Diamonds North signs earn-in pact with Indicator

  TORONTO ( – Diamond juniors Diamonds North Resources and Indicator Minerals, both listed on the TSX-V, have decided to team up to explore the Barrow prospect in Nunavut’s far north, they said on Tuesday.

To earn a 60% stake in the project, located next to its Amaruk property, Diamonds North must spend C$2-million over five years.

“This transaction provides access to a larger, prospective geological area to test a new generation of kimberlite targets,” Diamonds North CEO Mark Kolebaba said in a statement.

His company had already found 25 kimberlites at the Amaruk prospect, of which 90% had been proven to contain diamonds.

The Barrow property is in the Pelly Bay region, near the town of Kugaaruk.