More about diamonds (February 01, 1993)

Canadian mining companies are involved in the search of diamonds both at home and abroad:

N.W.T. and Alberta — Pure Gold Resources (TSE) has agreed to option Garden Lake Resources’ (VSE) 50,000-acre claim block in the Jolly Lake area southwest of Lac de Gras, N.W.T. Pure Gold can earn a 50% interest by spending $400,000 on exploration before Oct. 31, 1995, making a $25,000 cash payment and issuing 100,000 shares. A heavy mineral sampling program is planned for the spring. Alaska

— Verdstone Gold (VSE) intends to stake additional ground in the state after four diamonds weighing 0.1-0.23 carats were reportedly found about 30 miles from its property.

The junior will finance the staking through a private placement of up to 350,000 units at 43 cents per unit. Each unit consists of one share of Verdstone and a warrant to purchase an additional share at 45-50 cents. Saskatchewan and Manitoba

Exploration Mirandor (ME) is acquiring a property near Flin Flon, Man., six miles from a kimberlite said to be discovered during a recent drill program on a copper-zinc deposit. Mirandor can acquire a 100% interest in the property by issuing 400,000 shares.

Ontario and Quebec

— Exploration Orbite (ME) has started drilling on its Le Tac property in northwestern Quebec. Orbite plans to complete a 6,557-ft. program at the site of the old Certac gold-copper mine, where a lamprophyre/kimberlite intrusion was discovered previously.

— Southern Arizona Mining and Smelting (CDN) says exploration is under way on its Sheraton Twp. properties. To earn a 20% working interest in the properties, the company must spend $80,000 on the first phase of the exploration program, which includes linecutting followed by a geophysical program and drilling.

By spending an additional $120,000 on the property, Southern Arizona can increase its interest in the properties to 40%.

— Strike Minerals (CDN) has optioned the AM-47 kimberlite pipe in Arnold Twp., northeast of Kirkland Lake from Lac Minerals (TSE). The pipe lies just north of the A-4 pipe, where Regal Goldfields (CDN) recently uncovered a gem-quality macrodiamond.

Overseas

— Tan Range Exploration (ASE) has acquired a 3.5-sq.-mile diamond concession in Tanzania. In 1968, 76 diamonds ranging up to 2.19 carats were recovered from the property, but there has been no exploration since then.