DHK plans drill program for Lac de Gras property

A drilling program is scheduled to get under way by March 15 on DHK Resources’ property in the Lac de Gras area of the Northwest Territories.

Using Echo Bay Mine’s winter road camp at Lac de Gras as a base for the spring program, Kennecott is expected to drill 330-ft. vertical holes on at least six targets.

DHK, a syndicate consisting of Dentonia Resources (VSE), Horseshoe Gold Mining (ASE) and Kettle River Resources (VSE), is optioning a 65% interest in three claim blocks to Kennecott in exchange for payments and exploration expenditures. The claims cover 208,000 acres.

The prime target is the Tli Kwi Cho twin anomaly on the WO claim block, 15 miles south of the Point Lake discovery. The latest results from till samples collected 2,000 ft. down-ice from the anomaly confirm the presence of diamond indicator minerals, including pyrope garnets and chrome diopsides, close to source.

Other targets include the Bullet Hole lake anomaly south of Tli Kwi Cho and an a airborne anomaly on the south shore of Lac de Gras, where a “profusion” of indicator minerals has been identified.

In other diamond developments:

— Aaron Oil (ASE) has entered into an agreement with Garden Lake Resources (VSE) and RJK Explorations (ASE) whereby Garden and RJK can earn a 55% interest in Aaron’s 103,600-acre property, north of Lac de Gras. The option agreement coincides with a lawsuit recently launched by Monopros, which alleges that it has an enforceable agreement with Aaron on the diamond prospect.

— Guyana has granted Exall Resources (TSE) approval to proceed with the Mazaruni diamond project. The river portion of the concession will be granted to Exall by a local claimholder in exchange for a monthly fee of $5,000 when the pilot plant starts producing.

Exall and the government are now preparing an agreement under which Exall will build a pilot plant and begin testing the mineralized river gravels for grade and volume of gold and diamonds.

Exall’s 14.5-km concession is estimated to contain at least 30 million cubic meters of gravels with grades ranging from 0.01 to 0.2 carats and 0.25 to one gram gold per cubic metre.

— Kalahari Resources (VSE) continues to stake in the Lac de Gras area, recently tying up 1.5 million acres in addition to the 1.07 million acres it already owns.

— Pure Gold Resources (TSE) has agreed to earn a 50% interest in Glen Auden Resources’ (CDN) property by spending $250,000 on exploration by March 31, 1994, and making a cash payment of $15,000. Pure Gold can earn an additional 10% interest by spending another $750,000 on exploration.

The property covers three circular, airborne anomalies, within a large cluster of circular magnetic features. Ground geophysics and reverse circulation drilling will be carried out over the next several months. — Solidor Resources (VSE) is earning a 100% interest in a prospect northeast of the Point Lake discovery in exchange for $25,000, and 100,000 shares. The vendor will retain a 4% net smelter royalty.

— Texas Star Resources (VSE) has closed a private placement of 2.7 million units at $3.25 per unit and optioned a 50% interest in more than one million acres to Lytton Minerals (TSE).

The claims lie both north and west of Lytton’s claim block and about 160 km northwest of the Point Lake diamond discovery.

In exchange for the interest, Lytton must finance sample collection and analysis until April 1, 1994, exploration (including geophysics and drilling) and bulk samples of 100 to 500 tons per kimberlite target.

Each unit of the Texas Star placement consists of one share and one warrant to purchase an additional share at $4.50 for an 18-month period. n Wye Resources (CDN) has arranged some financing for its diamond project in Zaire through a shareholder loan. A sampling program on the company’s four contiguous placer mining concessions is under way.