A letter of agreement with Diamonds North Resources, a subsidiary of Commander Resources (CMD-V) (formerly Major General Resources), and Ascot Resources (AOT-V) paves the way for Patrician Diamonds (PXC-V) (formerly Patrician Consolidated Gold Mines) to earn a 40% interest in the Washburn project by spending $2.5 million over three years.
The project, owned 52% by Diamonds North and 48% by Ascot is situated on Victoria Island, Nunavut, and covers about 245 sq. km. It is host to six known diamondiferous kimberlite pipes and dykes that intrude along a strong structural trend. The property also contains six drill-ready kimberlite targets and an extensive dyke system with at least seven separate dykes totalling 14 km in strike length.
The three plan to drill test at least three land based targets and sample the kimberlite dyke system beginning by the end of July. Work will also target more than five airborne geophysical anomalies.
The deal is subject to regulatory approval. A formal option agreement is expected by the end of October.
Jacques Letendre, a director of Patrician Resources, said in a prepared statement, “We are very excited about becoming a major player in this promising kimberlite field. We think that Victoria Island has considerable potential to host one or more significant diamond deposits. The mineral chemistry is excellent, with both high-interest peridotitic and eclogitic garnet reported; this indicates a very good potential for diamondiferous kimberlites.”
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