Owner
Post by Franko10 ™ on Oct 14, 2004 11:35:22 GMT -5
ASHTON DISCOVERS A THIRD KIMBERLITE IN ALBERTA THIS WINTER
March 23, 2000
John S. Auston, President and CEO of Ashton Mining of Canada Inc. ("Ashton") reports the discovery of one new kimberlites in Alberta and summarizes the Alberta winter 2000 drill program.
The K252 kimberlite was discovered by drilling on the Buffalo Hills property during March, bringing to 35 the total number found by the joint venture to date. K252 is covered by 67 metres of overburden and located one kilometre northwest of the diamondiferous K6 kimberlite. The two distinct phases present in K252 are a fine to medium-grained volcaniclastic kimberlite, and a kimberlite breccia.
Elsewhere, approximately 4.1 metres of kimberlite beds interbedded with shale were intersected at anomaly 251, which is located 500 metres west of the K4 kimberlite. These beds may be related to the K4 eruption event.
During the Alberta winter program now completed:
- Three new kimberlites were discovered on the Buffalo Hills property: K8, K160, and K252. Microdiamond testing of samples from these kimberlites will be carried out at Ashton's laboratory in North Vancouver during the second quarter.
- In the K14 project area, approximately one tonne of drill core was collected from diamondiferous kimberlite BH225 discovered February 1999, and will be processed at Ashton’s dense media separation plant
- An iron-rich rock intersected at anomaly CM1 on the Caribou Mountains property, and reported on March 3, 2000, has been determined to be sedimentary in origin with no kimberlitic affinities. On the Rabbit Lake property, one magnetic anomaly was determined to be caused by magnetite in the sedimentary bedrock.
- On the Cadotte Lake option property, drilling on one anomaly revealed the source to be magnetic overburden. This property is 90 kilometres southwest of the K14 kimberlite and consists of two mineral permits totaling 5,120 hectares. In March an option agreement was entered into with Horseshoe Gold Mining Inc., Ridgeway Petroleum Corp. and Pure Gold Minerals Inc., whereby Ashton and Pure Gold have the right to acquire up to an 80 percent interest in the property by spending $1,075,000 on exploration. Ashton's interest in the property would be 72 percent upon fulfillment of the terms of the agreement.
The joint venturers on the Buffalo Hills, Caribou Mountains and Rabbit Lake properties and in the K14 project area are Ashton (ACA.TSE), Alberta Energy Company Ltd. (AEC.TSE) and Pure Gold Minerals Inc. (PUG.TSE). Currently, Ashton's interests in these properties are approximately 44.7 percent (Buffalo Hills and Rabbit Lake), 35.6 percent (Caribou Mountains) and 42.7 percent (K14 Project Area)
All exploration programs are operated by Ashton under the direction of Brooke Clements, Professional Geologist, who is Ashton's Vice President, Exploration.
For further information, please contact:
John S. Auston
President & CEO
(604) 983-7750
investor@ashton.ca Ariel Bowers
Investor Relations
(604) 983-7750
investor@ashton.ca
March 23, 2000
John S. Auston, President and CEO of Ashton Mining of Canada Inc. ("Ashton") reports the discovery of one new kimberlites in Alberta and summarizes the Alberta winter 2000 drill program.
The K252 kimberlite was discovered by drilling on the Buffalo Hills property during March, bringing to 35 the total number found by the joint venture to date. K252 is covered by 67 metres of overburden and located one kilometre northwest of the diamondiferous K6 kimberlite. The two distinct phases present in K252 are a fine to medium-grained volcaniclastic kimberlite, and a kimberlite breccia.
Elsewhere, approximately 4.1 metres of kimberlite beds interbedded with shale were intersected at anomaly 251, which is located 500 metres west of the K4 kimberlite. These beds may be related to the K4 eruption event.
During the Alberta winter program now completed:
- Three new kimberlites were discovered on the Buffalo Hills property: K8, K160, and K252. Microdiamond testing of samples from these kimberlites will be carried out at Ashton's laboratory in North Vancouver during the second quarter.
- In the K14 project area, approximately one tonne of drill core was collected from diamondiferous kimberlite BH225 discovered February 1999, and will be processed at Ashton’s dense media separation plant
- An iron-rich rock intersected at anomaly CM1 on the Caribou Mountains property, and reported on March 3, 2000, has been determined to be sedimentary in origin with no kimberlitic affinities. On the Rabbit Lake property, one magnetic anomaly was determined to be caused by magnetite in the sedimentary bedrock.
- On the Cadotte Lake option property, drilling on one anomaly revealed the source to be magnetic overburden. This property is 90 kilometres southwest of the K14 kimberlite and consists of two mineral permits totaling 5,120 hectares. In March an option agreement was entered into with Horseshoe Gold Mining Inc., Ridgeway Petroleum Corp. and Pure Gold Minerals Inc., whereby Ashton and Pure Gold have the right to acquire up to an 80 percent interest in the property by spending $1,075,000 on exploration. Ashton's interest in the property would be 72 percent upon fulfillment of the terms of the agreement.
The joint venturers on the Buffalo Hills, Caribou Mountains and Rabbit Lake properties and in the K14 project area are Ashton (ACA.TSE), Alberta Energy Company Ltd. (AEC.TSE) and Pure Gold Minerals Inc. (PUG.TSE). Currently, Ashton's interests in these properties are approximately 44.7 percent (Buffalo Hills and Rabbit Lake), 35.6 percent (Caribou Mountains) and 42.7 percent (K14 Project Area)
All exploration programs are operated by Ashton under the direction of Brooke Clements, Professional Geologist, who is Ashton's Vice President, Exploration.
For further information, please contact:
John S. Auston
President & CEO
(604) 983-7750
investor@ashton.ca Ariel Bowers
Investor Relations
(604) 983-7750
investor@ashton.ca
