Seahorse douses GGL’s hopes

The discovery of multiple kimberlites by GGL Diamond (GGL-V) on its Seahorse property in the Lac de Gras area of the Northwest Territories has proved barren of diamonds.

A cluster of three irregular intrusions of hypabyssal-phase kimberlite was uncovered late in the summer during a drill program designed to test three magnetic anomalies devoid of indicator minerals. No diamonds were found in the more than 339 kg of core sampled from the three holes.

This past summer, as part of a regional and infill sampling program, GGL collected a total of 874 heavy mineral samples and 971 soil samples from the Seahorse, Starfish, Mackay, Winter Lake North and South, and G claims, all of which are in the CH project area. Several ground geophysical surveys were undertaken over portions of the claims in order to determine drill targets.

GGL is proceeding with a $2-million financing by way of a private placement of 10 million shares priced at 20 apiece.