Instead of joining the stampede to the Lac de Gras region of the Northwest Territories, two of Murray Pezim’s juniors recently acquired by staking an equal interest in claims covering a previously discovered kimberlite pipe on Brodeur Peninsula, which forms the northwestern portion of Baffin Island.
Galico Resources (VSE) and International Impala Resources (VSE) will each hold a 25% interest, with the other 50% held by two individuals. But Galico and Impala may earn a 100% interest (subject to a 2% gross production royalty) if the two individuals elect not to contribute to exploration programs.
The staked area is about 60 miles from Arctic Bay, a township servicing the Nanisivik lead-zinc mining operation.
The kimberlite pipe on the property was discovered in 1975, and is in the same geological province as the 19 kimberlite occurrences on Somerset Island, 70 miles to the west.
The juniors note that at least two of the pipes on Somerset Island are known to be diamondiferous. The estimate is based on limited bulk sampling by a wholly owned subsidiary of De Beers in the early 1970s.
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