Serengeti adds eight claims to Holman project
Diamonds North Resources Ltd DDN
Shares issued 13,047,885 Jun 20 close $0.78
Mon 23 Jun 2003 News Release
See (SIR) News Release
Mr. Ian Brown reports
SERENGETI INCREASES LAND POSITION IN HOLMAN; DRILLING PROGRAM ON THE DB CLAIMS SCHEDULED Serengeti Resources has reached agreement with Diamonds North Resources to add eight claims totalling 19,320 acres (78 square kilometres) to the Holman diamond project on Victoria Island, NWT. This will increase the total size of the DB prospect landholdings to approximately 89 square kilometres. These additional claims surround the claim block that hosts the DB prospect, where two large, well-defined circular geophysical magnetic targets have been outlined by a 50-metre line-spaced helicopter survey, and confirmed by three lines of ground magnetic traversing. As previously
announced in Stockwatch, each of the anomalies has a diameter of
approximately 500 metres, and the two targets are approximately 1,000 metres apart. In addition, Serengeti has today confirmed with Diamonds North that the DB prospect will be drill tested later this summer. A drill program of approximately 300 metres is planned for early August to test this highly prospective target.
In consideration of adding these eight claims to the DB prospect
landholdings, Serengeti has agreed to remove three widely separated non-contiguous individual claims, totalling 7,120 acres, which lie within the Blue Ice project area held by Diamonds North, from the Holman agreement. Those three claims will now revert to 100 per cent clear title in favour of Diamonds North. Serengeti will also pay the staking costs of the eight new claims in the DB area. The total number of claims in the Holman project will increase on a net basis from 51 to 56 and the total area of the Holman claims will increase from 64,490 acres to 79,270 acres (approximately 320 square kilometres). Work on the Blue Ice and nearby projects in central Victoria Island in 2002 and prior recent years has established the presence of 27 kimberlites, 20 of which are known to be diamondiferous. Diamonds North plans an aggressive drill program on the Blue Ice and other projects this season. Serengeti's president, Ian Brown, stated: "This surrounding ground is an important increase to the land position surrounding the drill-ready DB targets. Should our August drilling of these targets confirm the presence of kimberlites, we can be confident that these tenements will support the search for additional kimberlites in any cluster which may exist there. We look forward with considerable enthusiasm to carrying out detailed airborne surveys over 24 of our 56 claims in the Holman diamond project area in the beginning of August, and the subsequent drill program on the DB prospect."
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com
Click here for company snapshot:
new.stockwatch.com
Click here for recent SEDAR documents:
new.stockwatch.com |
