Earth Sciences (ESCI-Q) has acquired the right to explore for diamonds in the Gran Sabana, a large treeless expanse in southeastern Venezuela.
The vendor, a Venezuelan company known as CODSA 14, controls a 2,500-ha concession in Bolivar state, near the Brazilian border.
Earth Sciences agreed to pay US$50,000 in cash and stock over a 6-to-8-month period, during which time the company will begin exploration. The Venezuelan company retains a sliding royalty of between 5% and 20% based on the value of diamonds recovered.
Earth Sciences plans to evaluate the alluvial potential of the property through bulk sampling. Local miners have already recovered diamonds, measuring 2 to 5 carats, as well as gold, from alluvial material.
Earth Sciences controls several gold exploration properties in Venezuela and operates the only purified phosphoric acid plant in Canada.
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