Pure Gold Minerals has agreed to acquire a 60% stake in Ditem Exploration‘s (DIT-V) Tichgami property located in the Otish Mountains region of north-central Quebec.
The 211-sq.-km property lies about 750 km north of Montreal, and is immediately north of Ditem’s diamond-bearing Beaver Lake property.
To earn its interest, Pure Gold must make an immediate payment of $30,000, plus another $100,000 by July 8, 2002. Pure Gold must also issue Ditem 100,000 shares on regulatory approval of the agreement, and another 100,000 shares on the agreement’s first anniversary. Pure Gold must also spend $1 million on exploration on the property over three years.
Previous drilling by Ditem on the Beaver Lake ultramafic body intersected a stockwork of kimberlite dykes cutting the ultramafic body. Five macrodiamonds were recovered from a 511-kg sample of drill core from the kimberlite material; the largest stone measures 0.96 mm along its longest dimension. Additional bulk sampling of the Beaver Lake property failed to return any other diamond bearing kimberlite.
The company completed an airborne geophysical survey covering a total of a 440 sq. km over both the Tichgami property and the Beaver Lake kimberlite. Forty-five potential kimberlite targets were identified on the Tichgami property.
Following the news, Ditem shares were a dime higher at 90 in afternoon trade on the Canadian Venture Exchange. Pure Gold shares were off half a penny to 18.5 on the Toronto Stock Exchange.
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