CaribGold Resources (CG-T) and Marum Resources (MMU-A) have formed a joint venture to explore for diamonds in northern Alberta.
The partners have acquired just over 100,000 ha of ground near the Chinchaga fault, which defines the northwestern edge of the Peace River Arch structural province. Faults such as Chinchaga are considered to represent the primary controls for Ashton Mining of Canada’s field of diamondiferous kimberlites.
CaribGold will earn a 25% interest in the joint venture from Marum by spending $1.5 million on exploration by the end of 1998 and giving Marum 100,000 CaribGold shares. It can earn a further 25% interest by spending an additional $1 million on exploration by the end of 2000 and giving Marum an additional 100,000 shares.
CaribGold has also agreed to subscribe for 1.25 million Marum units at 18cents each. A unit consists of one share and one share purchase warrant entitling the holder to buy one share at 25cents for a period of two years.
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