test a few geophysical anomalies before it wraps up its drilling this month, but one target appears to be of particular interest. The company rates a gravity anomaly spanning about 15 hectares highly, because of its size and geophysical potential.
The encouragement
Diamondex warmed to the notion that low-grade kimberlites could be large enough to support profitable mines a few years ago, and the company is increasingly using the Fort a la Corne district as an exploration model. Shore Gold Inc. thinks it has at least one mine in the making in the area 60 kilometres east-northeast of Prince Albert, with the possibility that several other pipes nearby contain potentially economic zones.
Star is the most advanced of Shore's projects. The company is completing its third underground bulk sample and the cumulative results point to an average grade of about 0.16 carat per tonne in the richer phases of kimberlite. Shore's diamond valuations suggest the Star gems could be worth in excess of $130 (U.S.) per carat. The company is chasing comparable zones in a nearly continuous cluster of pipes stretching up to 10 kilometres northwest of Star.
The Fort a la Corne pipes lie within a corridor trending northwesterly from Star for approximately 20 kilometres, but there are encouraging signs that potentially economic pipes occur elsewhere in the region. Great West Diamonds Corp. is completing a big mini-bulk test of its C-29/30 kimberlite near Candle Lake, about 50 kilometres west of the Summit Lake property. Great West thinks its grade could prove comparable to some of the better Fort a la Corne pipes.
Diamondex's interest in the Warman and Summit Lake properties is purely geophysical, hardly an investor turn on, but geophysics works well in the area. The Fort a la Corne pipes remained largely intact because they erupted into a marine environment and a thick layer of overburden shielded the pipes during the succession of glacial advances and other erosive events. As a result, mineral sampling is of little use in the area.
Diamondex closed down one-half cent to 37 cents Tuesday on 274,300 shares.
--------------------------------------------------------------------------------
www.stockwatch.com/swnet/newsit/newsit_newsit.aspx?bid=B-657211-C:DSP&symbol=DSP&news_region=C