THE DIAMOND PAGE — Northern drill programs continue at Lac

Results are awaited from several summer drilling programs in the Lac de Gras region of the Northwest Territories. But considering the turnaround time for processing core samples, it is likely the bulk of results won’t be released until later this summer.

Northwest Territories * Texas Star Resources (TSE) has announced that its partner, Lytton Minerals (TSE), started core-drilling the first of eight priority targets on the company’s claims in the Humpy Lake area.

Lytton can earn 50% in more than 400,000 hectares staked by Texas Star in return for exploration and sampling programs. So far, reconnaissance geophysics and geochemistry have identified 28 anomalies. Ongoing work is expected to delineate other targets.

* Drilling by Kennecott is expected to begin shortly on Kalahari Resources’ (VSE) Mackay Lake project in the Northwest Territories

(Toronto-listedSouthernEra Resources ) is participating at 19%, Kennecott at 51%). The project is reported to have more than 250 geophysical targets, 74 of which have been rated high-priority.

A sampling program also got under way at the end of June. Kalahari reports, however, that no kimberlitic indicator minerals were identified from any of the esker, beach and till samples (172 in total) collected during last year’s field program.

* A number of companies are swapping property interests in the Humpy Lake region of the N.W.T. As an example, Toscana Resources (VSE) agreed to exchange a 7.5% interest in its North Snare property for a 7.5% working interest in SouthernEra Resources’ Humpy Lake area properties. The exchange will give Toscana and partner Layfield Resources (VSE) exposure to an additional 32,000 hectares in the Humpy Lake area. Apex Energy (VSE) and its partners (VSE-listed Consolidated Newgate, Sarabat Gold and Winspear Resources) are also swapping property interests in this area with SouthernEra. * Further north, Cyclone Capital (VSE) expanded its land package in the Bathurst Island region. The junior, along with several other companies, is involved in a $1.6-million exploration effort on Somerset and Bathurst Islands. The newly acquired claims will be held 100% by Cyclone, although Cominco has a right to back-in for a 50% interest. The main target is believed to be a lamproitic-kimberlite diatreme, which the company says may be the first reported in the “northern” Northwest Territories. * A $750,000 exploration program is under way at the South Aylmer Lake property in the Lac de Gras area, Gold Vessel Resources (ASE) reports. Till samples will be collected and analyzed and an airborne survey undertaken. The junior is earning an 80% interest in the 76,000-hectare property. Meanwhile, a geochemical survey is under way at the company’s Tanqueray property in the Lac De Gras area where an airborne survey was recently completed. The junior is earning a 50% interest in the 8,800-hectare property. * “Electron microprobe” analysis yielded 14 G-10 garnets in till samples collected from its property in the Labrish Lake area, Jonpol Explorations (TSE) reports.

Ground magnetometer surveys and drilling are planned for November, says Jonpol, which has optioned a 20% interest in the property to each of T & H Resources (TSE) and Tyranex Gold (CDN).

Alberta and Saskatchewan

The past week was a rough one for companies involved in the Saskatchewan diamond play as share prices continued to weaken.

* Golden Peaks Resources (VSE) was one of several juniors issuing news releases to state it was unaware of any material changes which would have caused the recent fluctuations in its share price.

* Another was Consolidated Pine Channel Gold (VSE), which announced it had two

rigs operating on the Molanosa Arch diamond project in Saskatchewan. One drill is working ground owned jointly by Pine Channel and Canadian Entech Research, and the other is at a property owned jointly by Pine Channel and Mountain Province Mining. A third is planned for properties owned jointly by Pine Channel and Golden Peaks.

Meanwhile, the junior is investigating the source of a number of synthetic diamonds which contaminated its initial 50-kg drill core samples. The synthetic diamonds were recognized by the Australian lab and were later confirmed by company personnel.

* A program covering both ground and low-level, high-resolution airborne magnetic surveys and a drill program are under way in central Saskatchewan, reports Guardian Resource, a unit of VSE-listed Guardian Communication Industries.

Drilling will test newly identified crater-pipe targets and other targets. Guardian has interests in 15 properties covering some 300,000 hectares adjoining and near to diamond finds at Sturgeon Lake and Fort a la Corne. The company has completed a private placement of 484,000 shares at $1.15 per share and is awaiting approval for a second private placement with Caratex Diamond Exploration.

Ontario and Quebec

* A $150,000 exploration program is planned this autumn by Bonanza Metals (ASE) on property in Nedelec and Guerin twps. in northwestern Quebec (in the Guigues Twp. area).

The junior has bought 15 claims, 12 of which are in Nedelec Twp. and three in Guerin Twp. Terms of the purchase, which regulators have yet to approve, call for Bonanza to pay $35,000, issue 300,000 of its shares during a 3-year period and pay a 1.5% net smelter return to the vendor.

Also planning to explore for diamonds this autumn at property in Nedelec and Guerin twps. is Montreal-listed Ressources Minieres Forbex (T.N.M., Aug. 16/93) which has acquired 35 claims, 10 of which are in Nedelec Twp. and 25 in Guerin Twp. The president of both Bonanza and Forbex is Gilles Fiset. United States

* The Sloan diatreme in northern Colorado is being re-evaluated by Royalstar Resources (VSE). The 18-acre diatreme was previously explored by Lac Minerals and others, and yielded 23,000 diamonds. But Royalstar is finding that its exploration target has the unfortunate stigma of being considered uneconomic (the average grade was 11.74 carats per 100 tonnes), with too large a population of microdiamonds and not enough macrodiamonds.

Royalstar retained geologist Ian Mason who recommends driving an exploration adit to test the most prospective (highest-grade) lithological facies and determine if it could be selectively mined. Mason describes the Sloan diatreme as a Devonian kimberlite with E-type (eclogitic) diamonds. Overseas

* Two gravel samples from the Bamingui-Bangoran diamond project in the Central African Republic yielded a total of 32 diamonds with a combined weight of 13.42 carats, United Reef Petroleums (TSE) reports. The samples were processed through the company’s mechanical wash plant. Preliminary indications are that all 32 diamonds are of gem quality and range in weight from a stone of 0.09 carats up to 1.41 carats.

Controlled sampling efforts in the Bamingui River area of the property have recovered a total of 121 diamonds weighing a combined 45.7 carats. Reef also bought an additional 146 diamonds from independent artisans working in the area.

* A $2-million equity financing, to be used to expand a joint-venture exploration program in Zimbabwe, has been completed by brokerage house Carr Kitcat & Aitken of London. Redauraum Red Lake Mines (TSE) reports that three areas (known as “exclusive prospecting orders,” or EPOs) are to be targeted: River Ranch (which surrounds the mine), Naunetsi and Chikomba. The company has government approval to explore a fourth EPO near the northeastern town of Mazoe.

* In Brazil, KWG Resources (ME) has bought three concessions (Charnea, Santo Antonio and Grupiaria) within the municipality of Coromandel, Minas Gerais, for US$1.4 million. KWG’s partner in the venture is Diamond Co. LTDA, controlled by Jorge Arroyo.

The Charnea concession is operating with a 273-tonne-per-day plant. A 12.4-carat stone, recovered at Charnea during the past 12 months and pink in color, was sold for US$148,800.