THE DIAMOND PAGE — Dia Met releases more drill and surface

Information-starved investors received additional results from ongoing exploration at the Lac de Gras camp in the Northwest Territories.

The joint venture of Dia Met Minerals (TSE) and BHP Minerals released drill results from two new kimberlite pipes and surface sample results from outcrops for two other pipes, originally located in 1992.

Pipe 93-L returned the best values, with 63.7 kg of core containing 25 macrodiamonds and 89 microdiamonds.

David James, mining analyst at Richardson Greenshields, said the results in Pipe 93-L rank fourth of the pipes reported to date, based on diamond count per 10 kg.

The joint venture also provided an update of bulk-sampling work on Pipes 3 and 4. Samples totaling 3,500-5,000 tonnes are being extracted from each of the two pipes.

A decline is being driven into Pipe 3 and was last reported to be 420 metres from the portal.

The bulk sample from Pipe 4 will be extracted using large-diameter drilling. Christensen Boyles, which has the contract, expects to begin the work in January.

Pipe 4 lies below Koala Lake, where a barge-mounted rig was used this summer to recover 11.4 tonnes of kimberlite containing 11.06 carats. The drilling was designed to determine the number of different kimberlite phases in the pipe and the milling characteristics of the phases. Another objective was to establish the degree of diamond damage from the reverse circulation drilling and/or milling at the Colorado recovery plant.

Dia Met also reports that drilling on Pipe 4 is expected to define the diatreme contacts and establish precise phase boundaries.

The companies plan to conduct large-diameter reverse circulation drilling this winter on several promising targets discovered in 1993. Bulk-sample results from Pipes 3 and 4 are expected by mid-1994. Dia Met will seek shareholder approval for a 2-for-1 stock split and shareholders will meet on Feb. 14, 1994, to vote on the proposal. Elsewhere in the

Northwest Territories

* Ashton Mining (TSE) is postponing drilling on the Cross Lake property because of winter weather and limited daylight.

The company is earning a 51% stake in the property from Tenajon Resources (VSE) and Pure Gold Resources (TSE) which will end up with 25% and 24%, respectively.

* Meanwhile, joint-venture partners Pure Gold, Golden Peaks Resources (VSE) and Winslow Gold (VSE) have completed an agreement allowing Ashton to earn 51% of their Ket claims.

* Intertech Minerals (VSE), which has an option to earn a 70% interest in the D.A. property in the MacKenzie District, has granted a private Alberta firm the right to earn 25% of its 70% stake in the property.

To date, 456 bulk heavy mineral samples have been taken on the property, seven of which were found to be anomalous.

Glacial till sampling and ground geophysics are planned for January and February, the objective being to identify kimberlite targets for drilling. * Garden Lake Resources (VSE) has been advised that Caratax Diamond Exploration Partnership 1993 has been unable to close a $500,000 private placement.

* Following the cancellation of an $800,000 placement by Caratax, Leeward Capital (VSE) has negotiated a private placement of $650,000 with Wellington West Capital of Winnipeg, Man. The funds will be used to finance drilling on projects near Dubawnt Lake and Lac de Gras.

Overseas

* Canadian activity in Africa continues to expand.

Fancamp Resources (VSE) has been awarded five diamond prospecting licences totaling more than 4,800 sq. km in Botswana.

Compilation and reconnaissance work is under way and the company expects to begin field work in the new year.

* Exploration is also under way on 1,035 sq. km of marine diamond concessions off the coast of Namibia and South Africa. Over a 3-month period, Namibian Minerals (VSE) expects to spend US$3 million on seismic surveying and vibrocore sampling.

* Dual Resources (VSE), active in Tanzania, intends to change its name to Serengeti Diamonds.

The company has three separate concessions in the East African country and a consultant’s report recommends pitting, trenching and bulk sampling be performed on two known kimberlite targets. Dual has a 20% interest in the project and is negotiating with one of its partners to boost this to 40%. * At the Cote d’Ivoire project in West Africa, Hyder Gold (VSE) has received partial assays for the 11 targets drill-tested. However, none of the samples analyzed contained diamonds or indicator minerals.

Next year’s work will concentrate on the Mankono permit, upstream from the Tortiya alluvial diamond field.

* Turning to South America, Southern Copper (TSE) reports several large diamonds have been recovered from independent alluvial operations on their claims in Brazil.

One of the diamonds weighed 33.65 carats and has an estimated value of about US$800 per carat. The stones were found in drainages below several known kimberlites.

The company now plans to analyze the geochemistry of the kimberlites in a prelude to bulk sampling.

* In the same country, joint-venture partners Southwestern Gold (VSE) and Hillsborough Resources (TSE) have identified lamproite diatremes within what is believed to be the source area of previously discovered alluvial diamonds. The joint venture is evaluating other magnetic targets within the head waters of drainages containing diamonds.

Vector Industries (VSE), which is 55% controlled by Hillsborough, has an agreement in principal with that company to acquire a half interest in the project.

* London-based investment firm T. Hoare & Co. has agreed to sponsor a rights offering for United Reef (TSE). Details of the offering will be announced upon receipt of regulatory approval.

Proceeds will be used to explore and develop the company’s Bamingui-Bangoran diamond project in the Central African Republic.

Saskatchewan

* Partners Uranerz Exploration and Mining, Cameco (TSE) and Monopros have released results from a 34-hole sampling program on their project near Fort a la Corne. A 234-tonne sample collected from 18 kimberlites has yielded 63 macrodiamonds totaling 2.34 carats. The largest macro recovered weighed 0.41 carats.

Only 13 of the 33 kimberlite bodies drilled since 1989 have had bulk samples of more than 10 tonnes collected from them. Projected grades for these 33 pipes range up to 6.3 carats per 100 tonnes.

Although these grades are below world averages for economic deposits, the partners plan to continue drill-testing other targets in 1994. Ontario and Quebec

* Geophysical surveys have been completed on seven of Explorations Minieres du Nord’s (ME) properties in Le Sueur and Le Tac twps., Que. Several possible kimberlite targets have been identified and follow-up drilling is planned. * At another property in Le Sueur Twp., drilling by Consolidated Ojibway has outlined an oval-shaped kimberlite pipe. One hole intersected 91 metres of kimberlite while a second contained 19.5 metres of material. Visual examination of the core has confirmed the presence of indicator minerals. At least five other targets with similar geophysical signatures are present * In Hecla Twp., Ont., Murgor Resources (VSE) has optioned a property which contains a known kimberlite body. The property is in the Moose River Basin, along the Temiskaming structural zone. The diatreme, containing abundant indicator minerals, was intersected in a short drill hole in the 1980s. Murgor plans to test the diatreme further with a 300-metre hole early in the new year.