Drills turn at Royce diamond project

Monopros, the Canadian exploration division of De Beers Consolidated Mines (DBRS-Q), is drill-testing prospective targets on the Royce diamond claims, 150 km northwest of Yellowknife, N.W.T.

A till-sampling program completed during 1995-97 enabled junior GMD Resources (GMD-V) to define four dispersion trains of indicator minerals. During follow-up work in 1998, more than 90 till samples were collected down-ice in an effort to test the prospectivity of 14 of the top-ranked 21 anomalies interpreted from a magnetic and electromagnetic survey.

GMD reports that the samples yielded anomalous concentrations of kimberlite indicator minerals and that two of the target areas are strongly anomalous. Results from one of these areas suggest that a potential kimberlite source is close.

Monopros, earning a 51% interest in the property from GMD, followed up those encouraging results with a summer program of till-sampling, mapping and helicopter geophysics. The initial drill targets are based on a combination of all the data.

Monopros can earn its interest in the 2,000-sq.-km property by spending at least $16 million by April 30, 2004. It then can elect to boost its stake to 60% by performing a feasibility study.