Nunavut, NWT and Alberta Properties (Various Interests)
The Company maintains interests in a number of properties in Nunavut and the Northwest Territories, including the Itza, IC/TIM, Mackenzie, Blackstone, RAM/SHU and Calling Lake properties. Please see the Company’s AIF, available on SEDAR at www.sedar.com, for information on these properties.
Hammer Property
Stornoway acquired large land packages in the Coronation Gulf (North Slave) Diamond District during 2001 and 2002. A joint venture was subsequently signed with Navigator Exploration Corporation (now Strongbow Exploration Inc.) governing exploration on a group of mineral claims known as the Bear Property. North Arrow Minerals Inc. acquired Strongbow Exploration Inc.’s interest in the Bear Project as part of a May 2007 plan of arrangement. Historical till sampling identified an indicator mineral train with chemistry indicative of a potentially diamond bearing kimberlitic intrusive, and suggested the source was outside the original Bear Property. The Bear Property joint venture was revised to include an area of interest (AOI) outside of the original Bear Property claims, known as the “Hammer AOI”. A claim was staked in October of 2008 to cover the potential source area and adjoins one of the claims remaining from the original Bear Property. A joint venture covering the area of interest (the two claim 2,533 acre Hammer Property) was signed between Stornoway (75%) and North Arrow Minerals Inc. (25%). Stornoway is the operator. Till sampling was carried out on the Hammer Property in 2008 and results available to date suggest the source of anomalous indicator minerals lies within the current claims. Work plans for 2009 are still under consideration.
Other Properties (Various Interests)
Stornoway and its wholly owned subsidiaries hold varying interests in a number of other minor diamond properties and prospects, as well as significant regional geological, geochemical and geophysical databases. Stornoway reviews these properties and databases as time allows, in addition to other properties or information that may become available, in order to ensure that the Company continues to maintain a portfolio of promising diamond projects that fill the ‘pipeline’ from grassroots to development stage. Exploration activities, including drilling, will be undertaken where warranted and where permitted by logistical and budgetary considerations. Results will be reported as appropriate.
Stornoway undertook generative exploration programs throughout Canada during 2007 and 2008. This work investigated geologically prospective terrains, un-sourced indicator mineral anomalies derived from public, quasipublic and proprietary databases and unexplained geophysical targets from both ground and airborne surveys. Till and heavy mineral sampling, airborne and ground geophysical surveys and prospecting programs were completed in 2008. Rock samples were collected for both caustic fusion and DMS processing. Partial results available to date from this 2008 generative exploration program have been, and will continue to be, used to identify and acquire targeted landholdings thought to have the potential to host diamondiferous kimberlites. Results for additional work are pending and Stornoway anticipates continued property acquisitions and exploration work, subject to funds being available for grass-roots exploration and the Company’s ability to fund its other exploration priorities.