Diamondex budgets $2.5m for exploration

Diamondex Resources (DSP-V) has added to its holdings in the Coronation Gulf district in Nunavut by staking 202 sq. km in an area southwest of the Anuri kimberlite discoveries

The company will spend $600,000 exploring the newly acquired Heeqou property. Airborne geophysical surveys will be followed by ground geophysics and till sampling.

Meanwhile, an airborne magnetic and electromagnetic (EM) survey at 75-metre line spacings has begun on the Peregrine property in the north Slave Craton. The 617-sq.-km property adjoins the western boundary of the Vic and Kim claim blocks, held by Ashton Mining of Canada (aca-t) and Pure Gold Minerals (pug-t). Any targets that arise from the surveys will be quickly followed up with till sampling. This year’s $1.2-million budget for Peregrine includes an allowance for drilling.

Diamondex can earn a 70% stake in the property by spending $1 million on exploration. Northern Empire Minerals (NEM-V) retains 30%.

Based on the results of a previously flown magnetic and EM survey over the Bear Head property, 220 km northeast of Yellowknife in the Northwest Territories, Diamondex has put aside $700,000 for ground geophysics and till sampling over 10 targets. Drilling is also planned.

The 1,437-sq.-km Bear Head property extends from the eastern boundary of the company’s Hilltop property and adjoins the southern boundary of the Camsell Lake property, held by De Beers.

Results from exploration programs conducted last year on the King, Hilltop, Kelsey and Carat properties are being assessed.