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Gold/Mining/Energy : Winspear Resources
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To: George J. Tromp who wrote (36)1/7/1997 6:02:00 PM
From: Tom Esau   of 26850
 
Yorkton says buy
research Douglas Leisham
Winspear's main asset is its 32% interest in the Camsell Lake diamond project 100km south of Lac de Gras. Other partners include Antler Resources 25.3% and Aber Resources 42.7%. A recent agreement between Antler and Winspear will see the amalgamation of these two companies resulting in a new company, Winspear Resources Ltd., whose principal asset will be its 57.3% interest in the Camsell Lake project and $8.5 million in cash. This amalgamation is expected to close Dec 19 the date of this report and will result in the new Winspear having 32 million shares fully diluted.
Early last fall, Winspear announced preliminary results from its summer sampling (overburden till and boulders) program on its Camsell Lake project. Results received were very encouraging with micro-diamonds located in both overburden till and boulders of kimberlite. The area where these micro and macro diamonds (151 in total) were located was north and west of Snap Lake where Winspear previously completed a drilling program. The drilling program,completed last spring, failed to adequately explain the train of indicator minerals but did identify narrow dykes of kimberlite.
Follow up prospecting and sampling this past summer identified both indicator minerals and small diamonds from till samples and boulders of kimberlite. The significance of this discovery is that this is the first time any company in the Lac de Gras area has acknowledeged the discovery of diamonds from surface sampling. Some of the samples were collected from a green clay within a depression possibly indicating the presence of a covered kimberlite. An additional 400 samples have been submitted for indicator mineral analysis with the objective to further define areas for drilling. Plans are to begin detailed geophysical surveys in February. Drilling is expected to begin shortly thereafter.
This discovery, although preliminary, is very significant. It opens up a new area as a potential host for a cluster of diamond bearing kimberlites. The abudant nature of the diamonds collected in relatively small samples indicates a high grade source. The presence of fragments and true macro diamonds is encouraging in that it may indicate diamonds of commercial size. This exploration play is expected to attract a lot of attention once drilling begins. Any drill success could have a very positive impact upon the share price of Winspear.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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