1992 — A LOOK BACK — Calendar of events

September, 1991: BHP Minerals Canada (then BHP-Utah Mines) options a 51% interest in the claim blocks of Dia Met Minerals (TSE) in the Northwest Territories by funding exploration and a mine feasibility study. The company also agrees to arrange Dia Met’s share of mine financing to the tune of $500 million.

November, 1991: Drilling on ice-covered Point Lake, north of Yellowknife, N.W.T., the Dia Met-BHP joint venture intersects diamond-bearing kimberlite over 140 metres.

December, 1991: Canada’s largest staking rush begins. Some 10 million acres are claimed around the discovery pipe as juniors using Global Positioning Systems fly over the Lac de Gras area, dropping claim posts as they go. Dia Met moves from $3 to $8 per share.

April, 1992: Sudbury Contact Mines (TSE) generates a mini-rush to the Kirkland Lake area of northeastern Ontario with the discovery of eight microdiamonds in a pipe just west of Larder Lake. Other provinces, including Quebec, Manitoba, Saskatchewan, and Alberta begin to feel the fever. May, 1992: A 160-ton bulk sample taken from the Point Lake pipe yields diamonds collectively weighing 101 carats. Some of the stones weigh in the 1-3 carat range, and 25% are gem quality. Dia Met jumps to $18 on the news. September, 1992: A brief release issued by Dia Met says the joint venture has found nine new kimberlites on its claims, at least one of which is diamond-bearing.

November, 1992: The Aber-Commonwealth-SouthernEra group reports the discovery of colored microdiamonds in one of seven pipes found on the Tenby property near Lac de Gras. While three of the stones are natural, the “fancies” turn out to be synthetic diamonds loosened from the drill bit. The stocks of all three juniors swing wildly, but settle well above pre-discovery levels. December, 1992: Dia Met, recently listed on the Toronto Stock Exchange, shoots to $55 on news that the junior has recovered macrodiamods, some of gem quality, from all nine of the new kimberlites found on its claims during a summer drilling program. The area staked around Lac de Gras swells to an estimated 40 million acres.