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Dunnedin Ventures finds gold synergies at its Nunavut diamond deposit

by Greg Klein | October 17, 2016

Diamonds remain the focus of Dunnedin Ventures’ (TSXV:DVI) Kahuna project but evidence of gold offers additional potential, the company announced October 17. Recent till sampling on the Nunavut property brought positive gold results, as did historic rock samples.

Of 129 till samples taken last year, 84 showed anomalous results of 50 ppb gold or better. Twelve samples assayed greater than 1,000 ppb, with one sample reaching 5,930 ppb.

Dunnedin Ventures finds gold synergies at its Nunavut diamond deposit

Evaluation of gold grains suggests local bedrock sources, Dunnedin emphasized.

“One area of strong gold-in-till concentration occurs at the 10-square-kilometre hinge domain of a previously untested folded metasediment belt where a number of diamond-bearing kimberlites including PST, Notch and 07KD-24 are also located, suggesting proximal bedrock sources of gold and diamonds,” the company added.

Previous analysis of the till samples revealed diamond indicator minerals suggesting potential extensions to Kahuna’s known kimberlites, as well as additional kimberlite targets prospective for diamonds.

Historic work included 97 rock samples that assayed between 0.05 and 2.52 g/t gold.

The 60,000-hectare property sits about 25 kilometres from the Hudson Bay hamlet of Rankin Inlet and about 10 kilometres from Agnico Eagle Mines’ (TSX:AEM) Meliadine gold project, which could potentially begin production in 2020. An all-season trail under construction from Rankin Inlet to another Hudson Bay hamlet, Chesterfield Inlet, would pass within a few kilometres of Kahuna. Dunnedin has pledged $25,000 to the project. Longer-term plans would include a link to the current all-season road to Meliadine.

Kahuna has a January 2015 inferred resource for near-surface diamond deposits on the Notch and Kahuna kimberlites, 12 kilometres apart:

  • Kahuna (+0.85 mm cutoff): 3.06 million tonnes averaging 1.04 carats per tonne for 3.19 million carats
  • (+1.18 mm cutoff): 0.8 ct/t for 2.45 million carats

  • Notch (+0.85 mm cutoff): 921,000 tonnes averaging 0.9 ct/t for 829,000 carats
  • (+1.18 mm cutoff): 0.83 ct/t for 765,000 carats

  • Total (+0.85 mm cutoff): 3.99 million tonnes averaging 1.01 ct/t for 4.02 million carats
  • (+1.18 mm cutoff): 0.81 ct/t for 3.22 million carats

Both dykes remain open along strike and at depth.

Sample recovery from the project’s PST kimberlite showed 96 commercial-sized diamonds totalling 5.34 carats.

Read more about Dunnedin Ventures.

See Chris Berry’s report on long-term diamond demand.

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