RJK Explorations (TSXV: RJX.A) announced this week that it has entered into a property option agreement with Anthony “Tony” Bishop for the Bishop Nipissing diamond properties in Ontario, Canada.
In a press release, RJK said the exploration properties total 2,090 hectares encompassing at least 18 potential kimberlite pipes located approximately 10 kilometres south of the town of Cobalt. The area is a kimberlite field within the Lake Temiskaming Structural Zone.
According to the Kirkland Lake-based company, prospector Tony Bishop has spent over four years looking for the source of the Nipissing Yellow Diamond that was found sometime during the development of the silver mines at Cobalt between 1903 and 1905.
Based on the information he collected, including a NI-43-101 technical report he prepared, RJK management made the decision to option the property. The miner said its team will initially drill the most likely potential kimberlite pipes that Bishop believes the Nipissing Yellow Diamond may have come from.
To move forward with the agreement, RJK has to pay $50,000 on signing and issue 1,000,000 shares upon regulatory approval. It also has to spread, over a four-year period, further cash payments totalling $50,000, as well as issue 1,500,000 shares. The miner also has to invest $1 million in exploration to be able to earn 100% of the properties.