BAN gets some company.
Dumont acquires Wawa diamond property
Dumont Nickel Inc DNI
Shares issued 16,537,429 2000-03-29 close $0.38
Thursday Mar 30 2000
An anonymous director reports
Dumont Nickel has acquired the mineral rights to 51 square kilometres of land in the Wawa area, Ont., under two agreements.
Dumont has acquired the mineral rights to 44 square kilometres in Knicely and Menzies township 30 kilometres north of Wawa and 15 kilometres northwest of Band-Ore's GQ property. The property was acquired to cover 15 occurrences of biotite-rich mafic-to-ultramafic intrusive rock or unsubdivided mafic dikes reported on a 1993 vintage preliminary government geology map, which have never been analyzed for diamonds. Dumont also optioned nine unpatented claims covering seven square kilometres (1,760 acres) in Chabanel and Lendrum townships. Chabanel township borders the south side of Musquash township about eight kilometres south of Band-Ore's GQ property. Dumont plans to sample the known occurrences of biotite-rich mafic dikes and to explore for other potentially diamond-bearing rocks as soon as weather permits in May, 2000.
Subject to regulatory approval, DNI can earn 100-per-cent interest in the Chabanel-Lendrum claims by paying $15,000 and 100,000 shares on signing; $10,000 and 50,000 shares on the first and second anniversaries. The claims are subject to a 3-per-cent net smelter royalty, of which 1.5 per cent can be repurchased for $1-million. The Knicely township claims require a payment of $22,000 on signing, $88,000 per year work commitments and are subject to a 3-per-cent net smelter royalty.
Two rock samples from outcrops on Band-Ore Resources' 25 square kilometre GQ property in Musquash township 15 kilometres north of Wawa contained diamonds. A 63.4 kg sample contained 10 macrodiamonds (diamonds with one dimension measuring greater than 0.5 mm) and 35 microdiamonds. A duplicate sample weighing 54.6 kg contained 98 microdiamonds. A 70.5 kg sample collected 0.5 km away contained nine microdiamonds. It was reported that the stones were white and transparent.
Subject to regulatory approval, Dumont has also entered into a private placement agreement with a European institution for $200,000 (U.S.) consisting of 910,000 units priced at 22 U.S. cents with a half warrant priced at 40 U.S. cents until March 21, 2001.
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John |
