Ateba Announces Joint Venture on Diamond Property in NWT.TORONTO--(BUSINESS WIRE)--March 27, 1998--Ateba Mines Inc. (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :ABM ABM: see guided missile. ABM - Asynchronous Balanced Mode ) ATEBA MINES INC. is pleased to announce The Alberta Stock Exchange has accepted notice for filing of a joint venture agreement with Adaco Resources Inc. to explore for diamond-bearing kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. pipes in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. . The property which is held under an option agreement with Noront Resources Ltd. (NOT-VSE) adjoins the Mountain Province Mining (MPV-VSE) diamond deposit. In 1995 Mount Province announced the discovery of a diamondiferous kimberlite located approximately 8 kms directly west of the Ateba/Noront claims. Since then Mountain Province has announced the discovery of three more diamondiferous pipes. The Ateba/Noront property has been explored by reconnaissance-type till sampling, which indicated the presence of indicator minerals (chrome diopside diopside Common silicate mineral in the pyroxene family. Diopside is a calcium and magnesium silicate (CaMgSi2O6) that occurs in metamorphosed siliceous limestones and dolomites, in skarns, and in igneous rocks. ) which can only have been derived from kimberlites. Subsequently an airborne magnetometer and VLF (Very Low Frequency) See low radiation. survey was carried out and which indicated seven anomalous pipe-shaped structures. By agreement with Adaco these anomalies will be investigated to determine if they are kimberlites. Adaco has an option to earn a 50 percent interest in the Ateba/Noront claims by spending $1,000,000 on exploration. On conclusion of this work, Ateba will retain a 30 percent interest and Noront 20 percent. The Company's news release are now available through Canadian Corporate News' Internet Home Page: http://www.cdn-news.com -0- NOTE TO EDITORS: The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Ateba Mines Inc. A. C. A. Howe, 416/368-7041 416/368-2579 (FAX) |
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