Targets defined at Mackay Lake

Ground geophysical surveys are being conducted over two prominent circular anomalies on the Mackay Lake property, south of the Lac de Gras area in the Northwest Territories.

A 75% interest in the property, previously held by Kennecott Canada Exploration, recently reverted to ATW Resources. Almaden Resources (AMH-V) and Williams Creek Explorations (WCX-V) both hold a 40% interest each in ATW, whereas Troymin Resources (TYR-V) holds the remainder. Kennecott, a subsidiary of Rio Tinto (RTP-N), will receive a 9.9% interest in ATW if a significant diamond discovery is made.

The Mackay Lake property lies 50 km south of the Rio’s Diavik diamond mine project and 55 km north of De Beers’ Snap Lake underground diamond project. The remaining interest is divided between Aber Diamond (ABZ-T), with 15%, and SouthernEra Resources (SUF-T), with 10%.

The partners recently completed an airborne electromagnetic and magnetic survey over a portion of Mackay Lake, zeroing in on a 5-km-long area between two fences of sonic drill holes. Kennecott drilled the fences in 1998 and 1999 while trying to narrow down the source of a prominent indicator mineral train.

Several glacial till samples from the most westerly holes, in the down-ice direction, were anomalous in indicator minerals; the other fence of holes, 5 km up-ice, were blank.

In addition to the circular targets, the airborne survey revealed several dyke-like, non-magnetic structures. The joint venture is in discussions to fly the entire property with an expanded geophysical survey, as only about 20% was covered in the first pass.