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Gold/Mining/Energy : Platinova Resources A/S (PAS-TO)
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To: Don Billins who wrote (11)2/14/1998 8:06:00 AM
From: Don Billins  Read Replies (1) of 19
 
Canaccord Feb Report

Switching to diamonds, on December 18, David James authored a report on diamond exploration in Greenland. We note that Lexam Exploration (LEX : ME: $1.85 : Issued 21.9M) has announced the initiation of exploration drilling in Greenland. Ten targets will be drilled over the next 60 days to test for kimberlite pipes; five targets are located on property held by LEX and five on properties joint ventured with Platinova A/S (PAS : TSE: $1.62 : Issued 43.8M).

This drilling follows up preliminary results issued in December by LEX of a 792 kg bulk sample taken from a dike. The sample yielded 41 diamonds, of which 16 were macro-diamonds. Also, the dikes apparently had a high indicator mineral content, mainly ilmenite. This is the first drill program in Greenland exploring for diamond kimberlite-bearing pipes, and we anticipate increased interest could occur in this region through the year.

Other juniors active in Greenland include Canadian Mountain Minerals (CYM : ASE : $2.50), Fjordland Minerals (FML : VSE : $0.75), Major Generals Resources (MGJ : VSE : $0.35), as well as Aber Resources and DiaMet Minerals. For further background we reference Canaccord's report on the region dated December 18, 1997.
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