Darnley Bay Resources Limited: Toronto-Progress on Diamond Explorationadmin
Darnley Bay Resources Limited announce that Diadem Resources Ltd. has provided the Company with the report from the April 2008 ground magnetic surveys undertaken over several kimberlite pipe targets on the Parry Peninsula, as part of its earn-in obligations towards the 50/50 diamond exploration joint venture initiated in 2003. The ground surveys confirm that several high priority targets warrant drilling, and will be incorporated in the next phase of exploration, to drill untested targets and further delineate some of the previously discovered, diamondiferous kimberlite pipes. Diadem has filed the necessary paperwork and fees with the Mining Recorder’s Office in Yellowknife, NT, to maintain all claims on the Parry Peninsula in good standing.
The Company was formed in 1993 to explore and develop an area of geophysical significance in the Northwest Territories of Canada. Initial base metal exploration fortuitously resulted in the discovery of diamonds, indicating that the area is host to both metallic and non-metallic mineral deposit interests. The Company’s objectives are to secure and maintain successful financing partnerships to continue exploration for both base metals and diamonds that will result in the development of a profitable mining venture.