Caldera earns into Aussie diamond play

A subsidiary of Caldera Resources (ASE) has formed a joint venture with an Australian junior to examine a diamond property in South Australia.

Subject to regulatory approval, Caldera Resources NL can earn a 70% interest in the Edward Creek project from Reedy Lagoon Corp. by spending A$1.5 million over 4.5 years.

Caldera says numerous microdiamonds, along with several macros weighing up to 1 carat, have been recovered within the project area. A few targets have been tested to shallow depths.

The junior plans to compile existing data on the property before launching an exploration program.

Meanwhile, results are awaited from drilling of several targets at the Abminga project, also in Australia.