Diamondex to begin program

An exploration program by Diamondex Resources (DSP-V) will focus on several properties in the Northwest Territories, though the company also plans to evaluate diamond projects elsewhere in Canada and the world.

With $10 million in its treasury, the junior is eager to test its land package in the Territories, including ground near the Snap Lake diamond project, recently acquired by De Beers Consolidated Mines (DBRSY-Q). About $2.7 million has been allocated for a major program at the wholly owned King property, which adjoins Snap Lake to the north. A seismic survey, airborne geophysics and drilling are scheduled to begin in mid-February, the objective being to test the downdip extension of the Snap Lake deposit.

About $340,000 is budgeted for the wholly owned Hilltop property, at the southwestern corner of Snap Lake. Drilling there will test previously sampled areas that suggested the presence of nearby diamondiferous sources.

About $800,000 will be spent at the Carat property, north of the Ekati diamond mine, operated by BHP Diamonds. Some 15 targets will be tested by ground geophysics and, if results warrant, by drilling. Diamondex can earn 70% of this project from Tyler Resources (TYS-V).

The Aylmer Lake property has been optioned to Shear Minerals (SRM-V), which can earn 49% by issuing 200,000 shares and spending $200,000 on exploration before March 2002. Sampling and geophysical programs are planned.

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