Aur resumes diamond hunt in N.W.T.

Toronto-based Aur Resources (TSE) and its partners plan to spend $1.5 million exploring for diamonds in the Northwest Territories this year.

Under a recent agreement, Consolidated Abitibi Resources (ME) and Thunderwood Resources (TSE) have each agreed to earn a 25% interest in Aur’s 160,000-acre McConnell diamond project at an undisclosed location northwest of Yellowknife, N.W.T.

To earn the interest, the juniors must each provide $250,000 for land acquisition in 1993 and spend $500,000 on the project every year until the end of 1995. Aur has agreed to loan the two juniors the acquisition costs. The McConnell project was initiated by BP Resources (now Talisman Energy) in 1984, following the discovery of kimberlites near the McConnell Range. A subsequent stream sediment and till sampling program over an area of 100,000 square miles defined a broad dispersion of indicator minerals and certain claims were selected for follow-up.

In the summer of 1992, equal partner Aur purchased full ownership of the diamond project from BP Resources, which was shedding its mining assets at the time. Since 1989, Aur has spent $2.2 million to define priority areas on the property through airborne geophysical and glacial till sampling. Several circular magnetic anomalies with nearby indicator mineral concentrations, including G-10 garnets, have been targeted for drill testing. This year, the partners will acquire up to 625,000 acres of additional claims and launch a detailed till/bedrock drilling program to locate the source kimberlites at the top priority sites. Aur Vice-President Howard Stockford says drilling will begin in March.

In other diamond developments:

— To raise proceeds of $13.7 million, Dia Met Minerals (TSE) has agreed to sell 350,000 shares at $39 per share to European investors. First Marathon Securities will act as agent for the private placement.

— Aaron Oil (ASE) has been served with a statement of claim by Monopros, which alleges that Aaron wrongfully terminated an agreement between the two parties to develop claims near Lac de Gras. Monopros is asking that the agreement be declared enforceable, but Aaron is proceeding with a defence. — Kennecott Canada has dropped its options on all claims, with the exception of 33,572.5 acres, held by Argus Resources (ASE) in the Lac de Gras area. — Kennecott has signed an option agreement on 144,000 acres shared by Almaden Resources (VSE), Troymin Resources (ASE) and Williams Creek Explorations (VSE) under a 40-20-40% joint venture called ATW Resources. To earn a 65% interest in the claims, which lie just south of the Point Lake discovery, Kennecott must make a down payment of $155,000 and commit to further, unspecified annual payments and work expenditures. If a diamond mine is placed into production, Kennecott will advance ATW’s share of the costs until payout. Before payout, ATW will receive 10% of the proceeds. Kennecott has identified 32 magnetic features, at least 13 of which have associated resistivity lows, on ATW’s original 96,000-acre claim block. Processing of heavy mineral samples continues.

— Golden Dividend Resources (VSE) is acquiring a 100% interest in the Panther claim northeast of Lac de Gras, in exchange for payments of $25,000 and 100,000 shares. The vendor will retain a 4% net smelter royalty. — Diamond indicator minerals (mauve-to-purple pyrope garnets) have been found in seven of 18 samples taken from the 50,000-acre Jolly Lake property, a joint venture between Pure Gold resources (TSE) and Garden Lake Resources (VSE).

— Diamond indicator minerals (chrome diopside, ilmenite, chromite and eclogitic garnets) have been identified in 18 of 20 samples taken from Kingswood Resources’ (ASE) Contwoyto property. Results from additional samples are outstanding.

— Tanqueray Resources (ASE) and Kemano Gold (ASE) have optioned four separate claim blocks totalling 22,000 acres to Gold Vessel Resources (ASE). To earn a 50% interest in the blocks, which all lie within a large block staked by Monopros, Gold Vessel must make a payment of $20,000 and 50,000 shares within 10 days of the agreement being approved and an additional $40,000 and 50,000 shares before Jan. 1, 1994. By Jan. 1, 1995, Gold Vessel must pay a further $80,000 and 100,000 shares and spend $1 million on exploration. A total of $200,000 must be spent this year.

— Tyler Resources (TSE) has closed a private placement of 2.55 million units, consisting of a flow-through share and a warrant, at 55 cents per unit. Net proceeds of $1.27 million will be used to finance exploration on the Crystal property, where a 3,000-metre drilling program designed to test 8-10 geophysical targets is scheduled to begin in March.

— To earn a 50% interest in the 23,000-acre Dunvegan claims at Winter Lake, N.W.T., Caledonia says it will conduct a summer exploration program to test 23 geophysical targets recently identified by Paterson, Grant and Watson Ltd. Ontario and Quebec

— La Fosse Platinum (ME) has acquired a kimberlite prospect in the Eastern Twps. area of Quebec, about 20 km west of Ile Bizard.

— Minorca Resources (VSE) will raise $25,000 for general working capital and property acquisition through a director private placement of 166,667 shares. Minorca owns the Nicobi Lake gold property in Le Tac Twp., about 10 km south of a diamond-bearing kimberlite held by Explorations Minieres du Nord (ME). — Noront Resources (VSE) has entered into a private placement agreement with its president, Richard Nemis, who will buy one million units at 20 cents per unit. Each unit consists of one common share and one warrant. Noront has diamond properties in the James Bay Lowlands area of Ontario and the Desmaraisville area of Quebec.

— U.S. Platinum (VSE) has entered into a joint venture agreement with Cross Lake Minerals (VSE) to hold, explore and develop 20 units along the Timiskaming Rift System of northeastern Ontario.

Platinum must pay Cross Lake $15,000 and spend $100,000 on exploration to earn a 50% interest in the joint venture. Cross Lake’s initial contribution will be $115,000.

Platinum has also agreed to acquire a 100% interest in two properties in Lucas, Duff, Reume and Hanna twps. north of Kirkland Lake, Ont., in exchange for shares.

— Partners Societe d’Exploration Miniere Vior (ME) and Virginia Gold Mines (ME) have staked a total of 164 claims grouped in 24 properties around Le Tac Twp., Que. The properties cover 29 circular airborne anomalies. Saskatchewan

— Rhonda Mining (ASE) and Aaron Oil (ASE) have commenced drilling on their joint venture project near Fort a la Corne.