GGL reports on progress on NWT diamond prospects
GGL Diamond Corp GGL
Shares issued 29,011,025 Sep 6 close $0.28
Thu 7 Sept 2000 News Release
Ms. Susan de Stein reports
GGL Diamond has made excellent progress in its diamond exploration efforts
on its 100-per-cent-owned claims in the Northwest Territories.
Now, with stronger financing in place and promising preliminary indications
from these properties, the company can report on significant progress in a
number of areas of work. As a result of this summer's program, the first
drill targets are now emerging. Final results from data collection and
analysis will help the company fine-tune targets and map out plans for
subsequent activities.
Some exploration work will continue this fall, as weather permits, while
the company's continuing analysis will allow it to make tentative plans for
winter drilling on several promising targets.
Lac de Gras claims (100 per cent GGL)
This summer's exploration activities on the company's Lac de Gras area
claims, which were staked in March of this year, included indicator mineral
sampling and geophysical surveying. With a crew of 10 working, the program
moved quickly, producing encouraging preliminary results.
Based on these results, the company moved ahead, staking an additional
80,000 acres adjoining claims staked in March. These properties are located
in an area south and southwest of Lac de Gras and the Ekati diamond mine.
The company's neighbours in this area include Monopros Limited, a wholly
owned subsidiary of De Beers Consolidated Mines Ltd., Kennecott and
Navigator.
These newly staked areas were selected for their distinct potential,
following the company's analysis of all the data and information available
from a number of sources, made possible because of GGL's technological
capabilities and extensive database.
TCG claim group
This summer, the company's geologists began working on its
100-per-cent-owned TCG claims, an extremely promising group of claims just
south of the Doyle Lake property. Acquired in 1992 and 1998, these claims
fall within what the company refers to as kimberlite alley and are located
about 30 kilometres southwest of Kennady Lake, in which the diamond pipes
of Mountain Province are located. Picking from the first set of indicator
mineral samples from these claims has found a small fresh pyrope garnet on
the down-ice edge of a previously selected target area. Additional
indicator mineral sampling has now been completed.
Dessert and Fishback claims
GGL Diamond Corp. is now 100-per-cent owner of a number of claims formerly
held by the Slave diamond syndicate in the area of Dessert and Fishback,
southwest and northwest of Yellowknife, as previous syndicate members have
elected to terminate their participation in the joint venture. Based on
previous exploration work on the properties that yielded promising results,
the company plans to conduct geophysical surveys and indicator mineral
sampling in specific target areas this September.
Other properties
As weather permits, the company is planning to conduct additional field
work this fall on the Murray claims, located northwest of Yellowknife and
near GMD Resources' Royce Group/Monopros diamond project.
Section 84 judicial review -- LA 26-30, Easy 1-3
The appeal of a judicial review, concerning NWT claims LA 26-30 and Easy
1-3, is scheduled for Tuesday, Sept. 12, 2000, in the Federal Court in
Vancouver. In early 1999, the Federal Court ruled in GGL's favour
concerning this long-disputed property, which was the subject of a Section
84 ruling in 1997. Following the favourable ruling, Golden Rule Resources
Ltd. and Inukshuk Capital Ltd. filed an appeal. |
