Hello Rick
Little guys who are nervous will run, and as you can see today, deep pockets will move in and accumulate. Over 200,000 traded so far with only a $0.15 move.
Some news that will help muster some smaller speculators (SUF share from 28.6% to 10% depending on the block) This realestate is just about as good as it gets.
DHK RESOURCES LTD., DENTONIA RESOURCES LTD., HORSESHOE GOLD MINING INC., AND KETTLE RIVER RESOURCES LTD. ANNOUNCE DIAMOND EXPLORATION TO BEGIN AT LAC DE GRAS - FEBRUARY 1998
VANCOUVER, Jan. 21 /CNW/ - The following is a summary of the diamond
exploration activities, carried out by Kennecott Canada Exploration Inc.
(KCEI), in the summer of 1997 at Lac de Gras, NWT, Canada and KCEI's
exploration plans for the period beginning in February 1998 covering the WO,
DHK, and WI blocks.
Last summer's program, consisting of Quaternary mapping (ice directions)
and till sampling, located 3 new mineral indicator trains, 2 on the WI and 1
on the DHK block, north and south of Lac de Gras. These trains contain G10
garnets with good diamond chemistry indicating an origin from diamondiferous
kimberlite pipes. ''Finger printing'' of the till samples confirms that these
trains originated from pipes other than the 11 diamondiferous kimberlite pipes
discovered to date on the 3 claim blocks (WO, DHK, WI) encompassing 208,000
acres. Exploration will begin early to middle February 1998 with a reverse
circulation (R.C.) drill to locate these new pipes.
Concurrently, a R.C. drill program on the western edge of Mackay Lake
will explore a mineral indicator train, with good diamond chemistry, to
determine its kimberlite source. This train was discovered on the west shore
of Mackay Lake, west of WO block, and may have its source on the west shore,
or the deeper portions of Mackay Lake, or on the south-western part of the WO
block.
Additionally, diamondiferous kimberlite pipes DI-02 (WI block) and DD-17,
DD-39, DD-42 (DHK block) will be re-examined. An earlier exploration program
tested these pipes by diamond drilling the magnetic anomalies associated with
these pipes. Exploration experience acquired over the last few years has
indicated, however, that the pyroclastic facies of the NWT pipes have a low or
no magnetic signature and sometimes contain higher diamond counts than the
magnetic phase. The work this year will test the previously discovered pipes
for other possible diamondiferous kimberlite phases.
A new agreement has now been concluded between DHK and KCEI dated for
reference June 1st, 1997 which modifies the arrangement between DHK and KCEI
as follows:
If a production decision is made, the DHK and WI blocks will be held in
the following ratios: KCEI (a subsidiary of Rio Tinto plc) with 51%, DHK with
28.6% and SouthernEra Resources Ltd. (SUF-T) with 20.4%, with DHK and
SouthernEra being carried to feasibility, in addition, a pro rata payment of
$5,000,000 will be made to DHK and SouthernEra. This agreement requires an
expenditure of $400,000 by May 31, 1998 and a further optional expenditure of
$2,000,000 by December 31, 2002.
The WO block is not subject to the June 1st, 1997 agreement and is
currently held in the following ratios: KCEI 40%, DHK 35%, Aber Resources Ltd.
(ABZ-T) 15%, and SouthernEra Resources Ltd. 10%, with DHK and SouthernEra
being carried to production; in either case, these advances to be repaid out
of production. A review of the D040 and D041 kimberlite pipes is planned for
this property.
DHK RESOURCES LTD.
''George O. M. Stewart''
George O. M. Stewart
Director/Vice President Exploration
Should be some progress in time to move the stock by the PDAC conference March 8th in hog town.
Regards |
