Sakari Project

Location: Nunavut
Est. Size: 42,000 Acres
Ownership: 100% Diamonds North
50% option agreement with Shear Minerals Ltd.
Opportunity: Discovery of new diamondiferous kimberlite field within the Pelly Bay Diamond District

Under the terms of the Agreement Shear can earn into a 50% interest in certain mineral claims totaling approximately 46,000 acres by making a payment of $97,000 in refundable deposits (completed), incurring exploration expenditures of $93,000 before September 30, 2006 plus an additional $93,000 in exploration before September 30, 2007. Diamonds North will operate the project.

The Sakari Property is located adjacent to the Darby project where a new kimberlite field was recently announced by Indicator Minerals Ltd and Teck Cominco Ltd. To date minimal work has been completed on the project with the exception of till sampling on a regional grid where kimberlite indicator minerals were recovered. In 2006 the partners are planning airborne geophysical surveying at 100 metre line spacing with possible target specific sampling follow-up.

The Pelly Bay region of Nunavut has emerged as Canada's newest diamond district. Recent kimberlite discoveries on the Amaruk project have yielded very encouraging diamond counts and excellent diamond characteristics (see News Release NR06-13, May 9th, 2006). More recent kimberlite discoveries in the region (Darby Project) confirm the existence of larger kimberlite bodies and the presence of multiple kimberlite fields.

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This page was created on Sat Oct 21, 2006 at 2:42:33 PM Pacific Time.