Kennecott, Montello eye targets in Manitoba

Based on results from regional till sampling and follow-up airborne magnetic geophysics on the Poplar diamond project in Manitoba, Kennecott Canada Exploration and its partner, Montello Resources (MEO-V), intend to launch a drill program.

The joint venture has identified 37 high-priority targets, 10 of which have been selected for drilling. The targets occur in five clusters of magnetic highs or magnetic lows.

Kennecott, a wholly owned division of Rio Tinto (RTP-N), and Montello have been exploring for diamonds in Manitoba for the past two years. The former, with a 60% interest, is managing the program.

Based on more than 400 glacial till samples, the partners applied for two packages of ground totalling 4,700 sq. km in the Knee Lake-Fox River area of northeastern Manitoba. Each land package covers separate and isolated kimberlite indicator anomalies.

In order to meet its exploration commitments under the joint venture, Montello will be vending its 40% interest of Poplar into a wholly owned subsidiary, called Arctic Star Diamond, in exchange for 3 million special warrants and reimbursement of $75,000 in costs. Montello intends to seek a listing for Arctic Star.

Print

Be the first to comment on "Kennecott, Montello eye targets in Manitoba"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close