Dec 7 2012
Debut Diamonds Inc. (the "Company" or "Debut") is pleased to announce that its fall work program at Timmins South is well underway as per Debut's Letter Of Intent ("LOI") with Fletcher Nickel Inc. ("Fletcher") (Canadian Unlisted Board: FL) to enter into an Option Agreement (the "Option") where Debut would be entitled to earn up to a 65% joint venture interest in 65 contiguous unpatented mining claims (totalling 730 claim units) covering an area of 116.5 square kilometers; collectively referred to as the Muskrat, Beaver Tail and Otter claim groups.
Option terms require Debut to spend $2,500,000 on the Property by December 31, 2014 (with $500,000 to be spent by December 31, 2012) to earn an initial 50% interest in the Property (excluding nickel and cobalt minerals which shall remain the property of Fletcher). An additional 15% interest in the Property can be earned by Debut underwriting the entire cost of a feasibility study on any deposit found (excluding nickel and cobalt mineral deposits) within the ensuing 5 years, provided that Debut maintains the Option in good standing by also paying Fletcher $100,000 per annum commencing January 1, 2013.
At Beaver Tail, line cutting is complete totalling 33.5 kilometers and an IP survey is underway and expected to be finished within the next three weeks. At the Otter property, line cutting has begun on the Matawest Extension grid (which will total 42.8 kilometers) and a selective IP and magnetometer survey is scheduled for January, 2013. Both geophysical surveys, along with results from the recently completed prospecting program, will assist in selecting diamond drill targets along contact of the Deloro and Tisdale assemblages which has identified anomalous gold values associated with locally sheared, brecciated, and highly altered ultramafic volcanics that have been intruded by numerous feldspar porphyry and syenite dykes oriented sub-parallel to the contact. Debut is Operator of the project.
"While our recently completed Phase One exploration program at the company's Nakina Project didn't visually identify any kimberlite in core, we're none the less very pleased to be moving forward quickly and efficiently with our fall work program at Timmins South, in preparation for Debut's proposed 10 hole, 2,000 meter winter drill program in early 2013" said Chris Meraw, President of Debut Diamonds.
Source: http://www.DebutDiamonds.com