DIAMOND ROUNDUP — AK diamond results maintain interest in N.W.T. camp

Partners Mountain Province Mining (VSE), Glenmore Highlands (ASE) and Camphor Ventures (VSE) continue to release partial results from the 5034 kimberlite pipe on the AK property, 150 km south of Lac de Gras.

The processing of 53.15 kg of core from Hole AK002F returned 118 microdiamonds and 35 macros, or 28.79 diamonds per 10 kg. A total of 6 macros measured greater than 1 mm.

Hole AK002N yielded 70 micros and 21 macros from 15.4 kg of sample material, or 59.09 diamonds per 10 kg. A total of 13 macros exceeded 1 mm. The two holes, which are spaced 25 metres apart, are roughly 100 metres northwest of the discovery hole.

Out of the total 424.4 kg of core processed to date, 75 macros measure between 1 and 2 mm; 10 are between 2 and 3 mm; and 1 is greater than 3 mm. The macro results do not include the visible diamond, measuring just over 3 mm, that was previously reported in an exposed piece of drill core from hole AK002N.

The AK property is held 50% by Mountain Province, 40% by Glenmore Highlands and 10% by Camphor Ventures. Mountain Province and Camphor are in the process of amalgamating, having recently reached an agreement with Kennecott Canada concerning their respective interests in the Candle Lake area of Saskatchewan.

Under the agreement, Kennecott can earn a 60% interest in 23,200 hectares of claims by meeting certain exploration expenditures. The remaining 40% interest would be divided equally among Mountain Province, Camphor Ventures, War Eagle Mining (VSE) and Great Western Gold (VSE).

Elsewhere in the Northwest Territories

* The failure by Pure Gold Resources (TSE) to complete sampling and geophysical surveys on the Truce, Origin and Arseno properties has led to the termination of its joint-venture agreement with Major General Resources (VSE) and other junior partners. The properties are west of Humpy Lake.

Major General will attempt to follow up the 1993 and 1994 heavy mineral sampling carried out by Pure Gold’s contractor, Ashton Mining of Canada (TSE). The gold potential will also be assessed, as the claims are situated north and northeast of the gold-hosted iron formation structures at Damoti Lake.

The Truce Lake property is held 20% by Major General, 5% by Falcon Ventures International (VSE) and 25% each by Champion Resources (VSE), Consolidated Samarkand Resources (VSE) and Mill City Gold Mining (VSE).

The Origin property is held 35% by Major General, 15% by Falcon Ventures and 25% each by Consolidated Samarkand and Lucero Resources (VSE).

Arseno is held 70% by Major General, 25% by Toscana Resources (VSE) and 5% by Falcon Ventures.

* Ashton Mining of Canada will carry out a $500,000 exploration program on the Cross Lake property, about 120 km northwest of Yellowknife.

Results from a winter program of surface sampling suggest the possible presence of an additional six kimberlite targets. Detailed sampling and geophysics will attempt to define drill targets.

Ashton is earning a 51% interest in the property, which is held 25% by Tenajon Resources (VSE) and 24% by Pure Gold Resources.

Meanwhile, on the adjacent SYL claims, sampling indicates the presence of three indicator mineral trains. Ashton, acting as operator, holds a 51% interest, while Tenajon holds 20% and Pure Gold, 29%.

* Kennecott Canada will focus on the diamond potential of airborne magnetic targets on the Riv 1 and 2 claim blocks in the Anialik-High Lake area. Kennecott can earn a 60% interest from Continental Pacific Resources (VSE) by spending $1 million.

* An airborne geophysical survey by Royal Oak Mines (TSE) on the optioned Marlin claims near Yellowknife Bay indicates not only favorable targets for gold mineralization, but five possible kimberlite targets as well.

Royal Oak is earning a 60% interest from Golden Marlin Resources (VSE) and, while interested in the potential for shear-hosted gold mineralization, has opted not to investigate the kimberlite potential. Golden Marlin intends to work out some sort of agreement with Royal Oak which would allow for exploration of the targets.


* Four separate geophysical targets, believed to be of kimberlite origin, will be drill-tested on the Murdoch Creek property near Kirkland Lake.

Kennecott can earn up to a 60% interest from Kalahari Resources (VSE) by meeting certain expenditure obligations and completing a feasibility report.


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