Kendu kimberlite a dud

A kimberlite discovered by New Blue Ribbon Resources (NBL-V) in northern Alberta has proved barren.

None of the 38 drill core samples, which weighed 170 kg in total, yielded any diamonds.

Kendu was discovered in November 2000 on the joint-ventured Legend property. The junior can earn a 60% interest in the property from 70-30 owners Montello Resources (meo-v) and Redwood Resources by spending $1 million over two years and issuing 300,000 shares.

In the meantime, New Blue Ribbon reports that BHP Diamonds, a subsidiary of BHP (BHP-N) is carrying out geophysical surveys at the Moose project in Manitoba, with drilling slated to follow by month-end. Twelve targets have already been selected.

New Blue Ribbon can earn a 30% interest in the 2,374-sq.-km package by spending $2 million on exploration over two years. The junior must spend at least $820,000 on exploration before Nov. 1. BHP is the operator.