Kennecott Canada Exploration plans a program of ground geophysics followed by diamond drilling on at least three known kimberlite targets identified on certain properties owned 50% by JNR Resources (JNN-V) in Saskatchewan.
Kennecott, a unit of London-based Rio Tinto (RTP-N) will act as operator and fund the program on its own. Following the work, Kennecott can acquire a 30% interest in the properties from JNR, by funding the project to a production decision.
The two companies have also entered into a diamond marketing agreement, under which Kennecott will act as agent for the sale of JNR’s share of diamonds.
Kennecott is also exploring for uranium at JNR’s 50%-owned Moore Lake project in northern Saskatchewan.
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