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Mining industry

Pure Gold Minerals Acquires 715,000 Acres in South Central Saskatchewan

Strategic Insights

— 1 min read

Pure Gold Minerals Inc. and CaribGold Resources Inc. have jointly acquired 715,000 acres in south central Saskatchewan through staking. This move comes after identifying significant concentrations of variable kimberlite indicator minerals on the property. The indicator minerals, consisting of high chrome pyrope garnets, calcic pyrope-almandine garnets, magnesium almandine garnets, and chrome diopsides, were first identified in 1991 by the Saskatchewan Geological Survey. Following a high-resolution magnetic survey conducted by Sanders Geophysics Ltd., the companies have selected 21 high-priority magnetic anomalies that may represent kimberlite bodies.

Key Takeaways:

  • Pure Gold Minerals Inc. and CaribGold Resources Inc. have acquired 715,000 acres in south central Saskatchewan through staking, covering a significant concentration of kimberlite indicator minerals.
  • The indicator minerals include high chrome pyrope garnets, calcic pyrope-almandine garnets, magnesium almandine garnets, and chrome diopsides, which were identified in 1991 by the Saskatchewan Geological Survey.
  • A 50-50 joint venture between the two companies completed a 15,000 line km high-resolution magnetic survey over the entire property, selecting 21 high-priority magnetic anomalies that may represent kimberlite bodies.
  • Wilf Jones, a diamond expert with 30 years of experience, concluded that the indicator minerals may be derived from possible local kimberlite clusters.
  • The Companies plan to investigate the 21 magnetic anomalies through helicopter-based mag surveys, ground geophysics, and drilling.
  • The Saskatchewan project is a 50/50 joint venture with CaribGold Resources Inc. (CG:TSE).

Statistics:

  • 715,000 acres acquired by staking in south central Saskatchewan
  • 15,000 km of high-resolution magnetic survey conducted by Sanders Geophysics Ltd.
  • 21 high-priority magnetic anomalies selected by the companies' geophysical consultants
  • 1991: Year in which the Saskatchewan Geological Survey identified the kimberlite indicator minerals
  • 50-50 joint venture between Pure Gold Minerals Inc. and CaribGold Resources Inc.

Sources:

  • Pure Gold Minerals I(TSE:PUG.)
  • Nelson W. Baker, Director of Pure Gold Minerals Inc.
  • David Bell, President of CaribGold Resources Inc.
  • Business Wire, March 5, 1998

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