Sulliden Exploration Inc. has acquired 100 per cent of a Falconbridge Ltd. property near Timmins to begin searching for diamonds. Sulliden officials express confidence the 2,688-hectare property has diamond potential similar to DeBeers' Victor project in Attawapiskat. The Ontario Geological Survey through Operation Treasure Hunt indicated a significant number of kimberlite indicator minerals on the property. Falconbridge, which has no interest in diamonds, conducted magnetic surveys for base metals and indicated good diamond potential. The nickel giant has been marketing the property to small exploration firms. According to the agreement, if diamonds are found and a mine goes into production, Falconbridge receives two per cent gross overriding royalty from the diamond sale.
