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Project Summary
RAM is a diamond exploration project located in the southern Slave Craton of the Northwest Territories approximately 140 kilometres northeast of Yellowknife. Geochemical evidence indicates that this area is underlain by very thick lithosphere, a favourable condition for diamonds in any kimberlites which may be discovered. The land package is now comprised of 83 claims covering approximately 189,305 acres. Trigon generated the project and staked the property in 2002. In 2003, the project was optioned to Contact Diamond Corporation (TSX: CO), the diamond subsidiary of Agnico-Eagle Mines Ltd.
Trigon is the operator and holds 46.77% interest in the project and Contact holds a 53.23% interest. Contact vested a 51% interest by sole funding $1.45 million in exploration expenditures.
In 2003, Trigon identified a large underexplored area in the southern Slave. It recognized the enormous potential of the southern Slave and staked the RAM property, originally more than half a million acres in extent. Reconnaissance sampling programs by Trigon in 2004 over the property recovered high interest kimberlite indicator mineral anomalies with a strong proportion of G10d pyrope garnets indicative of a nearby diamondiferous kimberlite source.
Area Potential
The Slave Craton in Canada’s Northwest Territories is a proven diamond mining district. In the southern Slave, the Snap Lake Project, located 60km north of RAM, will be Debeers first diamond mine in Canada. The mine is under construction and will commence production in October 2007. It will produce 1.5 million carats per year when in full production. DeBeers reports that the Snap Lake diamonds have an average value of US$144 per carat and that the mineable grade is 1.46 carats per tonne. In November 2005, Debeers applied for the permits required to construct and operate the Gahcho Kue diamond mine, also located in the southern Slave approximately 110km east of RAM.
Exploration
In 2003, Trigon obtained a total of 747 overburden samples from the RAM property. Analysis of these samples revealed the presence of several kimberlite indicator trains. The indicator mineral chemistry and morphology of the grains, suggest local diamondiferous sources.
In late 2004 a 4,100 line-kilometer helicopter-borne magnetic and time-domain electromagnetic survey was flown over parts of the RAM Property. In early 2005, a ground geophysics program was carried out and a 7,500 line-kilometer high resolution airborne magnetic survey was flown. In the spring of 2005, 13 reverse circulation holes were drilled on 10 distinct targets in the eastern area of the RAM property. Although the program did not result in kimberlite intersections, the joint-venture management committee maintained its strong belief in the project potential and planned the 2005 summer program.
During the summer of 2005, 204 new samples were collected at RAM to help resolve kimberlite indicator mineral trains. Visual selection of indicator minerals prompted the joint venture to stake an additional 17,401 acres of claims in late February 2006, adjoining the eastern margin of the search area in order to completely encapsulate the expected source of the KIM trains on the property. The suspected source area has now been narrowed to approximately 6 square kilometers. The joint venture partners have agreed to a 2006 exploration program with an objective to identify the kimberlite bodies within the focused area.
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