Loon River Property, Northern Alberta
Location:
The Loon River property constitutes approximately 3,510 acres and occupies a significant unexplored area within the Buffalo Head Hills kimberlite field. The property is located 400 kilometres north of Edmonton, and is the third largest district of significantly diamond-bearing kimberlites in Canada after Lac de Gras in the Northwest Territories and Fort à la Corne in Saskatchewan.
Ownership:
100% Diamondex
Assets:
To date, a total of 38 kimberlites have been discovered in the region, of which 26 are diamondiferous. Pipe areas range from 1 - 47 hectares.
Overview:
Diamondex and Shore have an agreement with the Loon River First Nation to explore for diamonds on the Loon River First Nation Reserve Lands. The agreement, supported by the Chief and Council, has been formalized with the issuance of an Indian and Northern Affairs Exploration Permit pursuant to the Indian Mining Regulations. It is the first Indian Mining Regulation Exploration Permit issued since the regulations came into effect in the 1950's.
Exploration 2007:
A review of 1998 regional airborne magnetic data led to the identification of four highly prospective geophysical anomalies on the Loon River Property. These anomalies were confirmed by both ground magnetic and ground gravity surveys conducted in late September 2007.
Forecast 2010:
It is expected that the 2010 Buffalo Hills Exploration Program will include the drilling of one of the four prospective geophysical anomalies on the Loon River Property.
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