Strike extends search to Quebec

To add to its diamond exploration portfolio in northeastern Ontario, Strike Minerals (CDN) has optioned a 6-claim property across the border in Guigues Twp., Que.

In order to earn a 100% interest in the property, Strike must issue 100,000 shares, make payments totalling $150,000 and spend $300,000 on exploration over three years. The vendor retains a 3% net smelter royalty. Monopros, a subsidiary of De Beer’s, drilled two holes on the property and intersected a diatreme reported to be kimberlite, Strike says. A private company in Vancouver has agreed to assume all of Strike’s cash payment obligations and spend $350,000 exploring the Guigues Twp. property before July 20, 1993, to earn a 60% interest. By spending an additional $400,000 in the following year, the private company can raise its interest to 70%.

Strike says drilling and bulk sampling should begin in one month.