Wheaton grabs diamond foothold in N.W.T.

Wheaton River Minerals (WRM-T) has agreed to earn a 50% interest in the Crystal diamond property in the N.W.T., from Navigator Exploration (NVR-V).

Under an existing deal, Navigator has an option to earn up to a 70% stake in the project from Tyler Resources (TYS-V). Navigator can initially earn a 50% stake by spending $1.75 million on exploration before the end of 2002, and can raise its position to 70% by spending another $3.5 million before Jan. 31, 2007. So far, Navigator has spent about $850,000 at Crystal.

Wheaton can earn up to 50% Navigator’s half-interest by spending $300,000 before May 10, 2002 and advancing Navigator $575,000 by June 15, 2002. Once Wheaton has exercised its option, it can elect to convert its stake into Navigator shares.

The deal is subject to regulatory approval.

The Crystal property is situated 60 km south of Lac de Gras, in the heart of the Slave Craton where several economic diamond deposits have been discovered in recent years.

Navigator, the project operator, will begin drilling on five geophysical anomalies modeled as near-vertical, discrete pipe-like features. Drilling, which will begin in the next two weeks, is expected to wrap up by the end of April.