Rhonda's exploration finds kimberlite trains on Inulik
Rhonda Corp RDM
Shares issued 37,944,591 Sep 18 close $0.27
Thu 19 Sept 2002 News Release
Mr. Robert d'Artois reports
KIMBERLITE BOULDER TRAINS ENHANCE INULIK PLAY
A number of prominent kimberlite boulder trains have been uncovered during this summer's diamond exploration program on the Inulik property in the Coronation Gulf district of Nunavut, recently optioned to Teck Cominco Ltd. The trains of hypabyssal kimberlite occur in an area about 10 kilometres to the southeast of the Knife diamondiferous pipe. During the summer, exploration and prospecting crews, following up highly anomalous till samples taken last year, were able to define at least six kimberlite boulder trains within an 8,000-hectare area. Samples from the boulders have been sent for caustic dissolution. Once results from this analysis and of additional detailed heavy mineral sampling completed this summer have been received, the company will be ready to select priority targets for drill testing in the spring of 2003. Next summer, the prospecting program will be extended to other priority anomalies identified on the Inulik property, which, with recent additional staking, now exceeds 40,000 hectares. The company and its wholly owned subsidiary, Rhonda Exploration Inc., in late August entered into an option/joint venture agreement with Teck Cominco granting Teck Cominco the right to earn a 70-per-cent interest in Rhonda Exploration's Inulik property by carrying Rhonda to production. As a first step, Teck Cominco subscribed, by way of a private placement, for $1.5-million of Rhonda units at 55 cents per unit, each consisting of one common share and one warrant exercisable within two years, to purchase a flow-through share at 75 cents with the right to participate in future financings of Rhonda to maintain its interest without dilution. |
