Caustic fusion analysis of the lastest samples from the GQ diamond property, near Wawa, Ont., has yielded more encouraing results for
Last fall, Band-Ore collected 45 samples in the vicinity of the original discovery. Twenty-seven have now yielded diamonds, of which the two most significant contained six macros and 37 micros.
Of the latest 21 samples analyzed, 13 yielded seven macrodiamonds (defined as having at least one dimension greater than 0.5 mm) and 210 microdiamonds. The largest stone, which measured 0.72 mm in one direction, was a fragment of a clear crystal.
More than half the stones came from a 16-kg sample of an angular boulder of diatreme breccia. The boulder, which yielded 128 micros, was found 3 km northeast of the original discovery.
Band-Ore believes the boulder is near-source and, accordingly, has sampled other boulders and outcrops nearby. Results are pending.
A year ago, Band-Ore secured a 100% interest in the 25-sq.-km GQ property after hearing of the discovery of several diamond-bearing lamproite showings by prospectors. The showings were exposed by logging roads.
Band-Ore plans to issue 450,000 shares and 450,000 warrants to a numbered Ontario company in lieu of required property payments. One-third of the shares are subject to a hold period of one year, with the remainder to be delievered in equal portions in the ensuing two years. A warrant can be exchanged for a share at 40 in the first year, 50 in the following year and 60 in the next.
The deal, which has yet to be approved by regulators, also calls for Band-Ore to pay $2.2 million for half of a 2% royalty.
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