RE:Why the Arc Cover-Up Mike? What is going on with ARC? What future exploration is planned?
locogringo wrote:
Arc Property
The Company acquired an 80% working interest and operatorship of the Arc Diamond Project, located southwest of the Pikoo diamond field in northern Saskatchewan. The project is approximately 33,014 acres (13,330 hectares) in size and is infrastructure-rich, with a major regional highway bisecting the property.
“The Arc Diamond Project adds a high-working interest diamond prospect, on trend with the FALC, Candle, and Pikoo kimberlites. Canadian diamond exploration has advanced dramatically since this region was first explored by Pine Channel and Mountain Province in the early 1990’s. The historical airborne magnetic surveys covering this project were flown on 300 to 400 meter line spacings, whereas modern surveys targeting kimberlites are much tighter spaced, in the 75 to 150 meter range. We believe that any Pikoo-style kimberlites in the area would have been missed by the previous surveys,” noted Michael E. Schuss, President and Chief Executive Officer of Canadian International.
Portions of the project were previously worked by Mountain Province Mining Inc. and Consolidated Pine Channel Gold Corp. during the surge of diamond exploration activity that followed the discovery of the Fort--la-Corne kimberlites. While this work yielded a number of FALC-style kimberlite targets which were never drill-tested, the Company believes the project would be better served exploring for Pikoo-style kimberlites.
The Arc Diamond Project will serve to complement the Corporation’s other interests in the Sask Craton region, including its Pikoo Extension A and Pikoo Extension B properties currently under option to North Arrow Minerals Inc., as well as its 50% interest in the Three Amigos diamond prospect.
Pursuant to the acquisition of the Arc Diamond Project the Company issued 2,000,000 shares. Fair value of $0.02 per share is based on the market price at the time of issuance. The Vendor will retain a 2% gross royalty and a 20% carried working interest; such carried working interest being carried up to but not including mine construction. There are no cash payments or expenditure obligations required as part of the transaction.