Alto Ventures CEO and director Rick Mazur said the Pikoo’s initial sample results show a favorable size distribution and high diamond counts, including strong potential for commercial size diamonds.
"The quality of stones as shown on North Arrow’s website suggests that this is a discovery of significance that opens up the northern Saskatchewan Craton as a new diamond district in Canada," Mazur added.
"We plan to aggressively explore our newly acquired, strategically located properties in this emerging diamond camp."
Under the terms of the option agreement, Alto will pay $5,000 on signing (paid), $20,000 after year one and $35,000 after year two totaling $60,000 to the vendor and completing $250,000 in exploration within one year.
Alto will further pay $500,000 within the following 18 months totaling $750,000 in exploration expenditures on the property over 30 months to earn a 60% interest in the four claims.
The four claims totaling 13,150h are contiguous to the Pikoo property within 10km from the PK150 kimberlite and are located approximately 160 km east of the Town of La Ronge, Saskatchewan.
