All the companies are involved in other projects that may bear fruits sooner. They seem to be waiting for the results in Fort a la Corne since the work of the JV venture including KRT is the most advanced.
The War Eagle Mining Company-Great Western Gold Corp. Joint venture announced in 1994 the drill intersection of two kimberlitic bodies in the Candle Lake area. A press release by War Eagle (March 17, 1994) indicated the discovery of five kimberlite pipes in the Candle lake area. An analysis of 59kg of samples from three pipes yielded 12 diamonds ranging from 0.3 to 0.6 mm which are considered to be of gem quality. Five of these diamonds are octahedrons.
War Eagle Mining Company Inc. PHONE: 604) 606-7979
News releases from the company are published at Stockwatch
Best wishes.
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Candle Lake, Saskatchewan
streetnet.com
The Candle Lake claims are located in Central Saskatchewan and consists of 96 separate claim blocks. Camphor Ventures with Mountain Province Mining Inc., War Eagle Mining Company Inc. and Great Western Gold Corp. each held a 25% interest on the Candle Lake Joint Venture Partnership. At the end of 1994, the agreement was amended and Mountain Province's interest was reduced. Under the new agreement, Kennecott Canada Inc. will earn a 60% interest in the claims leaving each of the four other joint venture partners with a 10% interest. After Kennecott has earned its interest, each Company could further reduce its interest to a 7.5% carried interest through a positive feasibility study. The Candle Lake claims are strategically located near kimberlite discovery sites and Kennecott has already initiated an exploration program.
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Mountain Province streetnet.com
Molanosa Arch, Saskatchewan
The Company holds a 50% interest in more than 50 separate claim blocks in the Molanosa Arch , Central Saskatchewan as part of a joint venture with Consolidated Pine Channel Gold Corp. Although drilling completed in recent years led to recommendations for further ground magnetic exploration, additional exploration was curtailed during 1995 due to the Company's focused activity in Lac de Gras. The properties in Molanosa Arch are clustered with anomalies, likely due to
kimberlite intrusions, identified by government survey maps. The anomaly clusters at the Molanosa Arch are strikingly similar to those found in the discovery region in the area. An abundance of key diamond indicator minerals have already been discovered in this region, and the positive geological features provide an ideal environment for a world-class diamond discovery . Further drilling is under consideration.
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Nu-Dawn
News Release 8: May 31, 1996 - Saskatchewan Diamond Project
An exploration program was carried out earlier this year on the Company's extensive land holdings in the White Swan Lake and the Fort a La Corne areas of Saskatchewan, Canada.
Approximately 400 line-kilometres of ground magnetometer survey work has been completed on the White Swan Lake Project. Sufficient assessment work has now been filed to keep the mineral rights in good standing for another year. The Kennecott Canada Ltd / War Eagle Mining Co partnership is exploring for diamonds close by.
Work is progressing on the Mina Mario Gold Project in Costa Rica and a report on this project will be released within the next two weeks. |
