Diamond explorers Everest Mines & Minerals (EVR-V) and Blackrun Ventures (BLV-V) will acquire a half interest in the Lubicon East prospect, which comprises 165,000 acres in the Buffalo Hills area of Alberta.
The partners are required to pay the vendor, New Claymore Resources (NCS-V), a total of $150,000 and issue 200,000 shares, as well as spend $660,000 on exploration over two years.
Everest and Blackrun have now joint-ventured about 610,000 acres from New Claymore in the immediate area of the 1.4-million-acre Buffalo Hills project, where Ashton Mining of Canada (ACA-T) has discovered multiple diamond-bearing kimberlite pipes.
Everest and Blackrun hold options on 3.5 million acres in the Buffalo Head craton and 1 million acres just outside the craton.
An airborne geophysical magnetic survey is scheduled for the properties.
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