A 2,800-acre, 28-claim property in Bearn and Dalquier Twps. in northwestern Quebec is being acquired, subject to regulatory approval, by Diana Resources.
The property is one block removed and on strike with the new gold discovery in the Amos area, in Duvernay Twp., by Sphinx Explorations, Diana President Charles Robbins reports.
The new Diana property, Mr Robbins says, has similar geology to the Sphinx deposit and at least three EM conductors with coincident magnetometer anomalies.
In other business, Diana has received $138,750 from the sale of 500,000 treasury shares through an underwriting done on the Vancouver Stock Exchange. Options outstanding could net the company a further $100,000.
The company owes Minnova Inc. $85,000 for Diana’s 20% share of the current year’s $425,000 exploration program on the Queylus Twp. property in the Chibougamau, Que., area. Some 15,000 ft of diamond drilling has been completed to date.
The company has six untested EM conductors on the 1,000-acre property in Barraute and Carpenter twps., Que., the property adjoining the gold deposit recently outlined by Lac Minerals, Mr Robbins reports. A basal till drilling program into the anomalies will start this month, to be followed by diamond drilling.
Diana’s property in Quebec’s Louvicourt Twp., adjoining the Brosnor Exploration gold deposit, is under option to Noranda Explorations.
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