Mr. Anthony Rich reports
New Claymore Resources has filed assessment work of $3.5-million on its
Alberta diamond permits in the Buffalo Head area. Due to the large
exploration expenditures made on the company's lands, a significant number
of permits will be maintained for a further two years, with areas of
particular interest retained for four years. A total of 1.5 million acres
will be maintained until 2001 and 180,000 acres until 2003. Currently, New
Claymore's holdings at Buffalo Head total 2.7 million acres. The company's
total Alberta holdings are presently 4.7 million acres. A map showing
current Buffalo Head lands is presently being updated on the company's Web
site.
Exploration is still proceeding on two diamond prospects in Alberta which
New Claymore has optioned to other companies. On the Varlaam prospect at
Calling Lake, Buffalo Diamonds has recovered significant quantities of
subangular to angular pyrope garnets, including G10s, from two separate
stretches of the Calling Lake shoreline. An airborne magnetic survey is
nearing completion in preparation for a follow-up drill program this coming
winter. The quantity and chemistry of diamond indicators recovered from
surface sampling to date would suggest that there is excellent potential
for the discovery of diamond-bearing kiinberlite on the Varlaam property.
On the adjacent Calling Lake prospect, Abaddon Resources has completed an
airborne magnetic survey and has also performed sampling for indicator
minerals. On the company's 100-per-cent owned lands, a limited program of
exploration will be carried out this summer.
Examination of sections of the core from the Cox prospect, which was
drilled in March of this year, has yielded no indicator minerals of
interest. New Claymore has expended $80,000 on this property and has the
option to earn 50-per-cent interest in the Cox prospect by expending
$130,000 by Dec. 31, 1999. No further work is planned at this time.
On the company's wholly owned placer claims in Yukon, mining is proceeding
under lease this summer on two creeks. This year the company expects to
receive $25,000 to $30,000 in royalties from these operations. As demand
and prices for metals are presently very weak, the company has expanded its
search to include other business opportunities unrelated to mineral
exploration. At present there are no arrangements, proposals or
negotiations to acquire any interests of this nature.
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