Saskatoon-based
Shore’s gold assets include a 15% interest in the Jojay property in Saskatchewan, where resources total 325,900 tonnes grading 7.5 grams per tonne to a depth of 150 metres, as well as a 15% stake in the nearby Tamar property, and a 20% stake in the formerly producing Fork Lake property.
The company also has a 51% interest in the Munro Lake property, 5 km northeast of
The company will distribute a portion of the shares in the subsidiary to existing Shore shareholders by way of a dividend. Shore plans to finance the subsidiary via an initial public offering.
Shore is currently focused on diamond exploration, and says the planned split will allow it to focus on the Star and Fort la Corne properties in Saskatchewan.
At the Star property, near Prince Albert, Shore is in the midst of a 25,000-tonne program of bulk-sampling. Shore hopes to recover at least 3,000 carats worth of diamonds for an evaluation.
The samples are being collected via a 14.5-metre-diameter shaft to a depth of 250 metres; more material is being collected by lateral drifting. The shaft and drifts will allow for ongoing drilling.
At the end of March, Shore sent the first batch diamond concentrate for final diamond recovery at an independent lab. The concentrates were produced in a 10-tonne-per-hour dense-media-separation plant on the property.
Shore figures the Star kimberlite contains up to 500 million tonnes of kimberlite, based on limited drilling and geophysics.
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