Diamondex explores Slave

Diamondex Resources (DSP-V) has put aside $1.2 million to explore the newly acquired Peregrine property in the north Slave Craton of Nunavut.

Diamondex was among the first of about 30 companies to acquire property interests in the Coronation Gulf district following last fall’s kimberlite discoveries by Ashton Mining of Canada (aca-t) and Kennecott Canada Exploration.

The Peregrine property consists of 51 claims within 617 sq. km. The property’s eastern boundary adjoins the Vic and Kim claims, held by partners Ashton and Pure Gold Minerals (PUG-T), and till sampling has confirmed the presence of kimberlite indicator minerals.

Diamondex is planning a detailed airborne magnetic and electromagnetic survey, to be followed by till sampling and mapping over any targets generated. The budget also allows for drilling.

Diamondex can earn a 70% interest in the property by spending $1 million on exploration before Dec. 1, 2004.

The property was originally optioned from a private company controlled by Lawrence Barry, who then sold it to Northern Empire Minerals (NEM-V) for 100,000 of its shares.

Colerain Mining (CRI-V) has changed its name to Amex Exploration (AMX-V) on a 1-new-for-10-old-share basis.