AK claims yield more diamonds (October 01, 2001)

A total of 1,665 carats of diamonds have been recovered from sample concentrates from the Hearne and 5034 kimberlite pipes on the AK claims in the Northwest Territories.

Drilling by De Beers Canada, a unit of Anglo American (AAUK-Q), which holds a 51% interest in the property, included three holes on the Hearne pipe and four on the 5034 pipe.

De Beers’ three holes on the high-grade northern part of the Hearne pipe recovered a 334-tonne sample that yielded 751 carats of diamonds. The two largest diamonds weigh in at 3.4 and 3.1 carats, respectively. The three holes average 2.25 carats per tonne. A previously modelled grade for this phase of kimberlite was 2.05 carats per tonne.

A 635-tonne sample of kimberlite, collected from the holes on the eastern lobe of the 5034 pipe, surrendered 914 carats. The two largest stones weigh in at 9.9 and 4.5 carats. Two of the holes came close to the modelled grade of 1.7 carats per tonne; the other two came in slightly lower.

Valuation is under way at Diamond Trading in London. In August, an initial desktop study indicated that a 15% increase in diamond revenue was needed to proceed to the feasibility stage. The study proposed open-pit mining on the 5034 and Hearne pipes, and for a high-grade zone in the top 140 metres of the Tuzo pipe.

The minority interests in AK are held by Mountain Province Diamonds (MPV-T), with 44.1%, and Camphor Ventures (CFV-V), with 4.9%. De Beers can earn up to a 60% interest in the property by advancing it to commercial production.