Partners Cypango Ventures (CAV-V), Mill City Gold Mining (MIY-V) and Tanqueray Resources (TQY-A) have discovered a new kimberlite pipe on the Yamba Lake property in the Lac de Gras region of the Northwest Territories.
The discovery, known as T-10, is one of nine well-defined targets in an area east of the Torrie, Sputnik and Sue diamondiferous pipes, which were discovered in 1993. The targets were defined by heavy-mineral till sampling combined with airborne and ground geophysical surveys.
Drilling continues to delineate the T-10 kimberlite, while, at the same time, testing the remaining eight targets.
Cypango recently resampled the Torrie pipe, recovering 2,000 kg of drill core for processing by dense media separation. In 1993, initial drilling on the Torrie pipe yielded 181 microdiamonds and 53 macros from 197.8 kg of core.
However, a follow-up bulk sample of 24.5 tonnes returned only 19 diamonds weighing 0.635 carat in total.
In light of the promising early diamond counts, Cypango believes further evaluation of the Torrie pipe is warranted. The pipe contains an estimated resource of 11 million tonnes to a depth of 300 metres.
Cypango can initially earn a 51% interest in the Yamba Lake property from partners Mill City and Tanqueray by spending $5 million on exploration. By completing a feasibility study, the company can increase this to 70%.
The property lies 45 km northwest of the NWT Diamonds project held by BHP Diamonds and Dia Met Minerals (DMM-T).
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