Exploration is about to begin on the 216,000-acre Misty Lake kimberlite property in the Northwest Territories.
Monopros, which can earn an initial 51% interest by spending $4.7 million over five years, will conduct an airborne geophysical survey program over targets associated with mineral indicator trains. Till samples have enabled Monopros to identify two distinct dispersion trains, with a significant proportion of the garnets reported to be of G10 classification, signifying diamond inclusion chemistry.
The airborne surveys will be followed by ground geophysics and more till sampling in a program aimed at identifying drill targets.
In the event Monopros vests its 51% interest, it will be able to earn a further 10% by funding the project to production. The remaining interest in Misty Lake would be held 23% by SouthernEra Resources (TSE), 9.6% by Major General Resources (VSE) and 6.4% by the International Diamond Syndicate, which comprises three Vancouver-listed juniors: Teryl Resources (40%), Calco Resources (40%) and Agate Bay Resources (20%).
The Misty Lake property is southwest of Mountain Province’s AK property.
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