Kennecott Canada Exploration has discovered a new kimberlite body on the Rocking Horse property, northwest of the Jericho region in the Nunavut Territory.
Rocking Horse is one of three properties in which Kennecott, a division of London-based
The kimberlite, named Altair, was discovered on the northern end of the 450,000-ha property, 60 km north of Takiyuak Lake. A vertically drilled hole intersected kimberlite between a depth of 7 and 120 metres. The hole was shut down in kimberlite as a result of drilling difficulties. The core will be undergo caustic fusion analysis for microdiamonds.
Altair is the first kimberlite to be discovered on the property. Additional targets are being tested.
In related news, Tahera has arranged a $2-million private placement with Dundee Securities, its newly appointed financial advisor, for up to 10 million flow-through or common shares priced at 20 cents each. Dundee will receive 500,000 share purchase warrants exercisable until May 3, 2001 at 23 cents per share as a placement fee.
Some of the proceeds will be used to fund feasibility work on Tahera’s wholly owned Jericho project.
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