GREENLAND: DIAMOND EXPLORATION PLAY
SPRING '98
ÿÿÿÿÿÿÿ "If you missed the Alberta diamond play, here's one that is
ÿÿÿÿÿÿÿÿ not as hot: the Greenland diamond play."
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ -- John Schreiner, The Financial Post
ÿÿÿÿÿÿÿ ".exploration progress for diamonds in Greenland has taken a leap
ÿÿÿÿÿÿÿÿ forward in the last three years.morale and expectations are high."
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ -- Greenland MINEX News
ÿÿÿÿÿÿÿ "I urge you to gain at least some exposure to this play before a
ÿÿÿÿÿÿÿÿ kimberlite pipe is located.A kimberlite pipe discovery is the
ÿÿÿÿÿÿÿÿ missing link at this stage, and most view it as only a matter of
ÿÿÿÿÿÿÿÿ time before such a discovery will be made."
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ -- Bob Bishop, Gold Mining Stock Report
GEOLOGY -- The oldest known rocks on earth can be found in these areas; about
3.7 billion years old. In connection with the spreading of the ocean in the
North Atlantic about 50 million years ago when Greenland was separated from
Canada and Europe, there was a widespread volcanic activity in both West and
East Greenland. Greenland is underlain by the typical Archean rocks which
connected the Canadian and Scandinavian Shields.ÿ In Canada's Slave Province,
about 200 kimberlite pipes have been identified (DiaMet's are slated for
production); in Finland, Ashton Mining (Australia) has identified a number of
diamondiferous kimberlites, and in adjacent NW Russia like the large Lomonosova
pipes and the Archangel Pipe 441.
EXPLORATION UPDATE -- In its early stages, airborne surveying, regional till
sampling, and some detailed indicator mineral sampling has been completed near
prospective targets.ÿ In September 1996, Platinova A/S recovered a 0.28 mm
(each
side), clear white diamond from a kimberlite boulder. One year later, in 1997,
the Lexam/Platinova JV recovered two microdiamonds from a 42.6 kg sample of
kimberlite: this is believed to be the first in-situ source of diamond found in
this area of SW Greenland. This early discovery is the catalyst, to the
exploration effort, like the Point Lake discovery was for DiaMet's Lac de Gras
story.
ÿÿÿÿÿÿÿ ".DMM sampling detected kimberlite indicator minerals at least as
ÿÿÿÿÿÿÿ favorable as what it had found in the NWT. Fipke emphasized the high
ÿÿÿÿÿÿÿ quality of the G-10 garnet population, and said that sampling has
ÿÿÿÿÿÿÿ produced a greater number of the highest quality G-10s at a much
ÿÿÿÿÿÿÿ earlier stage than occurred in the NWT."ÿÿÿ -- Bob Bishop
AREA PLAY: OVERVIEW -- Positioned early, there are only nine key contenders in
the Greenland diamond play, including three who deserve a honorable distinction
(Dia Met, DeBeers, & Aber). As they have already begun to release claims, the
number of players can be expected to more than double over the next twelve
months:
Dia Met - De Beers (0.5 million acres)
Dia Met - Canadian Mountainÿ Minerals ÿÿÿÿÿÿÿ (3.3 million acres)
Aber - Platinova (2.9 million acres)
Fjordland (1.0 million acres)
Fjordland - Platinova (3.6 million acres)
Platinova - Lexam (0.8 million acres)
LOOKING AHEAD:ÿ SPRING'98
Airborne geophysics and detailed heavy (indicator) mineral sampling was carried
out during summer'97 by leading diamond geochemist, Chuck Fipke (DiaMet/
Canadian Mountain Minerals). Sample processing began in November; results are
expected later in this first quarter. Drilling is scheduled by DMM/CYM to test
14 kimberlite occurrences in March 1998.
Additionally, Platinova is evaluating drill programs for the February-March '98
spring season. |
