Dianor plans precious and base metal spinoff

Laval-based junior Dianor Resources (DOR-V) plan to spin off a new exploration company focussed on precious and base metal exploration.

Under the plan, Dianor will transfer its precious and base metal exploration properties in the new company, dubbed Threegold Resources, in exchange for Threegold shares. Dianor will distribute a certain percentage of those shares to Dianor shareholders. Plans also call for a public financing and application for a Canadian exchange listing.

Dianor says the move will allow it to focus on diamond exploration while allowing shareholders to benefit from gold discovery through Threegold.

Dianor will seek shareholder approval for the spinoff an annual special and extraordinary meeting slated for May 31, 2002. The deal also requires regulatory approval.

Last June, Dianor recovered a single yellow microdiamond from a 13.6-kg surface sample of a lamprophyre dyke at its Yasinski property, roughly 75 km east of Majescor Resources‘ (MAJ-V) Wemindji holdings. Two other nearby dykes failed to surrender any stones. Dianor’s holdings cover 324 sq. km in the James Bay region.

Follow-up work has identified a swarm of 38 lamprophyre dykes within 500 metres of the diamondiferous dyke. The dykes outcrop over distances ranging from 5 to 350 metres, with widths varying from 0.5 to 7 metres. Dianor selectively sampled eight dykes from the swarm, plus three dykes found elsewhere on the wholly owned Exploration Permit 1404; specifically, the company collected 1-2 kg of sample every 5-10 metres along the surface exposures of the dykes.

Caustic fusion analysis by the Saskatchewan Research Council recovered only a single microdiamond each from two of the dykes in the swarm. A 31.9-kg sample of dyke No. 5 contained a yellowish beige stone, whereas a 58-kg sample of the No. 9 dyke yielded a frosted white microdiamond fragment.

The company recently struck a partnership with Wemindji Exploration, a company owned by the First Nations. The partnership will focus on diamond exploration along the Wemindji-Yasinski corridor, and have jointly staked 385 claim units covering 196 sq. km in the James Bay area.

The company’s gold assets include the 51-claim, 16-sq.-km Adanac property, near Rouyn-Noranda. Previous exploration has outlined three mineralized belts – the Clerno II, Tourmaline and Adanac zones. The property has seen limited drilling.