New Claymore property review; security holdings
New Claymore Resources Ltd NCS
Shares issued 4,165,775 Feb 23 close $0.84
Wed 23 Feb 2000 News Release
Mr. Anthony Rich reports
Steen River prospect, Alberta
New Claymore Resources plans to carry out a diamond drilling program on its
Steen River prospect, Alta., which is located in the northwest corner of
the province, just west of the Mackenzie Highway approximately 30 miles
south of the Northwest Territories border. The company holds five permits
at Steen River totalling about 100,000 acres.
The Steen River structure is believed by many geologists to have been
caused by a meteorite impact which occurred about 97 million years ago. An
airborne magnetic survey was conducted in this area in 1995, prior to New
Claymore owning the permits. The magnetic picture is quite complex, however
a number of features are very distinct. The central impact area is clearly
defined as well as a number of large isolated anomalies which occur around
the perimeter of the impact structure. A map of the airborne magnetics over
the Steen River permits is shown on the company's Web site.
New Claymore plans to drill at least two of the isolated magnetic
anomalies. Company geologists believe that these anomalies are the
expression of intrusive bodies which could be kimberlitic or carbonatitic.
Drilling is planned to commence in the last week of February.
Lac des Iles, Ont., new property acquisition
New Claymore has recently entered into agreement to purchase 100-per-cent
interest in 135 claims in the Lac des Iles area, Ontario, approximately 60
kilometres north of Thunder Bay. The terms of the purchase from two
prospector/vendors are: New Claymore has paid $10,000 cash; will perform
$20,000 in exploration prior to Aug. 31, 2000, and issue 50,000 shares by
Oct. 31, 2000. The vendors retain a 2-per-cent net smelter royalty of which
1 per cent may be purchased by New Claymore for $500,000. The agreement is
subject to the approval of the Canadian Venture Exchange.
The claims cover the south extension of the Lac des Iles ultrabasic
intrusive complex which hosts the palladium/platinum mine of North American
Palladium Ltd. This company mines an orebody containing five million ounces
of palladium with values in platinum, gold, copper and nickel. Palladium is
presently trading over $600 (U.S.) per ounce.
The Lac des Iles property has good road access and a program of
prospecting, and geochemistry is planned for early spring.
Varlaam prospect, Calling Lake, Alta.
Buffalo Diamonds Ltd. has completed its next phase of exploration on the
Varlaam prospect in the Calling Lake area of Alberta, which it holds under
option from New Claymore. Buffalo has flown a low level detailed magnetic
grid over 36 potential kimberlite targets and based on preliminary
interpretation of the data, has selected eight high priority kimberlite
drill targets. All of the targets are associated with intersecting
geological structures and are proximal to highly anomalous quantities of
diamond indicator minerals recovered from the shore of Calling Lake.
Buffalo has secured all necessary government permits and is currently
arranging financing to drill test the high priority targets. Buffalo's
option allows it to earn 70-per-cent interest in the 266,000 acre Varlaam
prospect through exploration expenditures and share payments.
Securities
Over the past three years, the company has received shares in various
corporations under the terms of property option agreements. Details of
these agreements and the shares received have all been announced in the
past. Very recently, the shares of Meteor Technologies Inc. have
appreciated in value. For the information of shareholders, following is a
summary of those shares presently held:
Company No. of shares
Abaddon Resources 225,000
Blackrun Minerals 198,815
Buffalo Diamonds 100,000
Cambridge Minerals 285,310
Everest Mines & Minerals 350,000
Lucero Resource 81,500
Meteor Technologies 984,150
Montello Resources 50,000
Montello Resources
warrants 500,000
(exercisable at 30 cents
until Dec. 31, 2000)
Primero Industries 225,000
New Blue Ribbon Resources 25,000
The company may sell some of these securities as market conditions warrant. |
