CanAlaska adds diamond project

Vancouver — CanAlaska Ventures (CVV-V) has acquired a diamond property northwest of the Kapuskasing Structural zone in the Superior Craton of northern Ontario.

The vendors of the property discovered what appeared to be kimberlite boulders along a 600-metre stretch of a recently constructed logging road. Subsequent prospecting determined that the kimberlite material was derived locally.

Several samples were taken and a microprobe analysis was performed. Results indicated that the rock is a Type-2 kimberlite with a chemistry that is highly favourable for diamonds. Caustic fusion analysis on one 47.5-kg rock sample returned one large macrodiamond measuring 1.64 by 1.55 by 0.62 mm.

A previous aerial electromagnetic survey, flown at a 100-metre line spacing over the property, identified more than 20 circular anomalies. An additional 372 claims have been staked on behalf of the company, expanding the total property area to 123 sq. km. CanAlaska is required to pay the vendors $175,000 over a four years and issue 400,000 shares over three years. In addition, a 2% royalty is attached to the property.

Meanwhile, CanAlaska is still active on its Fire River diamond project, near DeBeers’ Victor pipe in the James Bay Lowlands.

According to the joint-venture agreement with Big Red Diamond, CanAlaska can earn up to an 80% interest in the Fire River project by paying $100,000 in cash, issuing 400,000 shares and spending $1.1 million on exploration over three years.

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