NORTHERN ONTARIO - When it comes to an embarrassment of riches, a carbonatite body may be just the thing. Toronto-based NUINSCO RESOURCES acquired such a property from private prospectors in 2002, the Prairie Lake property near Marathon. The company has recently optioned the rights to explore for diamonds there to RIPPLE LAKE DIAMONDS of Vancouver.
Ripple Lake can earn a 100% interest in the diamond rights by paying Nuinsco $117,000 and 250,000 shares of Ripple over the next four years. Ripple Lake will become the operator and must maintain the claim group. Nuinsco retains a 2% net returns interest. Ripple Lake recently raised $1 million through a private placement.
Nuinsco (www.Nuinsco.ca) is targeting the Prairie Lake property for its tantalum potential. The company conducted a program of trenching and sampling in 2003 and 2003. Historically, the claims have been explored for uranium, niobium, tantalum, apatite, wollastonite and carbonate. Nuinsco is searching for uranium in Saskatchewan, nickel in Manitoba and Quebec, gold in Quebec, and base metals in Ontario and Turkey.