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DB Diamond Prospect, SK

Project Summary: 

MAKENA ACQUIRES DB DIAMOND PROSPECT IN SASKATCHEWAN

Makena Resources Inc. has entered into a share purchase agreement with DB Diamond Holdings Inc. The assets of DB consist of 4,060 hectares prospective for diamonds in the Athabasca region of Saskatchewan in the direct vicinity of the De Beers diamond option from Canalaska Uranium Ltd.

Negar Adam, president of Makena, stated: "We are very pleased to acquire this diamond prospect in Saskatchewan. In recent weeks, interest in the Saskatchewan diamond district has skyrocketed in light of De Beers Canada Inc.'s commitment to expenditures of up to $20.4-million. This is earmarked for kimberlite-style targets staked by Canalaska in the northwestern Athabasca basin located in Saskatchewan. We are pleased to be acquiring this prospect in Saskatchewan's emerging diamond district. This is an exciting period for Makena's shareholders as we are acquiring this new prospect and have a planned drill program in July on our Patterson uranium prospect."

According to Canalaska Uranium's news release dated June 22, 2016: "De Beers's exploration team has collected over 100 samples for kimberlite indicator mineral (KIM) processing from Canalaska Uranium Ltd.'s West Athabasca project. The samples of glacial gravels were collected from eskers within the target area.

"These samples will now be processed in De Beers's laboratories to establish further evidence for kimberlite intrusives associated with the magnetic anomalies staked by Canalaska. These striking anomalies were identified from processing data from the Saskatchewan Government Geological Survey/Geological Survey of Canada airborne magnetics program carried out in 2010.

"In the next few weeks, the second phase of exploration will commence for detailed magnetic mapping of staked targets as well as any further significant features. The new high-resolution airborne magnetic survey carried out by a specialized aircraft from New Zealand will define the targets in preparation for drilling."

Makena has a joint venture with Canalaska Uranium on the Saskatchewan Patterson project.