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Summary
Island Arc maintains a 10.62% carried interest in the Back Lake Project, with an additional 2% interest acquired in 1999 subject to dilution if Island Arc does not participate in future exploration programs. Back Lake is operated by MDL Diamonds (60.4%), as a joint venture with Kalahari Resources Inc. and Island Arc. Back Lake is situated only 50 km southeast of the Diavik Mine, operated by Rio Tinto, and 70 km south of Ekati Mine, operated by BHP Billiton.
During 2005, the discovery of the kimberlitic body sources to the North Margaret and South One kimberlitic indicator mineral trains will remained the focus of the diamond exploration program at the Back Lake Project which is located in the Southern Kimberlite Field of the NWT. The North Margaret Lake indicator train is up to 300 m wide and 7 km long with individual till samples returning up to 159 kimberlitic indicators. The South One train is approximately 250 m wide and 4 km long.
Exploration activity in summer 2004 involved the collection of 202 till samples over 3 detailed grids. Processing and picking of the samples was conducted in early 2005 with microprobe results of the grains recently being received and interpreted. The indicator minerals chemically confirmed can be summarized as follows: 68 kimberlitic garnets (including 4G10s); 1 kimberlitic chromite and 10 chromites of possible kimberlitic nature; 320 kimberlitic ilmenites; 29 chrome diopsides of kimberlitic affinity and 1 olivine with high forsteritic content.
The chemistry of the kimberlitic mineral grains recovered from the program reflect that of previous findings and continue to indicate that there remains to be found as yet unidentified kimberlitic body sources to account for the observed dispersal trains. A sub-population of the ilmenite chemistry resembles the signature of the Munn Lake Kimberlite Sill suggesting a related intrusive event.
In 2005, one geophysical target was drill tested with negative results. The geophysical program included 76.59 line-km of magnetic and HLEM ground geophysical surveying. Sampling included the collection of 85 till samples and 726 geochemical samples for MMI (Mobile Metal Ion Method) analysis.
In 2006, three drill holes tested the North Margaret indicator train with negative results. A GPR (Ground Penetrating Radar) survey as well as additional drilling, are planned for both North Margaret Lake and South-One areas for 2007.
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