Diadem, Ateba merge properties

The owners of two adjacent base-metal properties straddling the Quebec-Labrador border have agreed to merge the holdings into one large property.

The two companies, Ateba Mines (ASE) and Diadem Resources (ME), which are affiliated and share the same president, will split, on a 50-50 basis, the cost of exploration and the interest in production.

The new property, known as the Dihourse permit, occupies 10,000 hectares and lies 115 km due west of the Voisey Bay nickel-copper-cobalt discovery.

Two strong, airborne, magnetic anomalies strike across both properties, and two samples, taken at separate locations within one of the anomalies, assayed 0.31% nickel, 0.19% copper and 0.04% cobalt, and 0.36% nickel, 0.16% copper and 0.05% cobalt.

A ground electromagnetic survey will get under way shortly, and a diamond drill program is scheduled for January 1996.