Major General updates Victoria Island diamond programs
Major General Resources Ltd MGJ
Shares issued 41,826,328 Aug 14 close $0.14
Wed 16 Aug 2000 News Release
Mr. William Coulter reports
Four exploration programs are under way on the company’s Victoria Island holdings which cover 1.4 million acres. The company estimates that diamond exploration and land acquisition expenditures on Victoria Island will total about $1.5-million this year. To date, 15 kimberlites have been located, of which 12 are diamondiferous. Included in the acreage are 29 mineral claims recently purchased from Monopros Limited.
Dia Met Minerals Ltd., which holds an option to acquire a 51-per-cent interest in the 988,800-acre Tahoe Lake diamond project, has commenced a program of geophysics, sampling and prospecting to located the source of the high-interest diamond indicator minerals found in the 1999 program.
Major General programs
The Yankee property program covering 90,000 acres on which Major General granted Hawkeye Gold International Inc., an option to acquire a 50-per-cent interest. A $200,000 program of field and helicopter magnetic surveys and till sampling is under way. The property covers an area that is considered to be highly prospective for diamonds. It is situated within 15 kilometres of teh Snowy Owl diamondiferous kimberlite pipe and 25 kilometres south of diamond-bearing kimberlite clusters previously identified by Monopros. The Major General/Ascot (50/50) joint venture which owns 64 claims covering 175,765 acres on which a $250,000 program of field and helicopter magnetic surveys, till sampling and kimberlite drill core, and kimberlite dike sampling is under way. At least seven kimberlite dikes totalling 15 kilometres in length are known to occur on these claims. Only two of those dikes have been sampled and these have been found to be diamondiferous. Kimberlite samples will be taken where exposed and treated with caustic fusion to recover diamonds. Additional kimberlite drill core from the project area will also be tested for diamond content. A Major General regional program which will focus on evaluating newly identified targets considered potential for kimberlites. More details on the Victoria Island diamond programs are outlined in Major General’s previous press releases.
WARNING: The company relies on litigation protection for “forward-looking” statements.
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