EXPLORATION – Tasmania attracts diamond explorer

Australian-based Ashton Mining will explore for diamonds on a 1-million-acre land package in Tasmania under an agreement with Pacific-Nevada Mining, a wholly owned subsidiary of Euro-Nevada Mining (EN-T).

Although alluvial diamonds were discovered during the 1880s in Tasmania, the Ashton project may represent the first systematic exploration for the gems in the remote island state.

Ashton can earn a 51% interest in the project after spending enough to demonstrate that at least one kimberlite pipe contains 1,000 carats. The diamond explorer has four months to assess the feasibility of the project before proceeding.

Pacific-Nevada’s interest in the project will convert to a 5% gross value royalty if it falls below 30% as a result of dilution.

Pacific Nevada, which has established a field office in Hobart, Tasmania’s capital, acquired the land package in the northwestern part of the country earlier this year and is currently conducting a A$1.2-million gold exploration program in the region.

As part of the program, the company has identified an alignment of coincident magnetic and electromagnetic anomalies that parallels a major regional fault.

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