Tichegami yields one stone

A second kimberlitic find on the Tichegami property in the Otish Mountains region of Quebec has returned only one microdiamond from 23.1 kg of tested material. The project is shared by Pure Gold Minerals (PUG-T) and Ditem Explorations (DIT-V).

The new kimberlite body, known as H-2, was discovered during summer drilling, 350 metres away from the H-1 kimberlite. Test samples from H-1 were barren of diamonds. The H-2 discovery hole into the well-defined airborne and magnetic anomaly intersected 123 metres of kimberlitic breccia under 15 metres of overburden. Drilled at an angle of minus 70, it was shut down in the kimberlitic intrusion at 138 metres down-hole. A second hole, drilled in the opposite direction at minus 45, entered country rock at a depth of 18 metres and confirmed the edge of the dyke-like body.

Three distinct phases of kimberlite were identified in the field, with purple pyrope garnet, chrome diopside and ilmenite evident in the core. The initial test sample was representative of one of the phases. Pure Gold intends to test other parts of the H-2 intrusion for microdiamonds.

The Tichegami property is one of three contiguous properties that form the 364-sq.-km Beaver Lake project. Pure Gold can earn a 60% interest in the Tichegami property from Ditem by spending $1 million over three years. The Beaver Lake area is more than 100 km south of the promising Renard discoveries made by Ashton Mining of Canada (aca-t) and Quebec-government-owned Soquem.

Pure Gold has enlisted Haywood Securities to act as an agent for an $800,000 private placement financing of 10 million flow-through units priced at 8 each. A unit will consist of one flow-through common share and half a non-flow-through warrant. A whole warrant will entitle the holder to buy an additional share at 9.5 for a period of 12 months.