Former gold producer Sonora Gold (SON-T) has changed its exploration focus by acquiring two alluvial diamond properties in South Africa’s Barkly West area.
Bulk sampling has produced 108.5 carats at a grade of 1.36 carats per 100 tons.
Independent consultants report potential reserves of 10.9 million tons in a paleochannel grading 1-1.5 carats per 100 tons, and 6 million tons in plateau gravels grading 0.9 carat per 100 tons.
Sonora Gold bought the properties from Windsorton Mining for 50 million common shares.
In financial news, a conditional settlement of a $32-million debt owed to NorthWest Gold by Sonora has been reached.
Sonora reported a first-quarter loss of $107,000 (or 1 cents per share) in 1996, compared with income of $4.3 million (21 cents per share) in the same period in 1995.
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