THE DIAMOND ROUNDUP — Cameco, Uranerz release Saskatchewan

Partners Cameco (TSE) and Uranerz Exploration & Mining have released results from the 1994 exploration program on their Fort a la Corne diamond exploration program in Saskatchewan.

During 1994, 13 holes were drilled to test 12 kimberlite targets, seven of which were previously untested. A total of 10.08 carats, including 147 macrodiamonds greater than 1 mm in size, were recovered from samples representing a total of 306 tonnes of kimberlite. The largest stone recovered in the 1994 program was 0.73 carats.

By comparison, in the 1993 program, 2.34 carats, including 63 macrodiamonds greater than 1 mm in size, were recovered from samples representing 243 tonnes of kimberlite.

The partners say that, based on the macrodiamond recoveries to date, the grades are not economic. It should be noted, however, that the results are based on limited exploration sampling, which is not statistically representative.

Only 22 of the 41 kimberlite bodies drilled since 1989 have had bulk samples of more than 10 tonnes collected from them. The projected macrodiamond grades for the 41 individual kimberlite bodies drill-tested between 1989 and 1994 range up to a maximum of 7.7 carats per 100 tonnes. While many kimberlite bodies have been sampled with only one drill hole, others have been sampled with up to 20 holes.

After reviewing the data, the partners will determine the status of this year’s exploration program. A total of 30 targets remain to be tested on the Fort a la Corne property.

The project was initiated in 1988 by Uranerz, with Cameco earning a half interest in 1989. Monopros, the Canadian subsidiary of De Beers, acquired a participating interest in the project by contributing expertise and funds between 1992 and 1994. Current ownership is split equally between Uranerz, Cameco and Monopros.

Elsewhere in Saskatchewan

* Golden Peaks Resources (VSE) is seeking a partner for its wholly owned properties immediately south of Fort a La Corne.

The company is also awaiting results from exploration last year on the Ket claims, a joint venture between Pure Gold Resources (TSE) and Winslow Gold (VSE), with Ashton Mining (TSE) holding the right to earn a 51% interest. Work last year focused on sampling near two single-grain anomalies identified in 1993.

Golden Peaks has arranged a private placement of 1.5 million units priced at 25 cents each and plans to acquire interests in advanced gold projects. Northwest Territories

* Complete results have been reported from two holes on the CL-25 pipe at the Camsell Lake property in the Territories.

The property is owned 40% by Aber Resources (TSE), 30% by Winspear Resources (VSE), 20% by Amarado Resources (VSE) and 10% by Consolidated Newgate Resources (VSE).

Hole CL25-1 returned seven macrodiamonds and 156 micros from 156.6 metres of split core weighing 238.8 kg, whereas hole CL25-2 returned two macros and 56 micros from 111.6 kg of split core.

The joint venture plans to conduct further drilling on the pipe during the first quarter to test its grade and dimensions. In addition, 10 other targets, outlined from geophysics and heavy mineral sampling, will be tested. * Partners Mountain Province Mining (VSE) and Glenmore Highlands (VSE) have spent more than $2.5 million on geophysical and geochemical analysis on their 240,000-hectare AK-CJ project 130 km south of Lac de Gras. Based on indicator mineral work and geophysics, a high-priority “5034” anomaly was identified on the AK ground. Three other areas in the southwestern portion of the AK claims have been identified as drill targets.

The joint venture will soon announce winter drilling plans for the 5034 target.