Shares of Lytton Minerals (TSE) soared to a new high of 80 cents from 30 cents recently after the company reported the recovery of “substantial amounts” of chrome diopside from two samples taken on its 1.1-million-acre property north of Lac de Gras, N.W.T.
Lytton’s property lies along what geological consultant Ed Schiller has named “the corridor of hope,” a northwest-southeast trending structure thought to be a favorable environment for kimberlite intrusions. Most of the attention to date has been focused on the southern half of the corridor, where the Aber-Commonwealth-Kennecott-SouthernEra joint venture is drilling.
Lytton, trading at 69 cents by presstime, has taken 800 samples of about 30-lb. each, says President Desmond Alexander. The discovery of chrome diopside, a diamond indicator mineral that weathers relatively easily, suggests proximity to a potentially diamond-bearing kimberlite pipe. Lytton has over $1 million in the bank.
In other diamond developments:
— Rhonda Mining (ASE) and Aaron Oil (ASE) have penetrated bedded kimberlites with a 4-hole program on property optioned from Claude Resources (TSE) near Prince Albert, Sask. Rhonda says the intersection appears to consist of the same material that occurs as a nearby ice raft. Drilling will now move to the partners’ other diamond properties near Fort a la Corne, Sask. — Tyler Resources (TSE) has sent 140 55-lb. samples from its Lac de Gras properties to The Saskatchewan Research Council for analysis. After receiving shareholder ratification, Golden Rule Resources (TSE) has agreed to purchase 2.38 million units consisting of one share and one warrant of Tyler. The warrants will be exercisable at 25 cents for two years. Proceeds of $500,000 will be used for further work on Tyler’s Carat and Crystal properties. Tanqueray Resources (ASE) has identified 10 coincident resistivity-magnetic low anomalies typical of kimberlite pipes on its claims. Samples taken down-ice of two of the largest targets have been sent for analysis. — Golconda Resources (ASE) has discovered an outcrop of yellow clay alteration with an ultramafic/lamproite component, including diamond indicator minerals, on its property. The company has leased an additional 8,000 acres in the area, the location of which has yet to be disclosed.
Be the first to comment on "`Indicators’ ignite Lytton"