Shares of GGL Resources Corp. (TSX-Venture:GGL) are sprinting higher as the Company announced the acquisition of three 100%-owned diamond properties prominently located in the prolific Lac de Gras diamond district, Northwest Territories. Lac de Gras is home to Canada's first two diamond mines, the world class Diavik and Ekati mines discovered in the 1990's.
GGL acquired the mineral tenures in early 2018 by way of staking and retains a 100% undivided interest in each property with no underlying conditions or royalties. The properties are strategically located taking advantage of proven economic trends, historic diamondiferous kimberlite discoveries, positive exploration results from the Company's previous exploration campaigns and proprietary exploration dataset as well as a thorough review of information in the public domain.
The Bishop property is composed of 37 new mineral claims and one existing mineral lease collectively encompassing 30,667 hectares. The property contains the diamondiferous Bishop kimberlite discovered by GGL in 2006 and is south of and on trend with the economic diamond deposits of the Ekati diamond mine.
The Zeus property consists of 22 mineral claims totalling 14,803 hectares. It covers a portion of Lac de Gras and the north shore and is located only 11 kilometres south of the Ekati Diamond mines' Fox kimberlite which is the southerly most kimberlite body in a linear trend of economic deposits at Ekati. The Zeus property is strategically located directly along this trend.
The Rhombus property lies 40 kilometres northwest of the Ekati Diamond mine and consists of 25 mineral claims covering 21,336 hectares. This strategic location exploits an apparent periodicity in the Ekati and Diavik economic trends further supported by the nearly one carat per tonne large DO-27 kimberlite resource controlled by Peregrine Diamonds Ltd.
Shares of GGL are moving higher to the tune of 18.18% on the news with shares currently trading at $0.13 as the trading day winds down.
