Shear, Stornoway add to Churchill discoveries

A second round of drilling on the Churchill diamond project, near Rankin Inlet in Nunavut, has resulted in the discovery of four new kimberlite bodies, bringing the total number of kimberlites found so far to 15.

With a 51% interest, Shear Minerals (SRM-V) is the project’s operator. Stornoway Diamond (SWY-V) holds a 35% stake and BHP Billiton (BHP-N) owns the remaining 14%.

The joint venture launched an expanded exploration program following the discovery of 11 kimberlite bodies at the start of summer, during a first pass of drilling. Microdiamond results from the initial discoveries are still pending. The second phase of drilling was designed to test a variety of geophysical signatures in areas where favourable kimberlite indicator-mineral chemistry has been identified.

The Churchill project area is just north of the Meliadine East project, where Cumberland Resources (CBD-T) and Comaplex Minerals (CMF-T) discovered 11 kimberlite intrusions. The discoveries at Meliadine East proved disappointing as only one kimberlite body proved diamond-bearing, albeit weakly, returning just three small microdiamonds from a 32-kg sample.

Elsewhere in the area, Shear has discovered its first kimberlite body on the Churchill West project while drill testing a circular magnetic high anomaly. Churchill West is a joint venture involving International Samuel Exploration (SAZ-V), which has the right to earn a 65% interest by funding $1 million in exploration expenditures over two years. Shear and Northern Empire can buyback 10% for $100,000 cash.