NEVADA SPECIAL — Goldex and Dia Met Minerals launch $4-m exploration effort

In a $4-million joint-venture program with Goldex Resources (GXR-A), Dia Met Minerals (DMM-T) will explore for gold deposits in Nevada.

The program will be overseen by Dia Met Chairman Charles Fipke, the geologist credited with the first discovery of diamond-bearing kimberlites at Lac de Gras, N.W.T.

The program will be managed by a private company, Discovery Consultants, which has explored in the area for more than 15 years.

More than 150 exploration targets have been selected in various parts of Nevada, and these will be evaluated by geochemical and geological techniques.

Dia Met and Discovery have developed a geochemical approach to Nevada gold exploration, using a combination of techniques that has already resulted in discoveries.

Fipke recently joined the board of Goldtex as chairman. The junior also holds a 30% interest in a joint-ventured exploration and development program in Yemen aimed at testing a 14-million-acre concession.

The southwestern part of the concession has a geological setting similar to that which hosts the gold deposits of Nevada (for example, jasperoid anomalous in gold, arsenic and antimony).

This section is underlain by an extensive belt of sedimentary rock truncated by basin and range faults and overlain and intruded by gold-bearing Tertiary volcanic and intrusive rocks.

The northeastern part is underlain by a belt of Archean rocks and contains six known gold occurrences.

Canadian and Yemeni crews have begun collecting 3,200 samples, to be tested at Fipke’s geochemical laboratory in Kelowna, B.C.