De Beers to begin exploring for diamonds in Northern Sask.

REGINA – De Beers Canada Inc. is planning on spending north of $20 million to look for diamonds in Northern Saskatchewan.

Exploration company CanAlaska Uranium Inc. announced it has entered into an option-participation agreement with De Beers Canada Inc. for expenditures up to $20.4 million on kimberlite-style targets in the Northwestern Athabasca basin, which is in the northwestern part of Saskatchewan.

“These 75 circular targets fit all the geological and geophysical criteria of kimberlites. The location of the targets within a thick sequence of crustal rocks and their clustering around major structural features, provides a compelling target for CanAlaska and De Beers,” said CanAlaska President Peter Dasler in a news release.

“We are very pleased to have joined forces with the world’s premier diamond explorer to evaluate this 17,400 hectare (43,000 acre) claim package, which hosts numerous targets. Our alliance with De Beers will allow rapid first pass evaluation, and we look forward to the ability to participate with De Beers as a partner as the project grows.”

Under the agreement De Beers Canada Inc. will be able to explore up to 43,000 acres for diamonds over the next few years.