Northern Abitibi Mining (NAI-V) and Tyler Resources (TYS-V) have signed an agreement to jointly acquire a 65% interest a 460-sq.-km diamond prospect in the Coronation Gulf diamond district of Nunavut.
Under the agreement with the numbered company 4763 NWT, Tyler and Northern Abitibi can earn their interest in the property by assuming all staking costs, issuing 250,000 shares each of over four years. The two must also commit to spending about 1.1 million on work over the four-year period.
The property is subject to a 2.5% gross overriding royalty. Tyler would act as operator during the initial earn-in period.
The deal still requires regulatory approval.
The property is situated in the north Slave Craton region of Nunavut, about 15 km east of the Ashton Mining of Canada‘s (ACA-T) Perseus kimberlite and some 30 km from Ashton and Pure Gold Minerals‘ (PUG-T) recently discovered Artemisia kimberlite pipe and the diamondiferous Potentilla kimberlite, 10 km east of Artemisia. Ashton can earn up to a 59.5% interest in Kikerk Lake project, which hosts Potentilla, from Caledonia Mining (CAL-T). The Northair Group’s Northern Empire Minerals (NEM-V) retains a 30% working interest
Drilling on Perseus last fall returned 55 micros from a 211-kg aggregate core sample. Artemisia has yielded 342 microdiamonds and 38 macros from 103.2 kg of sampled drill core. (A macro is here defined as exceeding 0.5 mm in at least one dimension.) Thirteen of the macros measure more than 0.5 mm in two dimensions, the largest stones measure 1.23 by 1.15 by 1.1 mm. Potentilla has surrendered 230 micros and 22 macros from a 207.8-kg aggregate drill sample of two distinct facies. The largest stone measures 2.13 by 1.94 by 0.87 mm.
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