Hello Loanshark
If I had more discretionary $$ I would, but you may be more risk adverse than I.
I put the following message on the SUF thread today, but have deleted the irrelevant parts. Hope this helps focus your perspective and answers any questions you may have.
Regarding the question about the overall geology of this area. Geological knowledge of the Slave Craton is still very theoretical. The Lithoprobe Transect did not extend to the centre of the craton (Lac de Gras) nor did it extend to Kennady Lake beyond Munn and Snap. What little is known is confusing and in some cases contradictory, but one theory that has been given some credence is that the craton really is not a homogeneous mass by any stretch of the imagination. The theory suggests that while most of its mass is in fact over 2Ba and pushing beyond 3Ba in many cases, thereby qualifying for the term craton (old, deep and cool mantle), the craton its self is a series of ancient accreted and tilted land masses such as island arcs, oceanic basalts, infill volcanic derived sediments, and super crustal rocks.
Further, one theory goes that the “Corridor Of Hope” is in fact the approximate location of a prehistoric suture or collision seam between two cratons. One of those masses may even have subducted below the other similar to what the Pacific Plate does under B.C and Alberta. The point being, is that this suture or seam is a logical deep seated line of weakness where early Mackenzie dike swarms and later kimberlites presumably found sufficient brecciation and faulting to penetrate and follow to the surface. Food for thought anyway.
Yamba Lake Diamond Project (SUF 51%)
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Again, I want to stress, that I am not by any stretch of the imagination an expert in any way about geochemistry or diamond exploration. But again, for what its worth, this is what I inferred by the reported data.
WE KNOW:
1. Diagem's obviously delayed airborne mag and EM survey is finally complete, but remains partially unprocessed or plotted, with completion being at least another three weeks away,
2. There are currently 29 airborne mag and EM survey pipe like targets possibly (probably) with more to come,
3. C141 while not a lake target was discovered near the Ptarmigan pipe,
4. SUF initially prioritized pipe targets near either the Ptarmigan of T-10 pipes,
5. 31 meters below grade, the C141 pipe is 7+/- meter wide,
6. The 29 airborne targets are indicative of pipes rather than dikes,
7. There are ground mag and EM surveys in progress now prioritizing lake targets,
8. SUF averaged one hole every 2.77 days (25 days to drill 9 holes),
9. We know that as the drill is moved to more distant targets, required drilling time per pipe target will increase,
10. 5 of 29 drilled targets resulted in 1 new kimberlite pipe,
11. Therefore, we can reasonably project a success rate some where in the neighbourhood of 1 in 5,
12. Ergo, we can reasonably anticipate the discovery of +/- 6 new kimberlite pipes,
13. The S141 outcropped on dry land, introducing the possibility that other discoveries may share this economically and environmentally advantageous and rare NWT trait,
14. The preliminary data from the T-10 and Ptarmigan suggest possible economics increasing the possibility of a mine upon the discovery of just one or two pipes with more attractive numbers. (The odds in favour of mine potential are improving),
15. Recovery of indicator minerals from last summer's sampling program is still on-going,
16. Excellent G-10 chemistry exists on site,
17. SUF plans to continue drilling land based and near shore targets throughout the summer,
18. All pipe targets can not be drilled now prior to ice out next month, therefore even if no economic pipes are discovered this year, there will be an active exploration drilling program late this coming winter and next spring,
19. SUF have already spent well in excess of their assigned 1999 budget for this project,
20. Considering a) SUF's assigned budget increase, b) their summer drilling plans, and 3) of the four plays discussed in the NR, the amount of copy devoted to this one, it would be fair to presume that SUF believes that Yamba's potential is significant.
WE DON'T KNOW
a. Beyond proximity to the Ptarmigan and T-10 pipes, are lake based targets being prioritized in any other way? IE: geochemistry, size, geophysical traits, etc.?
b. How will summer drilling targets be prioritized?
c. How many lake based pipe targets will remain un-drilled after spring 1999 ice out?
d. Will a second or third drill be brought to the site before ice out?
e. Are there geochemical trains with no mag or EM signature up ice? (IE: Not all kimberlites have mag and EM signatures, therefore, are there more targets beyond simply the mag and EM targets?)
f. Will there be any break in the drilling schedule?
g. When will we get the caustic fusion results from the Ptarmigan & T-10 pipes?
h. When will all the geochemical samples from 1998 finally be processed and plotted on a map?
i. Will the final geophysical and geochemical plottings and maps be posted on the web site?
j. Will Yamba NR's continue to be grouped in with other NWT NR's?
k. What kind of schedule can we expect Yamba NR to follow from here on out?
l. Will a Yamba NR be issued upon the discovery of a pipe or only after a number of targets have been drilled?
Having read the NR, some SUF posters have inquired how I feel about the Yamba Lake play now? Let me put it this way. There were quite a few people who had suggested that the Yamba play was, pardon the pun, a pipe dream. They suggested that this property had been very thoroughly explored by DB's and if there had been anything here, they (DB's) would have found it.
To that argument let me say this,
1) the T-10 pipe was discovered after DB's had explored this site,
2) SUF has just discovered the C141 pipe,
3) SUF have just indicated that they have 24 more mag and EM targets with all the ear marks of kimberlite pipes and have proven that with the discovery of the C141,
4) We already know that more than 100 pipes have been found immediately south of this play be DMM, 7 pipes already have been found on this property, and TAH have found economic pipes north of this property,
5) I personally know of at least 4 distinct geochemical trains that are sourced on this property,
6) SUF has confirmed the presence of G-10 pyropes not reported in the four previously referenced trains. Therefore, additional kimberlites to the four must exist on the property, and
7) SUF having spent its 1999 budget has increased it and plans an extensive and protracted summer drilling program.
Am I still enthusiastic about the potential of the Yamba Lake play? Do I think DB's even remotely found all the pipes on this property? You have got to be kidding?!
Although SUF is doing its level best to keep excitement from generating, to say that I am extremely optimistic would be the understatement of all time. This is the most potentially explosive play in the NWT this year! Frankly, of all the diamond plays and for that matter junior resource plays releasing news so far this spring, none, including the Kennady and Snap Lake plays have the substantive short term potential this one has.
Anyone with speculative change, not taking a position in one or more of the Yamba Lake players is going to be a very very frustrated bystander.
The only thing missing from this play is the speculative fever typically generated by more promotional juniors with shall we say questionable motives. So far, our junior partners seem to have chosen to sit quietly on the side lines, presumably for lack of music money, but how much longer that will last, I don't know?
This is the place to be in 1999 and probably 2000.
Regards |
