Friday 21st October 2016

Resource Clips

Replenishing reserves

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Last month Arctic Star Exploration TSXV:ADD added the 54,000-hectare T-Rex property to its Lac de Gras holdings that already included the Redemption project, in which North Arrow Minerals TSXV:NAR has a 55% earn-in.

Hardly confined to Lac de Gras, North Arrow currently awaits results for a 1,500-tonne sample from its Qilalugaq project in Nunavut, in which the company’s earning an 80% interest from Stornoway. Till sampling at North Arrow’s Pikoo project in Saskatchewan, meanwhile, shows “at least two, and possibly up to five, new kimberlite indicator mineral trains” on the property where the company heralded a new diamond region a year ago. Pikoo is an 80%/20% JV with Stornoway.

Among the companies attracted by the discovery are Canadian International Minerals TSXV:CIN, which has interests in about 110,731 hectares in the region, Alto Ventures TSXV:ATV, with interests in about 90,000 hectares, and Strike Diamond TSXV:SRK, with interests in over half a million hectares.

Another North Arrow 80%/20% JV with Stornoway is Timiskaming, straddling northeastern Ontario and northwestern Quebec. Back in Nunavut, North Arrow also holds the Luxx and Mel properties.

On Baffin Island, Peregrine Diamonds TSX:PGD plans resource drilling on the Chidliak project’s Phase 1 kimberlites as the company moves towards a preliminary economic assessment scheduled for 2016. Peregrine also holds other diamond projects in the eastern Arctic as well as Lac de Gras.

Other Lac de Gras players include Margaret Lake Diamonds TSXV:DIA, which this month completed its 60% earn-in on Margaret Lake, contiguously north and west of Kennady North. West of Margaret Lake the company holds a 49% option on Canterra Minerals’ (TSXV:CTM) Marlin property, where last October till sampling turned up a diamond. Till sampling has also taken place on Canterra’s Hilltop, King, Prism and Gwen projects, all lying between Snap Lake and Gahcho Kué.

The company’s Buffalo Hills property sits in Alberta’s Buffalo Head Hills region, which Canterra calls Canada’s third-largest district of diamond-bearing kimberlites after Lac de Gras and Saskatchewan’s Fort à la Corne region. Canterra holds 28.5% of Buffalo Hills, along with Shore Gold TSX:SGF (another 28.5%) and EnCana Corp TSX:ECA (43%).

In the Fort à la Corne region southeast of Pikoo, Shore holds an interest in the Star-Orion South project that earlier this month received federal environmental approval. A 2011 feasibility gives the project probable reserves of 34.38 million carats and a 20-year lifespan. Ownership is divided between Shore and the Fort à la Corne JV.

Download the Bain & Company/Antwerp World Diamond Centre report.

Download the NWT and Nunavut Chamber of Mines report.

Read more about diamond markets, geology and exploration.

Disclaimer: Prima Diamond Corp is a client of OnPage Media Corp, the publisher of The principals of OnPage Media may hold shares in Prima Diamond.

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