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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge
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To: Condor who wrote (1916)4/19/2001 8:55:42 PM
From: Al Collard  Read Replies (3) of 11802
 
Condor news on your pick CVV-v:

CanAlaska acquires Wawa diamond project

Thu 19 Apr 2001

News Release

Mr. Harry Barr reports

CanAlaska Ventures has acquired the Wawa diamond project located northwest
of the Kapuskasing structural zone in the Superior Craton of Northern
Ontario.
Kimberlite boulders along a 600-metre stretch of newly constructed logging
road were discovered by the vendors. Subsequent prospecting of the
immediate area revealed that the kimberlite material was of local origin.
Samples were taken from the area and microprobe work conducted indicated
that the rock is a Type 2 kimberlite with a chemistry highly favourable for
diamonds. A 47.5-kilogram sample which was sent for caustic fusion analysis
returned one large macrodiamond measuring 1.64 millimetres by 1.55
millimetres by 0.62 millimetre.
A previous aerial electromagnetic survey flown at 100-metre line spacing
over the property revealed more than 20 circular magnetic/resistivity
anomalies on the project. Circular anomalies may be characteristic of the
surface expressions of kimberlite pipes.
An additional 372 claims have just been staked by the vendors on behalf of
CanAlaska, increasing the total number of claims to 772 (12,352 hectares).
Total consideration for the 772 claims is cash payments of $175,000 over
four years, the issuance of 400,000 shares over three years and a
2-per-cent royalty. A finder's fee will be paid. Terms and conditions are
subject to regulatory approval.
A recent press release from the Ontario Ministry of Northern Development
and Mines stated that "Ontario hosts strong diamond potential." The release
singled out, among others, the Wawa and James Bay lowland areas as having
"a good chance for discovery."
CanAlaska continues to remain active on its Fire River project, located
near DeBeers's Victor pipe in the James Bay lowlands. An exploration
program is currently under review by CanAlaska. In addition CanAlaska has
recently completed an induced polarization survey on its platinum group
metal project, Glitter Lake in Quebec.
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