Jennings bullish on Point Lake

Using figures released by BHP Minerals Canada and Dia Met Minerals (VSE), Christopher Jennings, president of SouthernEra Resources (TSE), estimates that the Point Lake kimberlite in the Northwest Territories will have a grade of about 80 carats per ton and generate gross revenues of $350-575 million per year.

Speaking at a recent Canadian Institute of Mining, Metallurgy and Petroleum luncheon in Toronto, Jennings said that the Lac de Gras area in the Northwest Territories could easily rival the Kimberley diamond fields in South Africa. Jennings says he believes that this is the beginning of a major exploration boom for diamonds in Canada. However, he cautioned that although a lot of properties host kimberlites, many will turn out to be moose pasture. Jennings is especially bullish on the Lac de Gras area since he feels it has some of the best kimberlite mineral chemistry in the world.