KLA Update - FYI 2nd drill to start up in Feb from 1080 m.
stockhouse.com
NORTHWEST TERRITORIES, CANADA
Diamond Exploration Update
MacKay Lake Project -118,795 Acres
Back Lake Project -151,748 Acres
Backgrounder In The Project Area
During the last thirty days, these announcements came from projects adjoining both Mackay and
Back Lake.
1. DeBeers paid Aber $172,000,000 Canadian for the remaining 32% of the Snap Lake Project
several miles south of the MacKay Lake Project border and adjoining. DeBeers has now
invested $500,000,000 Canadian in the Snap Lake Project having previously bought out the
Winspear's 67%.
2. DeBeers announced a new $10,000,000 Canadian bulk sampling program on two pipes in
their 51% joint venture with Mountain Province (adjoining to the south of the Back Lake
Project).
3. Diamondex (with directors a spin off of Winspear) raised $9,000,000 Canadian with the first
four drill holes planned on the adjoining ground to the west of the Mackay Lake Project.
4. Our joint venture partner, SouthernEra, raised $1,650,000 Canadian, with the proceeds being
used far Canadian Exploration. Obviously, there is a great deal of confidence in the future of our
project area.
UPDATE
MacKay Lake project- 118,795 Acres
SouthernEra Resources: 70%
Kalahari Resources Inc.: 30%
The following has been received from our joint venture partner, SouthernEra Resources Limited:
On or about December 08, 2000, a second vertical drill hole, ML-002, 800 metres east of the
completed first hole was at a depth of 1080 metres.
The target zone to test whether the kimberlite zone in ML-001 widens to the east is 1300 to
1400 metres, total depth 1600 metres.
Drilling is expected to resume from 1080 metres the first week of February.
Results from 159 indicator mineral samples taken from the north part of the Back Lake ProJect
are expected before month end. TEL: (604) 669-3332
Kalahari Resources Inc. |
