Diamond Daze,
Read filed a report on the Canabrava Project in Brazil issued last April. Very informative on the project.
One area of particular interest to him was the x270 kimberlite discovered by the Teck/CNB previous joint venture.
He stated this pipe was 15 hectares but his work has led to his belief that it may run as large as 24 hectares. This is huge, perhaps larger than Debeers Victor pipe in Northern Ontario. From what I got out of the report overburden runs from 13 to 42 metres in the limited testing. If I remember correctly samples were picked down to .6mm with no diamonds.
Also the drill core was not properly logged, some being true kimberlite, some being kamafugite.
He used the expression "sealed" to denote the fact that the pipe itself is intact. He also discussed the possibility that either the kamafugite or the kimberlite may have invaded the first placement at a later date.
He recommended that further examination is justified.
....Now this is a large kimberlite pipe.
He is negotiating with majors to work on the Canabrava Project in a jv. Word is hopefully some action on this front before the end of the year.
The question that arises to me is the following.
There is a lot of technical data on file covering the project, this specific kimberlite x270, is partially defined, as well as others.
A lab, dms facility, office, some equipment is already on site, the report states access to property, drilling equipment is available locally, Weather (rain) is not really a problem.
WOULD A MAJOR UNDERGOING DUE DILIGENCE UNDER A CONFIDENTIALITY AGREEMENT BE LIKELY TO FINANCE A TEST HOLD 12"/24" BEFORE OFFICIAL SIGNING? Any idea how much the cost of said hole would be? Considering the data and situation what do you think the chance of a major running tests pre signing?
I would be pleased to see some good results from Hadley, Quebec, Ontario, etc. But from viewing the market It would appear the effect of such results would only give at best a run to 1 or 2 dollars in the short term.
However a release of a major signing, reporting diamond counts in this huge pipe in Brazil could take us back to the original old highs if it held diamonds similar to the alluvial diamonds in the area, what is your, or any other readers opinion on how this could affect CNB share price ? |
