Diamond exploration in the Wawa area of Ontario has turned up the largest stone yet recovered from one project, while leading to several new discoveries at another.
At the GQ property,
The 12.5-tonne sample also yielded 29 diamonds ranging from 0.7 to 3.06 mm in their longest dimension. Twenty-seven measured more than 1 mm in two dimensions, with four of those measuring greater than 2 mm in two dimensions.
Band-Ore believes the results confirm the commercial potential of the Engagement showing. So far, the company has recovered 12,000 diamonds from the showing, of which 319 are greater than 0.5 mm in one dimension.
Drilling is scheduled for the summer, as is additional mechanical stripping, trenching, mapping and technical studies. The program will be funded with proceeds from a recent private placement.
The company issued 139,000 flow-through units at 72 apiece, for gross proceeds of $100,080. A unit consists of a share and half a share-purchase warrant that can be exercised at $1 until mid-December 2002.
Band-Ore has also submitted an application to acquire 14 sq. km in the immediate area of the GQ property.
Pele Mountain
Meanwhile,
A fifth area, characterized by angular boulders, yielded 56 macros and eight micros from 15 kg of sample. The area, known as Cristal, is 1.5 km northwest of the Engagement showing (that is, opposite to the direction of glacial ice flow).
The discoveries bring to eight the number of areas in which diamonds have been found at Festival. Earlier this year, a 7.5-tonne bulk sample of weathered and unweathered, xenolith-bearing lamprophyre from the Destiny showing yielded 55 macros, most of which were white and transparent.
In March, Kennecott Canada Exploration, a division of
Exploration at Festival is ongoing.
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