MINING NEWS: Junior seeks signs of Arctic diamonds
Almaden Minerals Ltd. has launched a sonic, overburden drill program on its ATW diamond project in Northwest Territories, the company said March 18.
Almaden and Williams Creek Explorations Ltd. each own about 41.5 percent interest in the project. The remaining 17 percent is held by other parties, which collectively would be diluted to about 12 percent working interest should they elect not to contribute to the present work program.
The ATW property covers the likely source area of a significant indicator mineral train that is known to be at least 20 kilometers long. It is located at Lac de Gras, near all of the major diamond finds in the Northwest Territories.
Past microprobe work on the indicator minerals on the ATW property identified G10 garnets and other minerals that are interpreted to have been derived from at least one kimberlitic source that is also interpreted to be at least moderately diamond bearing. Till sampling efforts in the past have narrowed the indicator mineral source to an area that is roughly 1-by-1.5 kilometers in size. This work was also confirmed by abrasion studies carried out on the indicator minerals, the results of which indicated a very local source for the mineral grains studied, the company said.
The results of a 2005 survey defined several targets; however, after evaluation of the data, Almaden and Williams Creek have elected to carry out a further program of indicator mineral sampling with roughly 80 holes laid out in a grid pattern designed to cover the area of the indicator train.
Almaden is a mineral exploration and development company with a track record of making new discoveries in Canada and Mexico. Almaden’s founder and CEO, Duane Poliquin, is credited with discovering the Santa Fe gold deposit in Nevada, the Apex germanium-gallium deposit in Utah, the Nevada Scheelite Extension and the Trinidad Gold Mine in Mexico. Ed Balon was responsible for the discovery of the Elk Gold Mine in Merritt, B.C.
Almaden has an interest in 22 properties that are being actively exploration.