Shareholders of Winspear Resources (WSP-V) and Antler Resources (AEE-V) will meet in separate meetings on Dec. 2 to decide on the proposed merger of their companies.
The new company would retain the name Winspear Resources and have 32 million shares outstanding on a fully diluted basis.
Its main asset would be a 57% interest in the Camsell Lake diamond project, 225 km northeast of Yellowknife, N.W.T., where exploration is proceeding.
Aber Resources (ABZ-T) holds the remaining 43%.
Diamonds have been found in kimberlite boulders at two of four sites separated by about 500 metres, in an area defined by the presence of pyrope and chromite indicator minerals near Snap Lake.
The two sites are separated by about 300 metres. Sufficient kimberlite was recovered for preliminary field evaluation for indicator mineral and diamond content, as well as for caustic fusion diamond analyses.
Three diamonds measuring 0.25-0.8 mm in diameter were recovered from 1.9 kg of material. Five diamonds (the largest being 1.9 mm long) were recovered at the second site from 1.1 kg of material.
Analytical results indicate that the source rock “has good potential to be diamondiferous,” the companies said.
To date, 27 diamonds have been recovered from all sources during summer field sampling.
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