THE DIAMOND PAGE — Tanqueray and partners release Yamba Lake

Joint-venture partners Tanqueray Resources (VSE), Mill City Gold Mining (ASE) and Fibre-Klad Industries (VSE) have released results from the first hole of this year’s drilling on the Yamba Lake property. The project is in the Lac de Gras region of the Northwest Territories.

An aggregate of three samples of core from the Torrie pipe weighing a total of 161.6 kg contained 39 macrodiamonds and 152 micros. One of the samples, weighing 79.1 kg, contained 101 micros and 24 macros. Of the 191 micro-macro diamonds, 188 are described as clear-white in color and clarity. Drill core from the Sputnik and Sue pipes are being processed by Lakefield Research and results are expected by late November.

The joint venture noted that drill core from a second hole in the Torrie pipe will be processed at a later date and that an extensive winter drilling program to evaluate the pipe and other anomalies further is planned. Northwest Territories

* In other Territorial developments, partners ITL Capital (VSE) and Riley Resources (VSE) hope to refine drill targets on their diamond property. Preliminary geochemical and geophysical work outlined six new targets, five of which are combined anomalies.

The joint venture expects to complete more detailed sampling shortly to refine drill targets.

* Exploration crews have finished staking 73,564 acres for the Slave Diamond Syndicate.

The staking covers 95 magnetic anomalies seen as prospective for diamond-bearing kimberlite pipes and the group is negotiating with a major diamond exploration company to form a joint venture on the ground. The Slave Diamond Syndicate is owned 40% by Gerle Gold (VSE), 20% by Norcal Resources, 20% by Tenajon Resources (VSE) and 20% by Westley Technologies (VSE).

* Verdstone Resources (VSE) is planning to raise funds for a drilling program on its Clums Fork property in Alaska.

The company is planning a 4,500-ft. drilling program to test the potential of the “Crazy Eight” lamproite target. Numerous diamonds have been reported and recovered at the margin of the Crazy Eight structure and previous samples of indicator minerals suggest a lamproite source.

* Lytton Minerals (TSE) can acquire a half interest in a 91,867-hectare property belonging to New Dolly Varden Minerals (VSE). In return, it must spend $800,000 on exploration before Oct. 1, 1994.

The acquisition is contingent upon First Marathon Securities selling, on a private placement basis, 500,000 New Dolly shares at $2 each. * Joint-venture partners Noble Peak Resources (ASE) and SouthernEra Resources (TSE) have added 40,470 hectares to their diamond property near MacKay Lake. The additional claims were staked to cover several magnetic anomalies which were outlined by an airborne geophysical survey flown this summer. Subsequent to the survey, 480 till samples were collected from 152 magnetic anomalies. These are now being analysed for kimberlite indicator minerals. Once the geochemical results are received, the partners plan to begin a diamond drill program.

Noble Peak has also signed a deal with Alcanex to earn a half interest in a 10,927-hectare diamond property southwest of Lockhart Lake.

* Garden Lake Resources (VSE), RJK Explorations (VSE) and SouthernEra have agreed to exchange equity and participating interest in their respective properties in the Warburton Bay area and form a joint venture to explore the properties further.

Under the deal, Garden Lake and RJK will transfer a 20% interest in their Warburton Bay claims to SouthernEra, and Garden Lake will transfer a 20% interest in its Covello property. In return, SouthernEra will swap a 20% interest in 184 claims as well as a 10% interest in 18 properties in which Kennecott Canada has the right to earn a 60% interest. The SouthernEra properties are within an 80-km radius and are west, south and southwest of the Warburton Bay property.

In addition, SouthernEra has agreed to spend at least $200,000 before Sept. 30, 1994, on processing overburden samples collected by Garden Lake and RJK from the Warburton Bay property.

Under the joint venture, the partners will contribute to exploration pro rata to their respective interests or dilute to a 3% interest, at which point the interest is converted to a 1% gross overriding royalty on diamond production and a 1% net smelter return on any other minerals produced.

Drilling is to begin soon on the Warburton Bay property.

Alberta

* Preliminary sampling of heavy minerals by Northside Resources (ASE) on its 900,000-hectare Pembina project in north-central Alberta has located four targets for follow-up.

The company has begun large-scale sampling on the four zones and hopes to begin a drill program in the near future.

Overseas

Leicester Diamond Mines (VSE) reports that more than 25% of the planned 80,000-tonne bulk sample test of the Leicester pipe near Kimberley, South Africa, has been processed. The remaining 60,000 tonnes are being readied for processing.

A total of 646.2 carats have been recovered to date.

The diamonds were split into two samples for evaluation by five diamond houses in Johannesburg, Capetown and Kimberley.

One sample, weighing 205.5 carats, produced an average value of US$138 per carat. The second sample, with the remaining 440.6 carats, averaged US$390 per carat. The second sample package included a 17.88-carat stone and a 17.03-carat stone valued at US$2,480 and US$2,883, respectively. The project is owned 60% by Leicester, 20% by SouthernEra Resources and 20% by Beckleigh Investments.

* Tan Range Exploration (ASE) added to its portfolio of diamond concessions in the East African republic of Tanzania with an option to explore and develop a 20-sq.-km concession in the central region of the country. A 648-tonne bulk sample, taken from a kimberlite dyke about 30 years ago, yielded nearly 90 carats of diamonds, including one 7.1-carat stone. The company is planning a detailed geochemical, geophysical and bulk-sampling program to evaluate further the potential of the concession. * A pilot plant is now assembled at the Migs II diamond-gold concession, owned 25% by Barkhor Resources (VSE), 25% by Newen Enterprises (VSE) and 50% by Yellowjack Resources (VSE) in Venezuela.

Processing will start shortly at a rate of 15 cubic metres per hour and increase progressively to 40 cubic metres per hour.

* Joint-venture partners Southwestern Gold (VSE) and Hillsborough Resources (TSE) have finished an initial phase of exploration on the Canabrava project in Brazil.

Initial investigations involved the follow-up of known alluvial diamond areas within the drainage systems of kimberlite-lamproite-type magnetic anomalies. Heavy mineral concentrates from streams and soils are being analysed and results to date have returned numerous diamond indicator minerals, as well as a few pink diamonds.

A detailed magnetic survey covering 6,500 line-km is under way and follow-up sampling is planned to determine the source of the pink diamonds. * Pacific Copperfields (VSE) has completed a due diligence review of the acquisition of a private company holding exploration rights to four blocks of precious stone exploration licences in Botswana.

The company raised $1.35 million and is planning to perform ground geophysics and geochemistry to refine drill targets.

Previous work on the concessions outlined potential kimberlites and the company hopes to begin drilling in early 1994.

* Mountain Lake Resources (VSE) has completed a private placement of $318,200, which will be used to fund pilot-plant-scale production at its Nooitgedacht diamond project, 125 km west of Johannesburg, South Africa. The property contains diamondiferous gravel reserves in excess of three million cubic metres. Past production from the property suggests grades will be in the range of 0.06-0.10 carats per cubic metre, with values of about US$300 per carat.

Pilot-scale production is expected to begin in December.

* Goldbrook Explorations (VSE) has acquired a 108-sq.-km diamond concession in southern Israel.

Previous work in the Ramon area has outlined a crater-like structure 1,000 metres long by 500 metres wide, which is thought to represent a possible lamproite or kimberlite body.

To evaluate the concession, Goldbrook is planning an airborne geophysical survey, heavy mineral surveys and diamond drilling.

* William Resources (ME) has signed an agreement with three individuals to acquire a placer diamond-gold concession in Guyana. Under the agreement, a Guyanese company will be created to hold an exploration licence on a part of the Mazaruni river, 250 km southwest of Georgetown.

William has a 6-month option to acquire the licence from the vendors in return for 500,000 shares, 300,000 warrants and a 5% gross production royalty.