Drills are ready to turn on the Yamba Lake property in the Northwest Territories.
Cypango Ventures (CAV-V) can earn a 51% interest in the claim block from partners Tanqueray Resources (TQY-A) and Mill City Gold Mining (MIY-V) by spending $5 million on exploration by Oct. 31, 1999.
Cypango has identified seven high-priority targets defined by kimberlite indicator mineral dispersion trains and geophysics.
Previous work identified five kimberlite pipes. In 1994, the property was optioned to De Beers Consolidated Mines, which carried out geochemical sampling and airborne geophysical surveys before drilling six targets.
However, these failed to return any kimberlite, and the multinational relinquished its option in March 1995.
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