Money continues to pour into the Lac de Gras diamond play in the Northwest Territories with both juniors and seniors launching exploration programs on the patchwork of properties that now covers more than 13 million acres.
Most recently, Lytton Minerals (TSE) and a joint venture consisting of Calco Resources (VSE) and Teryl Resources (VSE) announced diamond exploration plans.
A joint venture agreement between the property partners and Kennecott Canada is under negotiation.
Exposure to Lac de Gras play
Senior Junior(s) Landholding Expl. Expend. Term Earn-in
(acres) (years) (%)
Kennecott Aber* 1,200,000 $10 million 5 60
Kennecott Argus, Thermal, Totem, Heard, Bre-X**
>1,200,000 >$4 million 4 51
Kennecott Kalahari 550,000 $2 million 2 70
Kennecott SouthernEra530,000 $6 million 5 60
Kennecott Geomaque, Stall Lake, SouthernEra
30,000 $450,000 3 100
Total >3.5 million >$22.5 million
BHP Min Dia Met 1,000,000 (est.) $2 million/ year 51
Monopros 4,000,000 (est.) undisclosed
* Includes property held partially by Commonwealth Gold, Pure Gold Resources and SouthernEra Resources
** Kennecott can earn a 51% interest in all the ground held by these five companies by spending $1 million per year on the property (properties) of its choice. However, the major must maintain all of the claims in good standing at an annual cost of $2 per acre. By bringing any of the properties to the production stage, the major can increase its interest to 70%.
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