Shear takes break in Alberta

Vancouver — Shear Minerals (SRM-V) has halted its Birch Mountain diamond exploration program in Alberta owing to the removal of winter road systems (for oil and gas companies) and a warming weather trend.

Shear reports that since no kimberlite pipes were intersected on the three targets it has drilled so far, the cause of the magnetic anomalies will have to be determined by a more detailed analysis of its drill core. Several first- and second-priority targets are now being considered for winter drilling next year. This summer, further geological and geophysical data will be collected to aid in defining more targets.

The Birch Mountain property consists of 10 mineral exploration permits covering 10 townships. The site is 100 km northwest of Fort McMurray.

Shear and Marum Resources (MMU-V) have fulfilled this year’s work commitment at the Birch Mountain option, with each earning a 15% stake in the property; they can earn up to a 90% interest (45% Shear and 45% Marum). Birch Mountain Resources (BMD-V) will retain a 10% carried interest in the project and hold a 2% gross overriding royalty on any diamond production.