Standard is my name, Diamonds are my game ???
Option agreement on claims in British Columbia.
Mr. Ronald K. Netolitzky, Chairman of Skeena Resources Limited, and Mr. Paul Saxton,
President of Quest
International Resources Corporation, are pleased to announce an option agreement
whereby Skeena may earn up to
a 75% interest in Quest's Ice Claims located in the Elk Valley of southeastern British
Columbia. The principal target
is diamonds. Terms of the agreement, which is subject to regulatory approval, call for
exploration expenditures of
$750,000, cash payments totaling $150,000, and the staged issuance of 500,000 common
shares of Skeena Resources
Limited in order for Skeena to become fully vested. Skeena will be the operator. A
finder's fee is payable to a
non-related party in respect of the agreement.
The road-accessible Ice Project consists of 529 claim units covering an area of
approximately 132 square kilometers
on the west side of the Elk Valley immediately west of the coal mining town of Elkford.
Quest International began exploration for diamonds on the Ice Claims in 1993 and has
expended approximately
$1,300,000 on investigations including a helicopter-borne magnetic and electromagnetic
survey (Dighem). The
original goal was to follow up anomalous diamond indicator minerals obtained from stream
sediment samples in the
vicinity of, but demonstrably not derived from, the well-known Crossing Creek Kimberlite.
In 1994, Quest were
successful in delineating three new kimberlite pipes, all exposed in road-cuts (the Bonus,
and the Ram 5 and 6 pipes)
and a kimberlitic dike.
During the fall of 1998, hand-selected material from the three exposed pipes was acquired
and is currently
warehoused in Cranbrook, B.C. These samples will be analyzed for their microdiamond
content by caustic
dissolution as soon as is practical. Additional field follow-up of coincidental airborne
magnetic/resistivity anomalies
and positive indicator mineral anomalies in stream sediments is scheduled to commence in
June, 1999.
For further information, please contact Rupert Allan at tel: (604) 684-8725.
On Behalf of the Board of Directors
SKEENA RESOURCES LIMITED
HAPPY TRADING
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