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IC Joint Venture, Nunavut

IC Joint Venture Map
click to enlarge

Location:

The IC project is located about 90 km southeast of Kugaaruk in Nunavut.

Size:

The land package currently comprises 63 claims covering approximately 150,203 acres.

Ownership:

Diamondex, with 46.67% interest, is the operator of the JV with Stornoway Diamond Corporation (previously Contact Diamond Corporation), which has 53.33% interest. Diamondex is the operator of the project.

Assets:

Comparisons of the resulting data with publicly-available data from competitors exploring nearby properties has led to a new understanding of indicator mineral trains within the region. This has provided compelling evidence that the sources of the KIMs lie within the IC property.

Overview:

In 2004, reconnaissance till sampling led to the recovery of pyrope garnets and chromites with upper mantle affinities in several locations and a concentration of grains within a discrete area near the centre of the property. Trigon flew 5,200 line-kilometres of high-resolution airborne magnetics, identifying 44 anomalies for follow-up prospecting and sampling, and collected 226 in-fill till samples to better resolve the indicator mineral anomaly. Microprobe analyses of the grains confirm the presence of G10 pyrope garnets, chromites and chrome diopsides.

In 2006, samples were taken at 1km lines with 200m spacing, as well as some sample lines collected down ice of some of the high priority geophysical targets.

In 2005, a grab sample of rusty angular brecciated blocks of quartzite containing abundant fracture-filling and disseminated sulphide was independently analyzed and was found to contain 1120 grams per tonne of Silver, 1.5 grams per tonne of Gold, 0.70% by weight Copper, 2.51% by weight of Zinc, and 0.69% by weight of Lead. The mineralization appears to be associated with a 15 kilometer long magnetic trend, visible in the airborne geophysical data. The summer 2006 program for this discovery included confirmatory sampling and geological mapping along the geophysical trend. Further work is necessary to map the trend of the silver mineralization.

Forecast 2007:

The results of the processing and picking of more of the samples collected in 2006 will form the basis for the planning of further exploration work for diamonds on the property.
The Joint Venture is contemplating core drilling of the silver showing.

Maps and Photos