Drill turns on AK claims

Vancouver — With a bulk sampling program well underway on the 5034 kimberlite pipe, De Beers Canada has launched an exploration drill program on the AK claims in the Northwest Territories.

The program is aimed at determining the size of four diamondiferous sills cut north of MZ Lake during last year’s drilling. The first hole is collared on sill-73, where 28 diamonds were recovered from a 5 kg sample.

At the 5034 pipe, 4 holes have been completed and a fifth is currently being drilled. Once this hole is complete the rig will move over to the Hearne pipe, where 4-5 holes a slated to be drilled. A total of 1,665 carats of diamonds have been recovered from sample concentrates from the two bodies.

De Beers Canada, a unit of Anglo American (AAUK-Q), holds a 51% interest in the property. The minority interests in AK are held by Mountain Province Diamonds (MPV-T), with 44.1%, and Camphor Ventures (CFV-V), with 4.9%. De Beers can earn up to a 60% interest in the property by advancing it to commercial production.

Earlier work on the property indicated that the modeled rate of return for mining the Hearne, 5034 and Tuzo diamond-bearing pipes falls 15% short of the needed level to proceed to feasibility.

The study analyzed the costs associated with conventional open pit mining and underground mining of the 5034 and Hearne pipes, as well as the top 140 metres of the Tuzo pipe. The open pit mining scenario generated the highest rate of return but still came in below the rate needed to proceed to the next phase of development.

According to Mountain Province, a 15% increase in diamond values is needed for a feasibility study to begin.

The AK project is located 320 km northeast of Yellowknife and 120 km southeast of Lac de Gras.

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