DIAMOND PAGE — Diavik results give further boost to Lac de

The Diavik project in the Northwest Territories has received some encouraging news. Analysis of kimberlite from the C-13 target returned 15 macrodiamonds and 40 micros from five holes and 269 kg of core.

The joint venture, situated near Lac de Gras, is owned 20.4% by Aber Resources (TSE), 24% by Commonwealth Gold (VSE), 10% by SouthernEra Resources (TSE) and 45.6% by Kennecott Canada.

None of the drill holes appears to have intersected the main body of the kimberlite pipe. Electromagnetic, magnetic and gravity surveys are to be conducted over an expanding grid in mid-March and further drilling is expected to start in April.

Elsewhere in the Northwest Territories

* Three Alberta-listed partners — Mill City Gold, Tanqueray Resources and Fibre-Klad Industries — expect to spend at least $3.25 million exploring ground near Yamba Lake this year.

Besides constructing a winter road, the joint venture plans to conduct ground geophysics and a 25-tonne-minimum bulk sample of large-diameter drill core. Additional drilling in late March will test kimberlite targets. (The budget would complete Mill City’s 50% earn-in, leaving Fibre-Klad with a 21% interest and Tanqueray with 29%.)

* Southeast of Yamba Lake, at the GEM property, Tyler Resources (TSE) expects to begin a 1,500-metre program in April. The company has outlined kimberlite targets under various lakes in the area.

* In the Hackett River area, Kalahari Resources (VSE) is negotiating with four majors for a joint venture on a 850,000-hectare property. * Partners Thunderwood Resources (TSE) and Consolidated Abitibi Resources (ME) have completed private placements for $306,000 and $162,000, respectively. Each company will contribute $150,000 toward a $300,000 increase in the 1994 exploration budget for the McConnell project, north of Yellowknife. Ground magnetic surveys will be followed by diamond drilling. Saskatchewan

* War Eagle Mining (VSE) and Great Western Gold (VSE) report that the fourth of 10 holes has encountered a third kimberlite pipe on their Candle Lake joint venture. The hole hit kimberlite at a depth of 189 metres and bottomed in kimberlite at 280 metres. The pipe is circular with a diameter of about 400 metres.

The intersection would seem to confirm the potential of locating several more pipes in a cluster. Holes 5 and 6 will be drilled on two other magnetic targets and kimberlite from the three pipes has been trucked off to the assay lab.

* Aaron Oil (ASE) has exercised the right to back-in to interests ranging from 10% to 25% in joint-venture lands covering 400,000 hectares near Candle and Carrot Rivers. Its partner, Rhonda Mining (ASE), says it has identified several “key magnetic anomalies.”

Ontario and Quebec

* Four holes which tested two targets on the Sharp Lake property in northern Ontario have failed to intersect kimberlite intrusives. Partners Goodgold Resources (VSE) and Bethlehem Resources (TSE) encountered mainly sedimentary rocks with minor iron formation and diabase dykes. No further work is planned. * Consolidated Bonanza Metals (ASE) has completed a placement of 666,600 flow through shares to raise $200,000. This will be used to explore a 15-claim property in Guigues Twp., Que.

Explorations Diabior (ME) has concluded an agreement with Diabex (a private company controlled by Toronto-listed SouthernEra Resources), under which Diabior can acquire a 20% interest in 14 properties owned by Diabex in the Matagami area of northeastern Quebec. In exchange, Diabex will receive a 20% stake in three Diabior properties in Le Tac Twp. In addition, Diabex must perform $175,000 of exploration work on its 14 projects and Diabior $35,000 on its three properties.

Diabior can also earn a 51% interest in a property 25 km northeast of the kimberlite discovery by Explorations Minieres du Nord (ME) in Le Tac. To do so, Diabior must issue 85,000 shares to the vendor over two years and spend $16,000 on exploration.

* On another Le Tac property, Exploration Orbite V.S.P.A. (ME) has begun a 3,000-metre program. Sixteen magnetic anomalies have been outlined, many of which will be drill-tested.

* Consolidated Ojibway (ME) has signed three deals to acquire 488 claims in Le Sueur Twp., Que.

In one deal, Ojibway can earn a 51% stake in 271 claims from a group of prospectors in exchange for 768,266 Ojibway shares issued over three years and $50,000 cash. The company also has the right to earn the remaining half interest.

In the second deal, Ojibway can earn a half interest in 164 claims in return for spending $150,000 over the next year. The vendor is VSM Exploration, a subsidiary of Cambior (TSE). Ojibway will operate the project and can earn an additional half interest by spending $500,000.

The last deal concerns the acquisition, from Cache Explorations (ME), of two groups totaling 53 claims. In return, Ojibway must spend $250,000 over two years and issue 50,000 shares. It can increase its interest to 90% by spending an additional $500,000 over three years.