Lucero Resource (LCR-V) has suspended drilling on the ITS property in north-central Alberta after failing to encounter kimberlite in the first six holes drilled to test five geophysical targets.
All the holes bottomed in Shaftesbury Formation shales. The holes are being logged in an effort to explain the source of the geophysical anomalies.
The 230,000-acre property is north of the Buffalo Hills diamond joint-venture project of Ashton Mining of Canada, Alberta Energy and Pure Gold Minerals.
Lucero has the right to earn a 50% interest in the ITS property from New Claymore Resources (NCS-V).