The company recently filed a letter of intent with the state of Arkansas to participate in the evaluation of 73 acres of property hosting a diamondiferous lamprolite pipe, in the Crater of Diamonds State Park.
The property contains the Prairie Creek Lamprolite, which historically has yielded small-scale diamond production, mainly from individual operators and tourists.
A phase-one evaluation program, expected to cost about $350,000(US), is planned to test the size and shape of the lamprolite pipe. Final proposals, including a $120,000 bid warranty from each of at least three participants, are due Nov 8.
Dia Met recently announced it has completed the purchase of a $2-million diamond recovery plant from LAC Minerals (TSE). The plant is 60 miles from Ft. Collins, Colo., and is capable of processing 50 tons per day of lamprolite ore. Dia Met plans to use the plant to conduct tests on material from its own claims, as well as from another company’s diamond property in Arkansas.
The junior company also acquired LAC’s diamond lab equipment, including computers and an exploration data base along with results of regional sampling programs. Dia Met President Wayne Fipke said his company plans to follow up diamond indicator traces outlined by LAC with further exploration on its own.
The LAC package includes several claim groups covering possible kimberlite drill targets in Ontario and Quebec. The Ontario claims are near the town of Kirkland Lake and contain previously drilled kimberlite pipes. The company intends to extract a 160-ton bulk sample from one of the pipes near Kirkland Lake.
Shares of Dia Met Minerals, of which there are about 5.7 million issued and outstanding, have traded at 49 cents recently.
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