TSXV:ICAU.H - Post by User
Post by
Razooon Apr 16, 2003 7:34pm
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Post# 6027895
The Meat of the Deal......
The Meat of the Deal......I like this stock much better than my MPV right now though it is still a good stock, even a better buy after today. Much more promise here with GXM right now and by the looks of things, a much larger diamond play. If you are interested in the news of yesterday, the deal goes like this but, of course, they are just about finished drilling:
Geodex Minerals grants Lac de Gras option to De Beers
2003-04-08 09:36 ET - News Release
Mr. Jack Maris reports
DE BEERS TAKES OPTION ON GEODEX MINERALS LAC DE GRAS CLAIMS
Geodex Minerals has entered into a joint venture agreement with De Beers Canada Exploration Inc. on Geodex's Lac 1 to 5 claims, located south of Lac de Gras in the Northwest Territories.
De Beers can earn a 51-per-cent undivided interest in the claims by making a $15,000 payment upon signing and spending $500,000 on exploration before Dec. 31, 2005. De Beers can increase its interest to 60 per cent by spending an additional $3-million in work before Dec. 31, 2007, and financing a feasibility study. De Beers can further increase its interest to 70 per cent if it fully finances the construction of a mine on the property.
The agreement is subject to an underlying 4-per-cent gross overriding royalty, 2 per cent of which can be acquired for $4-million. De Beers will be the operator on the project.
The Lac 1 to 5 claims lie approximately 30 kilometres to the west of the Diavik diamond mine and southwest of an aligned group of kimberlites on BHP Billiton's Ekati mine property. Exploration by a previous operator outlined a prominent circular ground magnetic anomaly, which will be a first-priority target for drilling in 2003. In addition, 85 till samples collected by Geodex on the Lac 1 to 5 property in 2002 along widely spaced traverse lines yielded a total of 104 pyrope-garnets and 19 chrome diopside grains from a mineral indicator train in the south-central part of the claims. Seventeen of the pyrope grains have a G-10 signature. Further sampling will be considered to locate the source of these kimberlitic indicator minerals.