Subject: Stockwatch: New Claymore Resources Ltd - News Release
Buffalo Hills magnetic survey to begin
New Claymore Resources Ltd NCS
Shares issued 4,015,775 Mar 10 close $2.59
Mon 10 Mar 97 News Release
Mr Anthony Rich reports
The company has acquired six million acres in the Buffalo Hills, Peace
River area, a new area of diamond exploration in Alberta. In October of
1996 Ashton Mining acquired an option on a 1.4 million acre block of
metallic mineral exploration permits in this area held by Alberta Energy
Corp. In early January 1997 Ashton started a program of drilling on
magnetic anomalies resulting from a recently flown airborne survey over the
AEC permit and remarkably, discovered 11 kimberlite pipes in less than two
months. Immediately upon starting the program, Ashton increased its land
holdings to 5.8 million acres.
New Claymore staked three million acres between October 1996 and January
1997 and these permits encompass diamond indicator mineral trains,
published by the Alberta Geological Survey. These permits cover most of the
lands between Ashton and the Mountain Lake kimberlite near Grande Prairie,
200km to the southwest. The other part of the company's holdings constitute
a large block of over three million acres adjacent to Ashton/AEC to the
north towards the Slave Province. Recently, permit activity has increased
so that almost half of the province is now claimd for an estimated 35
million acres of new permits since New Claymore's staking.
Ashton's discovery of 11 kimberlites in just six weeks indicates that not
only are these part of a larger cluster of pipes, but even more
importantly, that the probability of other kimberlite clusters in this area
of Alberta is high.
The company has optioned two blocks of its permits. A block of 12 permits
totalling 250,000 acres has been optioned to Primero Industries. These
permits lie west of Peace River. Primero has paid Claymore $25,000 and will
issue 100,000 shares. A second group of 12 permits (300,000 acres) lying
southwest of Peace River and adjacent to the Mountain Lake kimberlite, has
been optioned to Meteor Minerals. Claymore has received $10,000 and will
receive a further $15,000 and 200,000 shares for this option. After
expending $600,000 on exploration, Meteor will earn 50% interest.
The company has retained KM Diamond Exploration, owned by Dr Felix
Kaminsky, director of the Institute of Diamonds, Russian Academy of Natural
Sciences, Moscow. Dr Kaminsky's considerable expertise will be invaluable
in the interpretation of new data from this area and all of Claymore's
exploration programs for diamonds in Alberta.
An airborne magnetic survey will be carried out within the next few weeks
on the Meteor and the Primero optioned property, followed by immediate
drilling.
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