Blackstone adds to Coronation Gulf portfolio

Blackstone Ventures (BLV-V) has inked a deal to add to its land holdings in the Coronation Gulf area of Nunavut.

Blackstone can acquire a 35% interest in the GT claims from each of Anglo-Celtic Exploration and the numbered company 4673 NWT.

To acquire a 70% interest in the property, Blackstone must pay staking costs up to 85 per acre, incur exploration expenditures of $6 per acre over three years and issue 100,000 shares on execution of the purchase agreement plus another 100,000 shares on the next three anniversaries of the deal. The property is subject to a 2.5% gross overriding royalty and a 2.5% net smelter return royalty. Blackstone can purchase 1.25% of each royalty for $2.5 million apiece at any time.

The GT claims are situated 45 km west of the diamondiferous Artemisia and Potentilla kimberlite pipes where Ashton Mining of Canada (ACA-T) and Northern Empire Minerals (NEM-V) have recently reported encouraging diamond results and 50 km northwest of recent diamondiferous kimberlite discoveries announced by Tahera (Tah-T) and Kennecott Canada, a subsidiary of Rio Tinto (RTP-N) at the Annuri kimberlite pipes.

The 122,000-acre property lies immediately north of the Ursus property, which Blackstone recently inked a deal to acquire.