The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
A junior miner says it has intersected kimberlite, a rock in which diamonds are formed, while drilling at a diamond project near Deschambault Lake. North Arrow Minerals recently made the announcement from its Pikoo diamond project near the northeastern Saskatchewan reserve. The Vancouver-based company said kimberlite was intersected on the first drill hole of a 2,000-metre drilling program it is funding. The discovery is tempered by the fact that kimberlite sometimes, but not always, contains diamonds. North Arrow said this represents the first bedrock occurrence of kimberlite in that area and confirms the potential of Pikoo to host a new kimberlite field in Canada. The ongoing drilling is part of an option agreement North Arrow has with Stornoway Diamond Corp. under which the former company can earn an 80 per cent interest in Pikoo. Drilling is intended to test a number of kimberlite targets associated with previously announced kimberlite indicator mineral trains. The drilling is expected to run until the end of this month. The Pikoo property is accessible just north of Deschambault Lake, an economically challenged reserve 140 road kilometres outside Flin Flon. North Arrow has the right to earn an 80 per cent interest in Pikoo by completing an option work program consisting of 2,000 metres of diamond drilling. If North Arrow completes the option work program and provides notice to Stornoway of its intent to vest an 80 per cent interest in the project, Stornoway has a one-time right to buy back a 20 per cent interest in the project. Stornoway would do this by paying to North Arrow an amount equal to three times the costs incurred in connection with the option work program. Upon earn-in by North Arrow, North Arrow and Stornoway would form a joint venture for the purpose of further exploration of the Pikoo project. Neither the TSX Venture Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of information supplied by North Arrow.
