Dia Met Joins Victoria Island Diamond Search
KELOWNA, BRITISH COLUMBIA--Dia Met Minerals Ltd. has reached a
substantial property agreement with partners Major General
Resources Ltd. and Ascot Resources Ltd., covering a portion of
their extensive land holdings on Victoria Island, Nunavut. Dia
Met may earn a 51 percent interest in the properties by expending
a total of $7 Million over 5 years and making a one time cash
payment of $32,500 on closing.
The properties optioned by Dia Met consist of 3 separate blocks of
staked claims and Prospecting Permits totalling 2608 square
kilometres or 644,300 acres. One of the properties, the Mariner
Group totalling 651 square kilometres or 161,000 acres, is
presently held in a 50:50 partnership between Major General and
Ascot, while the other properties are wholly owned by Major
General.
The Table, below, shows the ownership, sizes, earn-in expenditures
required and resulting equity ownership if Dia Met vests its
interest in these properties.
/T/
TABLE OF PROPERTY INTERESTS
DIA MET DIA MET
MAJOR GENERAL/ASCOT MAJOR GENERAL
PROPERTY NAME Mariner - 71 TA Claims Home Run - 117 KA Claims
3 Prospecting Permits
Property Size 651 square kilometres 1956.8 square kilometres
160,822 acres 483,509 acres
Dia Met Expenditures
To Vest $2.5 Million over $4.5 Million over
5 years 5 years
Dia Met Cash Payment
on closing $8,126 $24,374
Dia Met - Expenditure
Commitment August 1999
- April 30, 2000
$300,000 $200,000
Vested Ownership
Dia Met Dia Met
51 percent 51 percent
Major General Major General
24.5 percent 49 percent
Ascot Resources
24.5 percent
/T/
The Mariner and Homerun Properties have been staked and permitted
by Major General Resources and, in part, by Ascot Resources since
the announcement of nearby kimberlite discoveries in 1998. These
properties are adjacent to and partly surround the discovery
claims held by the Monopros/Major General/Ascot joint venture.
The five diamondiferous kimberlites, announced in late 1998,
contained micro-diamond results ranging from 1 micro/100kg to 102
micros/100 kg.
The success of Dia Met's diamond discovery at Lac de Gras leading
to the operating Ekati Mine clearly establishes their expertise at
diamond exploration. Dia Met will be the operator of the project
and, to this extent has commenced field operations with a crew of
12-15 people on site.
The field program for the short season remaining consists mainly
of glacial till and esker sampling in areas considered as high
priority. Some detailed, low level aeromagnetic surveying over
several selected areas is also being considered and quotes have
been obtained.
The agreements are subject to the approval of the various Boards
of Directors. |
