Boulder eyes Quebec diamond play

Vancouver — Now that Ashton Mining of Canada (ACA-T) has confirmed the dimondiferous nature of two kimberlite bodies in the Otish Mountain region of Quebec, junior Boulder Mining (YBR-V) has picked up two properties some 120 km to the southwest.

The VVS property covers 8,094 hectares some 25-km southwest of Majescor Resource’s (MAJ-V) Portage project. Boulder can earn 100% of the property by paying $30,000 and issuing 300,000 shares before Jan. 20, 2002. Moving 5 km to the southwest, Boulder can also earn 100% of the 4,047-hectare VVT property by paying $15,000 and issuing 100,000 shares, also before Jan 20, 2002. The vender retains a 2% gross overriding royalty on both properties.

The newly acquired properties host a number of magnetic geophysical anomalies associated with a northeast striking structural zone that parallels the favourable Kapuskasing structural zone, which cuts both Majescor’s Portage project and Ashton’s diamond discovery. An airborne geophysical survey is being planned for the properties.

Due to the amount of staking in the region brought on by Ashton’s discovery, confirmation of title for the newly acquired ground has not yet been received from the Government of Quebec.

In November, Boulder acquired the WALP Kimberlite properties, situated near the intersection of the Temiskaming and Kapuskasing structural zones. The junior plans on drill testing several magnetic geophysical anomalies outlined on the project early in January.

Meanwhile, Majescor has arranged a $400,000 financing to continue its aggressive exploration in the region. The junior agreed to sell 500,000 units priced at 80 each. A unit comprises one share and one-half warrant. A full warrant entitles the holder to purchase one share at $1 for 18 months.

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