Hucamp inks Timiskaming diamond deal

Hucamp Mines (YHU-V) has inked a deal with Sudbury Contact Mines (SUD-T) for that company’s diamond properties in the Lake Timiskaming area of eastern Ontario and Quebec.

Hucamp can earn a half-interest in the properties by spending $4 million over four years, including a first-year commitment of $250,000. Hucamp can boost its interest to 65% for another $2 million. Hucamp is also responsible for annual cash payments of $50,000 to renew its option. If the company decides to acquire a 65% interest, it must pay another $250,000 in cash or shares.

In Ontario, the land package includes 38 unpatented claims and two patented claims for a total of 5.2 sq. km. Some 60 km to the east, in Qubec, it includes another 69 claims covering about 2.8 sq. km.

The Ontario claims host four known kimberlites, three of which lie within 2 km of each other, and several untested geophysical and geochemical anomalies. The Quebec claims cover untested geophysical and geochemical anomalies in the vicinity of the diamondiferous Guigues kimberlite, which was discovered in the early 1980s by De Beers Consolidate Mines‘ (DBRSY-Q) Canadian arm.

Kimberlite 95-2, one of the known kimberlites, measures 3 ha. It yielded 33 macrodiamonds, including four stones larger than 1mm, from 1,104 kg of processed material. The largest stone, a white, clear fragment, weighed in at 0.14 carat.

Kimberlite 96-1 measures 4 ha. It returned 26 microdiamonds from 61.82 kg of bedrock chips, which were derived from the reverse-circulation discovery hole. This is the only sample from the kimberlite. The other two kimberlites failed to return any diamonds, but Sudbury Contact says the kimberlite’s mineral chemistry suggests that further investigation is warranted.

Sudbury Contact plans further delineation, petrographic and sampling work for the kimberlites, including core drilling on diamondiferous kimberlite 96-1.

Hucamp is reviewing and compiling Sudbury Contact’s database in preparation for a major exploration program this summer.