South America gold explorer EHR Resources (ASX: EHX) has made in corporate direction with the decision to enter into an agreement to acquire 100% of Canada’s Nanuk Diamonds Inc. for A$1 million
The company’s Chairman, Stephen Dennis, said the acquisition of Nanuk Diamonds will provide an excellent, low cost, point of entry to the diamonds sector.
“We look forward to progressing work at Nanuk in the northern summer of 2020, as well seeking other opportunities in diamond exploration,” he said.
Mr Dennis said the acquisition of Nanuk Diamonds by EHR is part of a broader corporate strategy related to diamonds, particularly in Canada.
He also announced that recognised expert in this field, Peter Ravenscroft, will join the board to assist with the implementation of this strategy.
“We welcome Peter Ravenscroft to the Board, and we are delighted to have someone with Peter’s knowledge and experience, particularly in diamonds, joining the company to spearhead our entry into this exciting sector.”
Mr Dennis said the company retains its 18% interest in the La Victoria Gold Project in Peru, where permits to undertake drilling at the San Markito primary exploration target are pending.
Nanuk Diamonds is the holding company and 100% owner of 625 mineral claims located East of the Ungava Bay in Northern Quebec.
The 274 sq.km area contains several occurrences of diamond-bearing kimberlitic dykes that were originally found in the early 2000’s but were left unexplored for the last 15 years.
Nanuk Diamonds’ mineral claims are located in the area where Twin Mining Corporation’s Torngat Project was active from 1999 to 2001 where bulk and infill samples from different parts of the dyke system were collected totalling more than 350 tonnes which yielded close to 2,000 diamonds, including approximately 300 macrodiamonds.
In 2017, Nanuk Diamonds acquired 570 claims in order to reassess the Torngat Project’s potential by integrating data from previous owners and exploring for new kimberlites.
A remote sensing survey identified several prospective areas which were confirmed by mapping and sampling in 2019. In 2019, 118 mineral claims with little potential were dropped and 173 additional prospective mineral claims were added.