Drilling at the Candle Lake property near Prince Albert, Sask., is under way in an effort aimed at collecting 45 tonnes of kimberlite.
The project is a joint venture involving War Eagle Mining (WEM-V), Great Western Gold (GWG-V) and Kennecott Canada Explorations, with Kennecott as the operator.
Four 10-inch holes are being drilled in a reverse-circulation program aimed at a large diamondiferous kimberlite body with an inferred potential of 70 million tonnes.
The sample will be delivered to Kennecott’s processing plant in Yellowknife, N.W.T., for diamond recovery.
Kenecott can earn a 60% interest in the joint venture by spending $8 million on exploration and development, whereupon War Eagle Mining and Great Western can elect to retain a 40% interest, or hold a carried interest of 30% until a positive feasibility study is completed.
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