Junior Noble Peak Resources (NPK-A) is preparing to start a program of infill drilling and bulk sampling in early April on a set of South African properties optioned from Mountain Lake Resources (MOA-V).
The US$1-million program will involve the excavation and processing of 60,000 tonnes of alluvial gravel. By completing the work and issuing 100,000 shares to Mountain Lake, Noble Peak can earn a 50% equity interest in two groups of properties in the Ventersdorp diamond district. Previous owners estimated that one of the property groups, Nooitgedacht, held an indicated resource of 20 million tonnes at an undisclosed grade. Since 1926, about 25,000 carats of diamonds have been recovered at Nooitgedacht by small independent operators.
A feasibility study on the project is expected to be completed by year-end, leading to a production decision in the first quarter of 1999.
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