Alberta diamond explorer Montello Resources (MEO-A) and Kennecott Canada Exploration are expanding their joint-venture relationship to include diamond reconnaissance exploration in Manitoba.
Kennecott and Montello are forming a 60-40 joint venture, with the former, a subsidiary of Rio Tinto (RTP-N), acting as a manager. The two are already partners on the 1.5-million-acre Legend property in northeastern Alberta, where seven confirmed kimberlites have been discovered, along with a possible eighth.
Microdiamond results from the final processing of six of the kimberlites are pending. Kennecott can earn a 60% interest in the Legend property from 70-30 owners Montello and Redwood Resources (RDW-A) by spending $30 million over seven years.
Be the first to comment on "DIAMOND PAGE — Montello, Kennecott form Manitoba alliance"