• Increase font size
  • Default font size
  • Decrease font size

Tagged with: Elkedra Diamonds NL

Dec 2001 - Elkedra Diamonds

Elkedra Diamonds NL (IPO Raising $3.5m) – Targeting Kimberlite Pipes in the NT using classic diamond formation models – SPECULATIVE BUY at 25c

  • Elkedra Diamonds NL is offering 14m shares at 25c by way of an underwritten IPO. Over-subscriptions of a further 6m shares could increase the total amount raised to $5m.
  • Due to Elkedra’s relationship with its current parent Metex (MEE), MEE shareholders are to receive a preferential offer of the minimum parcel of 10,000 shares each ($2,500). Up to 2m shares are accessible by MEE shareholders.
  • Funds raised through the IPO are to be spent drilling 31 high priority magnetic anomalies that have been identified on Elkedra’s tenements in the Altjawarra Craton in the Northern Territory. Drilling is expected to start by April 2002. These anomalies were identified from a 400m spacing aero-magnetic survey, completed by the NT Dept. of Mines and Energy, and released in March 2000.
  • The recent release of the detailed aero-mag data, (made available free), dramatically altered the economics of undertaking exploration in this potentially very prospective region. Previously, exploration was regarded as extremely difficult for explorers without GPS to know exactly where they were, due to few roads in apparently a virtually featureless landscape. As a result most of the areas have largely been un-tenemented since 1989.
  • Following the release of the aero-mag data and using theoretical models developed over several years by Elkedra’s management, the company pegged some 48,000 km2 of ground focusing on the nucleus of the Altjawarra Craton. Less than 24 hours before Elkedra submitted its applications, De Beers Australia had pegged 4 tenement blocks within the outer boundary of Elkedra’s target area.
  • This region has long been of interest to the diamond “majors,” with RIO and Stockdale (DeBeers) having held exploration licences over the area in the early 1970s to late 1980s. To date, some ten micro-diamonds and 1 macro-diamond have been reported on Elkedra’s leases, as well as numerous diamond indicators such as deep-sourced chromites and several picro-ilmenites. So far, most of the work focused on the fringes of the target area.
  • Recent work by Elkedra has indicated that at least five of the magnetic anomalies have coincident geomorphic crater-like appearances, with one hosting a micro-diamond and others hosting diamond indicator minerals.

Jul 2002 - Elkedra Diamonds NL

Elkedra Diamonds NL (EDN) – Encouraging Signs in the First Drilling programme

  • Elkedra is already seeing encouraging signs (or potential indications of diamond bearing formations) from the geochem analysis of its first drilling programme at Mt Ultim.
  • The initial success consists of individual drillholes containing a darker red sandy unit, a micaceous chip, and a thick clay zone, which are all regarded by EDN as possibly anomalous, and could potentially indicate highly weathered kimberlite. These units or zones and others are to be subjected to second-stage heavy mineral analysis to identify possible diamond indicator minerals (results possibly by end July 2002).
  • While the initial geochem results continue to be assessed from both Mt Ultim’s 7 drillholes and Central Craton samples, the second drilling program commenced in the last week of June 2002 in the Central Craton focusing on at least 15 high priority anomalies, consisting of aeromag and photo-feature anomalies.
  • Manganese was also found in two grab samples in the Central Craton prospect. Although it has to be acknowledged that they were grab samples, one of the manganese values was relatively high at 42%Mn along with lower percentages than usual of deleterious elements such as iron (Fe) at 0.16% and silica at 5.8% SiO2.