Hello George
A couple of news items that may be of interest to your thread.
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Tanqueray acquires 25,825 acre claim block in the Lac de Gras/MacKay Lake Area, N.W.T.
CALGARY, Nov. 30 /CNW/ - Tangueray Resources Ltd. (TQY-ASE) wishes to
announce the acquisition by option and staking of a 25,825 acre claim block in
the MacKay Lake Area, Mackenzie District, N.W.T. The block lies well within
the Corridor of Hope diamond belt, 70 kilometers south of the producing Ekati
diamond mine of BHP and DiaMet Minerals Lac de Gras, and 45 kilometers south
of the Diavik diamond project of Aber Resources Ltd. and Kennecott Canada.
Previous owners of the claims completed airborne geophysical surveys and very
limited heavy mineral geochemical surveys in 1993 and 1994.
In light of the significant diamond discoveries by Winspear Resources at
Snap Lake, 55 kilometers to the southwest, and by Mountain Province and
DeBeers on their Kennedy Lake kimberlites, 80 kilometers to the southeast, the
MacKay Lake claim block has a high probability of containing kimberlites. The
1999 exploration program will comprise immediate reprocessing of the existing
geophysical data, acquisition of new close spaced airborne geophysical data
and a detailed heavy mineral geochemical survey.
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Jericho Diamond Project
Lytton and its partner New Indigo Resources Inc. (''New Indigo'')
conducted a summer field program on the Jericho and Greater Jericho project
areas between July and early September 1998. The field program, which
consisted of prospecting, quaternary and geological mapping and site specific
sampling (528 samples taken), evaluated the potential of approximately 104
targets on the Jericho property (defined as the area in close proximity to the
existing Jericho pipes), and the Contwoyto area of the Greater Jericho
property area. The program resulted in the identification of numerous high
potential targets, and a series of moderate potential targets.
Kimberlite float was discovered during the program in the Contwoyto area.
Approximately 180 kg of kimberlite float material was recovered from an area
75 meters wide by 575 meters long, elongated along ice direction. Caustic
fusion analysis of 48.7 kg of material processed returned 123 diamonds above
the 0.15 mm (100-mesh) cutoff. Of the total recovered, 7 stones were larger
than 0.5 mm in two dimensions.
In late August, ground geophysical surveys began on the highest priority
land based targets, and in September an eight hole, 1100 meter drill program
commenced that targeted the highest priority land based targets identified
from the summer program. The second hole of the program, drilled at 45
degrees, intersected a new kimberlite (Contwoyto -1) from 54.7 meters to 147.3
meters down the hole. The discovery is believed to be a partial source of the
diamondiferous float recovered in the area. Caustic fusion analysis of 90.2 kg
of core yielded a total of 169 diamonds. Of the 169 stones recovered, 26
stones measured greater than 0.5 mm in one dimension, 12 stones measured
greater than 0.5 mm in two dimensions, and one stone measured greater than 1
mm in two dimensions. The results compare favorably with diamond counts
reported elsewhere in the Northwest Territories.
Lytton is very encouraged by the early success of the 1998 exploration
program, and plans to continue the exploration for new kimberlites on the
current property holdings in 1999. The program will consist of further
investigation of the identified geophysical targets, primarily through ground
geophysics, leading to a spring 1999 exploration drilling program.
Detailed investigation of the second airborne geophysical survey
conducted earlier in the year continues to yield new target areas for
investigation. A summer program to prospect these targets is envisioned. In
addition, plans for further drilling and sampling of the Contwoyto -1
kimberlite are being finalized.
Results from the JD-3 kimberlite test sample were returned during the
quarter. The 35.9 tonne test sample extracted returned a total of 10.41 carats
for an overall grade of 0.29 carats per tonne. A total of 13 diamonds weighing
0.1 carats or above were recovered from the latest 35.9 tonne test sample, and
the two largest diamonds weighed 1.18 carats and 0.75 carats respectively.
Lytton and New Indigo do not plan to evaluate the JD-3 pipe further at this
time. However, geophysical and kimberlite mineral indicator train data
indicate that additional kimberlite bodies are likely to exist in the
immediate area of the JD-3 pipe. Future exploration programs will include
extensive exploration activities in this area.
Lytton's primary goal is to discover additional kimberlites in close
proximity to the existing Jericho and Contwoyto discoveries, thus enhancing
the economics and scale of the projects.
Strategic Alliances
On the Ice Claims/Ranch Lake Joint Venture Area (Lytton 100%), Kennecott
Canada Exploration Inc. (''Kennecott'') has identified 19 proposed drill
targets through its exploration efforts. Ground geophysical follow-up of
airborne surveys, till sampling and quaternary mapping were employed to
identify these targets. A drill program is anticipated for the Spring of 1999.
Kennecott's exploration program over selected areas of the Rockinghorse
Lake and Hood River properties (Lytton 50%, New Indigo 50%) concentrated on
generating drill targets for 1999. The program consisted of detailed airborne
magnetic and EM surveys, follow-up ground magnetic and EM surveys, till
sampling and quarternary mapping. The results of the exploration program have
identified 19 proposed drill targets on the Rockinghorse property and 6
proposed drill targets on the Hood River property. Kennecott has an option to
earn a 51% interest in the joint venture projects.
The DIA Claims (Lytton 50%, Dolly Varden Minerals 50%) are subject to the
same joint venture agreement with Kennecott. Ground follow-up of selected
airborne surveys has led to the identification of 2 priority drilling targets
out of the original 8 targets. They will be added to the inventory of
potential kimberlite targets for the Spring 1999 drill program.
In the Round Lake Project Area, Ashton Mining of Canada Inc.
(''Ashton''), as operator of the joint venture (Ashton 51%, Lytton 24.5%, Pure
Gold 24.5%), conducted a heavy mineral till sampling program and ground
prospecting on the property during the Summer. A total of 209 samples were
collected across the property. This sampling program included detailed
follow-up samples on 14 of the 17 target sites identified from geophysical and
structural interpretation. Sample results are expected during the first
quarter of 1999. The proposal for 1999 in the Aquila dike area will consist of
ground geophysical surveys and additional sampling to delineate targets for a
Spring 2000 drill program. Work to date has not identified any mineral
indicator trains terminating on the remaining 30 claims of the JC property.
Company Reduces its Holdings in Glenmore Highlands
In September 1998, Lytton sold 3,000,000 common shares of Glenmore
Highlands Inc. (Glenmore), reducing its holdings from 7,450,000 to 4,450,000
shares, or 16.8% of Glenmore's outstanding shares. The shares were placed
through a private transaction, at a price of $1.00 per share. Proceeds from
the sale are being used for general corporate purposes and to finance the fall
exploration drilling program carried out at the Jericho Project.
Litigation Settled
All litigation brought by Mr. H. Miller and the Fern Trust against the
Company, certain associated companies and certain former directors has been
terminated by agreement. Neither the Company nor any other party has
acknowledged or admitted to any liability accruing from the claims or
allegations made in the litigation, and all relevant parties will be executing
mutual releases. To facilitate reaching this agreement and on the advice of
the independent litigation committee of the board of directors that a
resolution of the litigation was in its best interest, the Company has agreed
to pay Mr. Miller's legal costs. The settlement is subject to certain
conditions which must be fulfilled including court approval.
Board and Management Changes
Mr. François Hoffman resigned as a Director of the Company and Chairman
of the Board as of September 28, 1998. The Company appointed Mr. John Kearney
as a director in place of Mr. François Hoffman effective September 28, 1998.
At the Company's annual meeting held on November 16, 1998, the following
five new independent directors were elected; Mr. Robert Dickson, Mr. Howard
Miller, Mr. Paul Carroll, Mr. Patrick Lavelle and Mr. Robert Watts. Mr. John
Kearney and Mr. Ray Davies were re-elected as directors. Mr. Robert Dickson
was appointed non-executive Chairman and Mr. Howard Miller was appointed
President and CEO.
The Company wishes to extend its thanks for past services to Mr. Desmond
Alexander, who has resigned from his position as President, CEO and director
of the Company, and Mr. Harry Dobson and Mr. Michael Stoner who have resigned
from the board.
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Aber Resources Ltd. third quarter report
VANCOUVER, Dec. 1 /CNW/ - ABER RESOURCES LTD. (TSE-ABZ, NASDAQ-ABERF)
announces that for the nine months ended October 31, 1998, the Company had net
income of $886,113 or $0.02 per share, compared with a loss of $1,538,691 or
$0.04 cents a year earlier. Revenue was $3,346,871 up from $1,097,168 a year
earlier as a result of the interest earned on additional cash following
completion of a $102.9 million equity financing in June.
The $30 million feasibility report for the Diavik Diamonds Project is
scheduled for completion early in the second quarter of 1999. The Diavik
Environmental Assessment Report was filed with the Canadian Government on
September 25 and consultation with local communities is ongoing.
At the end of the third quarter, Aber had $121 million in working
capital, compared with $29.2 million a year earlier. Aber is well financed
for anticipated expenditures in 1999 and continues to explore debt-financing
alternatives for its 40% share of the capital costs for the Diavik Diamonds
Project. During the first nine months of the fiscal year, Aber incurred
project costs of $16,147,866, primarily relating to the feasibility study and
environmental assessment of the Diavik Diamonds Project.
Diavik Diamonds Project, NWT
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The Diavik Diamonds Project is located approximately 300 kilometres
northeast of Yellowknife and 35 kilometres southeast of the BHP/Dia Met Ekati
Diamond Mine. The project manager and 60% owner is Yellowknife-based Diavik
Diamond Mines Inc. (DDMI), a subsidiary of Rio Tinto plc of London, England.
The project is expected to begin production in the second quarter of 2002,
subject to the receipt of government permits and a production decision by the
partners.
The feasibility study is examining mining and processing rates ranging
from 1.5 million to 1.9 million tonnes of ore per year, yielding 6 million to
8 million carats of diamonds annually at full production. The study is being
conducted by Nishi-Khon/SNC Lavalin Group, a joint venture between the
aboriginal Dogrib Nation Group of Companies and the engineering firm
SNC-Lavalin Group Inc. When the feasibility study is completed in the second
quarter of 1999, it will include optimization and engineering studies
utilizing information from construction contractors gathered during the
feasibility work.
The Diavik reserve from four diamondiferous kimberlite pipes is
calculated to a depth of approximately 400 metres. In September, Aber
announced that the estimated reserve stands at 102 million carats contained in
26 million tonnes of kimberlite with a diluted grade of 3.9 carats per tonne.
This estimate excludes inferred resources and takes into account underground
mining plans. Further changes may occur upon completion of the feasibility
study and as engineering proceeds.
More than 90% of the value of the diamonds produced are expected to be
gem diamonds. Aber retains the right to market its 40% share of diamond
production.
On September 25, 1998, project manager DDMI filed an Environmental
Assessment Submission with the Canadian Government on behalf of the joint
venture. As part of the Canadian Environmental Assessment Act's requirement
for public involvement, DDMI organized a series of meetings starting in
September with nine communities in the Northwest Territories to explain the
submission and solicit comments. The meetings, which will continue until the
end of December, are the formal continuation of an extensive consultation
process with local residents that began in 1994. The current meetings will
help residents understand the project, its potential environmental effects and
their management, and its impact on jobs and the local economy. The response
in the meetings has been positive.
In November, the Department of Indian Affairs and Northern Development
(DIAND) began hosting follow-up meetings with the communities to collect oral
and written comments. In January, DIAND will host a series of technical
meetings to address in more detail the issues raised during community
meetings. Then government officials will complete a Comprehensive Study
Report, taking into account issues and advice from the community meetings,
from technical experts and from a steering committee comprised of members from
Dene, Metis and Inuit communities and representatives of the territorial and
federal governments. After the Report is submitted to the federal Minister of
the Environment, it will be released for a formal public comment period. The
Diavik Joint Venture Partners anticipate approval by the Federal Cabinet in
the second quarter of 1999 and the completion of the permitting process in the
fall of 1999.
Exploration
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Diavik Area
DDMI and Aber have established a 1999 budget of approximately $3 million
for property-wide exploration. Targets include the A-180 diamondiferous
kimberlite, in which Aber has a 40% interest. A-180 is located on land near
Lac de Sauvage, about 25 kilometres northeast of the Diavik camp. The caustic
fusion of 294.8 kilograms of kimberlite obtained from two drill holes at A-180
in the spring of 1998 yielded 192 diamonds, including 29 macrodiamonds
(greater than 0.5 mm in one dimension) and 163 microdiamonds.
West Greenland Diamond Project
Aber continues to receive and assess laboratory results from samples
collected during the summer. The collection included nearly 600 till samples
and samples from kimberlite dykes and boulders. Results are encouraging and a
drilling program is under consideration for 1999. Aber is the operator and is
funding 100% of the exploration costs to earn a 50% interest in the property.
Camsell Lake NWT Diamond Project
On the Haywood block, (32.24% Aber) encouraging results continue to be
reported by Vancouver-based project operator Winspear Resources Ltd. The 1999
budget is now under consideration and a significant increase in spending is
anticipated, compared with the $4 million budgeted for 1998. Preliminary
results of a mine scoping study by MRDI Canada suggest an on-land, open-pit
resource estimated at 670,000 tonnes of kimberlite in a dyke formation, with
the potential for an additional, adjacent resource amenable to underground
mining. A bulk sample will be obtained to determine the value of the diamonds
and additional drilling is required to determine the extent of the kimberlite
dyke resource.
Kuujjua Project, NWT
Aber continues to receive and assess laboratory results from 320 diamond
indicator mineral samples collected this summer. After receipt of all
results, Aber will consider further exploration. Aber has a 100% interest in
the diamond rights on this property.
Sunrise Polymetallic Deposit, NWT
An independent scoping study of the viability of this project is nearing
completion. Project operator Hemisphere Development Corp. of Vancouver has
previously reported that the deposit has an indicated and inferred resource of
4.9 million tonnes grading 1.96% lead, 5.0% zinc, 171.96 g/t silver, 0.08%
copper and 0.54 g/t gold. Aber has a 50% interest in the project.
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Note: Its difficult to tell clearly from my staking maps but it looks as if the A-180 pipe may be on claims shared with KCI and Southernera.
The Tanqueray Back Lake claims are immediately north of the SUF Back Lake claims as near as I can tell.
Regards |
