A 2,300-line-km airborne geophysical survey is planned by Ashton Mining of Canada (TSE) on the Noront No. 1 property 40 km southwest of a diamond discovery announced by Mountain Province Mining (VSE).
The property comprises 105,000 acres and is a joint venture in which Pure Gold Resources (TSE) is earning a 40% interest from Noront Resources (VSE) and Rusty Lake Resources (CDN).
Ashton may earn a half interest from each of the parties proportionately by funding all future exploration on the claims up to, and including, the collection of 20 tonnes of kimberlite from each prospective discovery.
The geophysical program is expected to be completed by the end of May. A surface program of heavy mineral sampling will follow up last year’s sampling, which identified one kimberlitic indicator mineral fan in the northern portion of the property. Additional positive samples were noted in the southern portion, which suggests the presence of further fans.
Depending on results, diamond drilling is expected to be carried out this summer.
Elsewhere in the Northwest Territories
* Two Vancouver-listed juniors active in the Territorial diamond play — Mountain Province and Camphor Ventures (VSE) — plan to amalgamate.
Shareholders of Mountain Province will receive 1.25 shares of the amalgamated company for each share held, while Camphor shareholders will receive one share of the new company on a 1-for-1 basis.
The new entity will hold a 60% interest in the AK property, where recent drilling of the 5034 kimberlite pipe returned a high micro/macrodiamond count from selective sampling. Glenmore Highlands (ASE) owns the remaining 40% interest.
* A $450,000 drill program, including ground follow-up work, will be carried out on the 87,200-hectare Misty Lake property.
The project lies south of Mountain Province’s AK property, where an air magnetometer survey has defined seven drill targets in addition to five previously determined targets.
Major General Resources (VSE) is earning a 24% interest from owner SouthernEra Resources (TSE), while the International Diamond Syndicate is earning 16%. To do so, the joint venture must spend $2.5 million by April, 1996.
The Diamond Syndicate consists of three Vancouver-listed juniors: Calco Resources and Teryl Resources, each of which has a 40% interest, and Agate Bay Resources, which has a 20% interest.
* GMD Resources (VSE) will earn a half interest in Fortune Minerals’ (CDN) Wheel-of-Fortune diamond property near Wheeler Lake. Under the deal, GMD will pay half of Fortune’s staking costs and issue 50,000 shares.
* Exploration will begin early this summer on Storimin Exploration’s (ASE) diamond properties. The work will follow up the results of an airborne survey and include diamond drilling of several targets.
Storimin and Moss Resources (TSE) have exchanged a 25% non-contributing interest in each other’s properties. Moss holds 11,736 hectares, covering about 60 airborne magnetic anomalies, which are adjacent to, and south of, Storimin’s holdings.
Be the first to comment on "DIAMOND NEWS ROUNDUP — Ashton intensifies work on Noront No. 1 property"