Paramount, Canabrava step up work

Vancouver-based juniors Paramount Ventures & Finance (PVF-V) and Canabrava Diamond (CNV-V) have agreed to work together on another diamond exploration property in northern Ontario.

Canabrava recently discovered a kimberlite pipe on the property, and kimberlites have also been found on the company’s nearby Whitefish Lake project.

“These kimberlites are the first known in this part of the Superior craton,” the companies state in a joint release, “and they confirm the discovery of a significant kimberlite province in north-central Ontario.”

Kimberlite indicator minerals, including sub-calcic G-10 garnets, have also been identified in the northern portion of the joint-venture property.

Paramount must fund the first $800,000 in exploration costs to earn a half-interest in the project. Thereafter, the two companies are to finance work on a 50-50 basis.

Immediate plans call for a regional geochemical program, an airborne geophysical survey and drilling of priority targets.

A Paramount-Canabrava partnership is also taking shape northeast of Wawa, Ont., where the focus is on the KAP project. The juniors recently expanded the exploration property to more than 150,000 ha, and a work program is expected to begin in mid-May.

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