Diamondex gains ground

Randy Turner’s Diamondex Resources (DSP-V) has struck an agreement to acquire a 70% interest in the Peregrine property in Nunavut.

Situated in the emerging Coronation Bay kimberlite camp, 520 km north of Yellowknife, the property has undergone till sampling, and results are said to indicate the presence of kimberlite indicator minerals.

Peregrine is 22 km west of the Kim property, where Ashton Mining of Canada (ACA-T) and Pure Gold Minerals (PUG-T) have reported significant microdiamond counts from the discovery hole on the Artemisia kimberlite.

Diamondex can acquire a 70% interest in Peregrine by spending $1 million on exploration over three years and issuing 100,000 shares. It is currently held by a private company controlled by Lawrence Barry.

In related news, Shear Minerals (SRM-V) is drill-testing several land-based geophysical targets at the Alymer Lake West property, 340 km northeast of Yellowknife and 95 km southeast of the Ekati diamond mine. Shear is the operator and holds a 49% interest; Diamondex owns the remainder.