Vancouver-based Paramount Ventures & Finance (PVF-V) and Canabrava Diamond (CNB-V) have formed the KAP joint venture, which has gathered up four northern Ontario properties that are believed to be prospective for diamonds.
The properties, each of which comprise 120,000 ha, are near Wawa, Ont.
In October, Canabrava found a kimberlite pipe cluster on its wholly owned Whitefish Lake project nearby. G-10 garnets, which are formed under the same conditions as diamonds, were discovered at Whitefish Lake; the source of these garnets is believed to be on the KAP claims.
The KAP joint venture plans to initiate a high-resolution airborne magnetic and electromagnetic (VLF-EM) survey over all four of its claim blocks this month, and follow-up ground surveys will be carried out next year. A full program of geochemical sampling for indicator minerals is also planned.
Paramount is covering all acquisition costs, as well as the cost of the geophysical work, in order to earn a 50% interest in the KAP project. After its earn-in, Paramount will share subsequent costs equally with Canabrava.
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