Robert and others,
Canada Stockwatch post
Kalahari Resources Inc KLA
Shares issued 21,757,802 Dec 9 close $0.37
Mon 9 Dec 96 News Release
Mr Albert Applegath reports The following comments have been received from the company's joint venture partner (the last report in Stockwatch dated October 22 1996).
A total of 2,070 till samples were collected during 1996 (over 5,000 samples have been collected to date).
Approximately 1,100 samples have been processed to date with the balance (970) expected by late January 1997.
Four distinct mineral trains have now been defined on the properties varying from the longest, seven miles to the shortest, three miles.
There is a significant G-10 pyrope garnet count in each of these trains. A total of five drill holes were drilled during October 1996 with two kimberlite dykes being intersected. This brings the total of kimberlite dykes intersected on the property to six.
There are over 30 miles of adjoining border to the recent kimberlite diamond discoveries in glacial till at the Camsell Lake project of Winspear, Aber and Antler to the south. A new camp is being built at Snap Lake for the next phase of geophysics and drilling.
Exploration during 1997 at Mackay Lake and Back Lake will include flying a 900 mile, 150 foot spaced airborne geophysical survey over selected areas, ground geophysics and diamond drilling. Drilling is expected March-May 1997.
This will be followed by the collection of approximately 1,000 additional till samples to further define areas of interest such as a new area six miles north east of the new Snap Lake discovery.
Currently, four targets are ready to be drilled with further targets expected to be defined after the completion and plotting of till samples and new geophysics. One million dollars is budgeted for 1997.
SouthernEra, since June of 1993, has spent in excess of $3,000,000 and has earned a 70% interest in both the Mackay and Back Lake blocks (Kennecott Canada Inc has back-in rights to this 70% interest).
Kalahari has a 30% interest in the Mackay Lake project and a 19.38% interest in the Back Lake project.
Over $7,000,000 has been spent since 1993 on this diamond project.
Northern Quebec, Canada Ground geophysics is continuing at the North Contact project (Val d'Or, Quebec) and the Bogside project (Cadillac Township, Quebec).
Resulting targets will be drilled in January-March 1997.
No significant gold was found in the drilling at Recession Larder and Porcupine Miracle properties.
Annual General Meeting
The AGM was held in November 1996 in Vancouver. 7,993,853 shares were voted in favour of management which is 36% of the issued capital.
(c) Copyright 1996 Canjex Publishing Ltd. canada-stockwatch.com |
