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| | | | Canada Darby
80% Indicator Minerals / 20% Hunter Exploration Group
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In June 2006, five targets were drill tested and five kimberlite bodies were confirmed establishing Canada's newest kimberlite field. The property was optioned to Teck Cominco Limited prior to drilling in 2006 who can earn a 51% interest by spending $14 million within a four year period. During 2007, Teck Cominco set an exploration budget of $8.5M and drill tested 32 new targets. This resulted in the discovery of 4 new kimberlites. The detailed high resolution airborne survey coverage was expanded with 16,800 line kms providing contiguous coverage over the initial 450,000 acre property, along with an aggressive till sampling program collecting 986 heavy mineral samples. The 2008 exploration program and budget was set at $2.1 million. In early July, two visually different types of kimberlite boulders were found while prospecting geophysical targets in an area where kimberlite indicator minerals, including G10 pyrope garnets, were recovered. Additional prospecting and ground geophysical surveys commenced in the vicinity of the new float discoveries. A 16,000 line-km detailed helicopter-borne survey was completed and 100% geophysical coverage of the Darby property has been achieved. In late July, additional kimberlite boulders were discovered. These boulders were located in an area distinct from all previous discoveries made on the property and may represent a third kimberlite cluster. These developments prompted Teck to increase the exploration budget by 18%. The most recently discovered boulders were found 18 kilometres from the nearest known kimberlite and 40 kilometres from the kimberlite float found earlier in the month. The boulder train is 160 metres wide and can be traced in an up ice direction for 1.5 kilometres. Kimberlite indicator minerals, including garnet, have been visually identified. The increase in the exploration budget at Darby was directed towards expanding the prospecting, ground geophysics and heavy mineral sampling programs in the vicinity of the boulder discoveries. Data from the recently completed airborne survey are successfully being used to identify priority targets for the 2009 exploration program. Samples of the kimberlite boulders were collected for analysis. Nine kimberlites have been discovered at Darby, of which five have proven diamond bearing including the 12 hectare 'Iceberg' kimberlite. The project is currently under option to and operated by Teck Cominco. Under the terms of the agreement, Teck Cominco can earn a 51% interest by spending $14 million before June 2010. Upon formation of a Joint Venture, Indicator has the right to have its remaining 29% interest carried to production on a project loan basis. Hunter Exploration Group retains a 20% interest in the Darby Project. | |
