Knight Resources Ltd.: Surface Exploration Program Begins at West Raglanadmin
Mr. Harvey Keats, Chief Executive Officer of Knight Resources Ltd., reports that Anglo American Exploration (Canada) Ltd. has approved a $3.5 million dollar exploration program for nickel- copper- PGE mineralization on the West Raglan joint venture project in Northern Quebec to be conducted during the summer of 2009. The Company has decided not to fund its share of this program and will dilute from its current 49% interest in the Joint Venture to approximately 45% rather than suffer significant equity dilution as a result of current market conditions. However Knight is committed to the West Raglan Project and the potential for more discoveries.
The program will consist of surface geophysical surveys utilizing conventional EM, Squid EM and magnetic instrumentation in conjunction with geological and geochemical surveys on the extensive occurrences of ultramafic rocks that occur throughout the 710 square kilometre joint venture property. The objective of the program is to develop a pipeline of new drill-ready targets outside of the Frontier mineralized area. This entails 1) evaluating and surveying the ultramafic rocks within the 65 kilometre length of the Raglan trend covered on the West Raglan property and 2) investigating selected areas of ultramafic rocks in the Povungnituk group in the southern parts of the property.
Knight will continue to be actively involved with the program during this period of non-participation. The 2009 program has just begun.