A more detailed version of the NR:
Dia Met joins Major General and Ascot on Nunavut diamond hunt
Major General Resources Ltd MGJ
Shares issued 38,152,643 Aug 25 close $0.17
Thu 26 Aug 99 News Release
See Dia Met Minerals Ltd (DMM.B) News Release Mr. Charles Fipke and Mr. Bernard Kahlert report Dia Met Minerals has reached a substantial property agreement with partners Major General Resources and Ascot Resources, covering a portion of their extensive land holdings on Victoria Island, Nunavut. Dia Met may earn a 51-per-cent interest in the properties by expending a total of $7-million over five years and making a one time cash payment of $32,500 on closing. The properties optioned by Dia Met consist of three separate blocks of staked claims and prospecting permits totalling 2,608 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.
TABLE OF PROPERTY INTERESTS
DNN/MGJ/AOT DMM/MGJ
Property Mariner Home Run
71 TA claims 117 KA claims
3 prospecting
permits
Size 651 sq. km 1956.8 sq km
160,822 acres 483,509 acres
Dia Met
Expenditures
to vest $2.5-million $4.5-million
over 5 years over 5 years
Dia Met
cash payment
on closing $8,126 $24,374
Dia Met
expenditure
commitment
8/1999 to
4/30/2000 $300,000 $200,000
Vested
ownership DMM 51% DMM 51%
MGJ 24.5% MGJ 49%
AOT 24.5%
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 microdiamond results ranging from one micro/100 kilogram 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 to 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.
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