ANC diamond survey of Prongua Lake produces mixed results

Athabasca Nuclear Corp. (ANC) released results on Tuesday from its recent fall airborne geophysical survey at Prongua Lake in Canada's Saskatchewan province.

The company owns an 80 percent interest in the Prongua Lake diamond project, which includes 16 mineral claims spanning approximately 9,270 acres.

In the survey, three geophysical anomalies were found at the site. The survey was carried out by Campbell and Walker Geophysics Limited (C&W). Surveyors said two anomalies were considered to be rank 4 targets while one was a rank 3 target. C&W’s ranking system indicates the likely presence of kimberlite minerals in any one area, with a rank of 1 indicating a very likely presence and a rank of 5 indicates the least likelihood. ANC said rank 4 anomalies are typically not considered to be worth investigating further unless there is additional information indicating otherwise.

The survey did not find any rank 1 or 2 targets. Kimberlite is a kind of igneous rock that contains diamond material. The Prongua Lake project is one of two diamond-mining projects at ANC.

ANC focuses on minerals exploration, specifically uranium and other rare minerals, including diamonds and gold. It currently has two uranium projects in operation.