Business
Joint Venture Acquisition
Joint Venture Acquisition.
About this update from Sunrise Resources Plc
[{"type":"text","content":"\n Sunrise Diamonds PLC\n14 August 2006\n\n\n www.sunrisediamonds.com\n\n 14 August 2006\n\n JOINT VENTURE AGREEMENT SIGNED\n OVER 16 KIMBERLITES IN FINLAND'S KARELIAN CRATON\n\n\n • Most Of Kimberlites In Kaavi-Kuopio Area Are Diamondiferous\n\n • Several Pipes Already Targeted For Further Sampling\n\n • Synergy With BHP-Billiton Diamond Exploration Database\n_______________________________________________________________________\n\nSunrise Diamonds plc ('Sunrise' or 'the Company') is pleased to announce that it\nhas signed a farm-in and joint venture agreement with Canada's Nordic Diamonds\nLtd ('Nordic') under which Sunrise may earn up to a 75% joint venture interest\nin claims covering 16 of the 20 known kimberlite pipes in the Kaavi-Kuopio area\nof south-central Finland, most of which are diamondiferous.\n\nSunrise already holds claim applications over two of the other four pipes in\nthis cluster and had previously identified a number of the pipes covered by the\nNordic agreement as targets for further sampling. The 16 pipes range in size up\nto 2.2 hectares and were discovered by Ashton Mining and its joint venture\npartners in the period prior to that company's takeover by Rio Tinto in 2000,\nwhen the emphasis of diamond exploration switched to Canada.\n\nRecent work by Nordic on the joint venture claims focused on data compilation\nand also on drilling two of the previously discovered pipes (Pipes 12 and 21),\nwith the intent of re-evaluating diamond content and kimberlite geology. Nordic\ndrill core samples from Pipe 21 (reported area approximately 1.3 hectares)\nreturned high micro-diamond counts of up to 1.84 micro-diamonds/kg of kimberlite\nsupporting the results of a 16.6 tonne mini-bulk sample previously taken by\nAshton Mining in 1995, which returned a reported grade of 26.7 carats per\nhundred tonnes including a stone of 1.13 carats. Approximately 79% of the\nmicro-diamonds recovered by Nordic were reported to be white and 91%\ntransparent.\n\nThe joint venture claims also include three kimberlite pipes lying within five\nkilometres of the Lahtojoki kimberlite (Pipe 7), currently being bulk-sampled by\nEuropean Diamonds plc. They also cover a number of kimberlite targets such as\nthe high priority 'Target 295' kimberlite indicator mineral anomaly where\nnumerous G10 garnets, kimberlitic ilmenites and kimber...