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Message: Diamonds & Specialty Minerals Summary for Dec. 19, 2014

2014-12-19 19:21 ET - Market Summary

by Will Purcell

Mike Koziol and Rick Mazur's Alto Ventures Ltd. (ATV) closed unchanged at five cents on 1,000 shares. Alto is flying a magnetic survey over its GEFA diamond property in the Pikoo district of Northern Saskatchewan. (Alto can earn a 60-per-cent interest in GEFA by spending $250,000 per year on exploration for three years.) Alto collected 325 till samples on GEFA and Fisher, a second property in the area, in September. Mr. Mazur, CEO, says most of the samples have already been "visually processed" for indicators but final results will not be available until February. He says this year's work will be used to design a 2015 program, but drilling is not yet under consideration. Mr. Mazur says more sampling is needed to better define the indicator mineral trains before drill targets are selected.

Fisher, the larger of the two properties, is well west of Pikoo. The GEFA claims are immediately east of Pikoo, 10 kilometres from where North Arrow Minerals Inc. (NAR: $0.55) hit kimberlite in nine of its first 10 drill holes in 2013. One of the discoveries, PK-150, produced 23 diamonds larger than a 0.85-millimetre sieve in a 210-kilogram batch of rock. Those gems weighed 0.28 carat, suggesting a diamond content of 1.3 carats per tonne. The abundance of microdiamonds in the sample supported that conclusion, but North Arrow decided PK-150 was far too small to be of immediate interest so it spent this year collecting more samples to delineate new indicator mineral trains. Much of its recent sampling occurred on the east side of Pikoo, and on rival claims just northeast of its property, after securing options on the ground from Canadian International Minerals Inc. (CIN: $0.015) and Eagle Plains Resources Ltd. (EPL: $0.065). North Arrow's rush to sign the two option deals suggests its earlier sampling revealed the area is worth a closer look. Alto's GEFA claims are immediately south of the claims covered by North Arrow's option arrangement.

Stephen Masson's Copper Reef Mining Corp. (CZC), down one-half cent to three cents on 5,000 shares when it last traded Wednesday, is offering 10 million shares at five cents. (It will sell regular shares and flow-through shares in whatever proportion "the company may determine" -- in other words, in whatever proportion it can sell. The cash is for exploration, and Mr. Masson says Copper Reef's B1 and B3 diamond properties near Pikoo will receive "a lesser amount" of the full sum. (Possibly not much, but given the wording it is hard to tell.) The company did collect till samples in a summer program on its Pikoo properties, which Mr. Masson touts as being northeast of North Arrow's discovery. His crude directions place the claims in the same area as GEFA and North Arrow's new prospects, but unlike its rivals, Copper Reef's website does not map its diamond properties, which is not a good sign.

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