Corona Corp. (TSE), better known for its gold production, is getting into the diamond game. Corona has acquired an option giving it the right to earn a 70% interest in a 35,000-acre property held by Claude Resources (TSE). The claims are located seven miles northwest of Prince Albert, Sask.
The discovery of a cluster of kimberlite pipes in the area has spurred exploration activity in the area. Kimberlites are associated with diamonds in South Africa and are known as the source rock for the introduction of diamonds into the Earth’s upper crust.
The Corona program is small by exploration standards. The company has an initial budget of $130,000 which will be spent on prospecting and airborne geophysics.
Although kimberlites have been mapped in Canada, the country has no history of commercial diamond production. Exploration by a variety of companies, especially Monopros, an affiliate of South African giant De Beers Consolidated, has yielded marginal results in the past.
Be the first to comment on "Corona hunting for diamonds"