And it just keeps coming ...
Major General plans summer program for Tahoe Lake project
Major General Resources Ltd MGJ
Shares issued 41,826,328 Jul 10 close $0.14
Tue 11 Jul 2000 News Release
Also Ascot Resources Ltd (AOT)
Mr. William Coulter reports
Dia Met Minerals is planning a summer exploration program for the Tahoe Lake diamond project on Victoria Island, Nunavut. Initially, the geophysical, sampling and prospecting program will focus on locating the sources of the previously announced sample results (see the following excerpt from Stockwatch April 17, 2000):
Anomalous indicator mineral results were received from a group of five closely spaced samples one of which indicated high diamond potential. This sample contained a total of 97 kimberlitic indicator minerals, or which 31 were eclogitic garnets, two were harzburgitic (G10) garnets and 65 were iherzolitic garnets (G9 and G11). The 31 eclogitic garnets are particularly encouraging as each exhibits chemical characteristics consistent with high diamond content eclogitic kimberlite.
Since receiving these sample results, Dia Met has staked an additional 289,000 acres prospective for diamonds and has recently completed a 5,900-kilometre helicopter borne magnetic survey. Dia Met holds an option to earn a 51-per-cent interest in Major General’s Tahoe Lake project claims by spending $4.5-million by April 30, 2004. It also holds an option to earn a 51-per-cent interest in Major General (50 per cent) and Ascot Resources (50 per cent) Mariner project by spending $2.5-million by April 30, 2004.
Major General has arranged the acquisition of the Monopros Limited winterized exploration camp on Victoria Island which will be shared with Dia Met this field season.
The company has also agreed to acquire 29 of Monopros Limited’s mineral claims. Monopros will retain a gross overriding royalty and the right to market any diamonds recovered from these 29 claims. On the original group of mineral claims held 50/50 by Major General and Ascot Resources Ltd., Major General has planned a $350,000 geophysical and sampling exploration program. This program will focus on previously identified targets and will be partially financed by Monopros Limited from a pre-existing exploration commitment up to $250,000. An exploration program is also planned for Major General’s 90,000-acre Yankee property on which Hawkeye Gold International holds an option to earn a 50-per-cent interest. The Yankee property covers an area that is considered to be highly prospective for diamonds as it is situated within 15 kilometres west aned 25 kilometres south of two diamond-bearing kimberlite clusters.
The property hosts several favourable targets that have been interpreted from remote sensing and airborne magnetic surveys. Nine magnetic anomalies on the Yankee property all indicate a near surface source. This is significant as kimberlites are the only known magnetic units reaching surface in this area, due to the presence of thick sedimentary cover rocks. Of the nine new target anomalies, three are rated as priority and one of these is adjacent to an extensive diabase dike, similar to the setting of the Snowy Owl kimberlite. These targets now require detailed magnetic surveying, either on the ground or by helicopter. Some down-ice till sampling is also proposed as part of the field evaluation process.
© Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com |
