Action on Legend this winter!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! JP
New Blue Ribbon JV on Legend diamond project
New Blue Ribbon Resources Ltd NBL
Shares issued 7,994,812 2000-01-26 close $0.63
Thursday Jan 27 2000
Mr. Larry Kryska reports
New Blue Ribbon Resources has entered into an option agreement with Montello Resources Ltd. and Redwood Resources Ltd., wherein New Blue Ribbon Resources has been given the sole and exclusive right and option to acquire a 60-per-cent undivided interest in the certain mining claims located in Alberta, for and in consideration of the company's expenditure of not less than $1-million on the property, $300,000 of which must be incurred within one year of the date of the agreement, and the remaining $700,000 must be incurred within two years of the agreement. As further consideration, New Blue Ribbon Resources is to issue a total of 300,000 shares out of treasury.
The agreement is subject to regulatory approval and as additional consideration, New Blue Ribbon Resources will be issuing a finder's fee to Grizzly Gold Inc. to the maximum amount allowable, payable as to 100,000 common shares upon receipt of regulatory approval, with the balance to be released upon certain expenditures being made on the property, and milestones being achieved.
The Legend property encompasses more than one million acres within the Birch Mountains area of north-central to northeastern Alberta. Past work by Montello Resources Ltd., Redwood Resources Ltd., and Kennecott Canada Exploration Inc. was successful in identifying eight kimberlite pipes, which are considered part of the Diamondiferous Legend kimberlite field. A high-resolution aeromagnetic survey identified numerous anomalies, possibly indicative of kimberlitic intrusives. Detailed followup work at some of these targets, which included both heliborne and ground-based geophysical surveys, produced discrete geophysical responses similar to those for known kimberlites.
The Legend kimberlite field is located proximal to the eastern margin of the Buffalo Head terrain and Proterozoic Taltson Arc. Granitic rocks from the Taltson Arc have produced dates of approximately 2.0 Ga, while Sm-Nd isotopic signatures (2.5 to 2.7 Ga) reflect early Proterozoic recycling of material with a prolonged crustal history.
New Blue Ribbon Resources is currently evaluating pertinent geologic and geophysical information for the region. In addition, followup ground work has commenced at the company's Little Legend property. Ground work will include detailed geophysical surveys at several high-priority targets.
Based upon favourable results, New Blue Ribbon Resources will commence drilling at both the Legend and Little Legend properties.
canada-stockwatch.com |
