Quest International Resources Corp - QIX
Skeena to earn interest in Ice claims from Quest
Shares issued 62,026,418
1999-04-14 close $0.09
Thursday Apr 15 1999
Mr. J.R. Allan reports
Skeena has entered into an option agreement whereby it may earn up to a 75 per cent interest in Quest's Ice claims in the Elk Valley of southeastern British Columbia. The principal target is diamonds.
Terms of the agreement call for exploration expenditures of $750,000, cash payments totalling $150,000 and the staged issuance of 500,000 shares of Skeena in order for Skeena to become fully vested. Skeena will be the operator. A finder's fee is payable to a non-related party.
The road accessible Ice project consists of 529 claim units covering an area of approximately 132 square kilometres on the west side of the Elk Valley, immediately west of the coal mining town of Elkford.
Quest began exploration for diamonds on the Ice claims in 1993 and has expended approximately $1.3-million on investigations, including a helicopter-borne magnetic and electromagnetic survey. The original goal was to follow up anomalous diamond indicator minerals obtained from stream sediment samples in the vicinity of, but demonstrably not derived from, the well-known Crossing Creek kimberlite. In 1994, Quest was successful in delineating three new kimberlite pipes, all exposed in road cuts (the Bonus and the Ram 5 and 6 pipes) and a kimberlitic dike.
During the fall of 1998, hand selected material from the three exposed pipes was acquired and is currently warehoused in Cranbrook, B.C. These samples will be analyzed for their microdiamond content by caustic dissolution as soon as is practical. Additional field followup of co-incidental airborne magnetic/resistivity anomalies and positive indicator mineral anomalies in stream sediments is scheduled to commence in June of 1999.
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