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Red Mile Minerals Corp V.RDM



TSXV:RDM - Post by User

Bullboard Posts
Post by ErickSodhion Mar 05, 2001 10:29am
346 Views
Post# 3422155

News from Stockwatch

News from StockwatchRhonda confirms De Beers' spring program on Knife pipe Rhonda Corp RDM Shares issued 22,406,159 Mar 2 close $0.39 Mon 5 Mar 2001 News Release Mr. Robert d'Artois reports De Beers Canada will be commencing its spring program on the Knife pipe in April. The kimberlite pipe was initially tested by De Beers in spring drilling last year and was established as large by Canadian standards (possibly 10 acres), and significantly diamondiferous. Representative samples totalling 397 kiligrams were tested in the fall and yielded 217 diamonds including nine macrodiamonds. De Beers plans to begin the 2001 program with a ground magnetic and electromagnetic survey over the area containing the pipe to help establish the pipe size and to select drill hole sites. This will be followed immediately by HQ (63.5 milimetre diametre) core drilling using a Boart Longyear LF-70 rig. A minimum of five holes are planned. The program is designed to delineate the size and the internal structure of the Knife pipe and provide additional information on diamond content. The Knife pipe is situated on a 1024-hectare (2530-acre) claim in Nunavut, approximately 80 kilometres south of the Coronation Gulf. Rhonda owns the property 100 per cent and has granted De Beers the option to earn a 70-per-cent interest by expending $10-million on the claim. Rhonda will retain a 30-per-cent interest carried to production. The discovery of the Knife diamondiferous pipe by De Beers and nearby discoveries by other companies have focused attention on the area. Rhonda recently undertook additional staking, expanding its 100-per-cent owned Inulik property to over 80,000 acres. Rhonda's plans for its 2001 program on the Inulik property include glacial till sampling, prospecting and airborne geophysics. Rhonda has already reworked existing geophysical and geochemical data from the area and identified a number of potential kimberlite anomalies on the Inulik property.
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