Owner
Post by Franko10 ™ on Oct 15, 2005 9:27:02 GMT -5
Mountain Province Mining Fall Drilling Program Update
VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 12, 1996-- Mountain Province Mining is pleased to report that the Fall drilling program on the AK property resulted in four drill holes intersecting narrow kimberlite dykes.
The company hopes that, when drilling resumes early in the new year, these results will lead to the discovery of the kimberlite pipe believed to be associated with these dykes.
The Fall drilling program concentrated on the central part of the AK property which had never been drilled before and where there are several prominent indicator mineral trains consisting of pyrope garnets, ilmenites and chromites. Four of the holes, which were drilled up-ice of the most prominent indicator mineral train, intersected several (up to seven) narrow kimberlite dykes at depths of approximately 30 to 60 m with a maximum thickness of 2.65 m.
The drilling program was stopped last week and will resume early in the new year. Several micro diamonds were recovered by caustic fusion from a very small sample (several kilograms) of kimberlite from one of the dykes.
Extensive heavy mineral till sampling has been on-going in five areas of the southern half of the AK property to better define and cut off the numerous indicator mineral trains identified to date. When exploration resumes, several of the most promising targets will be drilled, along with select targets identified on the CJ property.
Separately, diamonds recovered from the mini-bulk sample completed in September have been examined by two diamond experts. Both experts recommended that the company obtain additional valuations in Antwerp, Belgium. This recommendation is not unusual, since diamond valuations are subjective. It is common for several expert opinions to be obtained, especially from diamantaires in Antwerp, who handle large quantities of rough diamonds. The diamond market for smaller rough stones has been in a state of flux since the Argyle mine (CRA-Ashton) withdrew from the CSO several months ago. Additional valuations will be obtained and an average value for the diamonds will then be reported.
Finally, subject to regulatory approval, the company has granted incentive options to officers and employees to purchase 900,000 common shares, exercisable for two years at C$4 per share.
The AK and CJ properties are held 50% by Mountain Province, 40% by Glenmore Highlands Inc. (ASE:GMH) and 10% by Camphor Ventures (VSE:CFV).
On behalf of the board of Mountain Province Mining Inc.
"Jan W. Vandersande"
Jan W. Vandersande, Ph.D.
President
CONTACT: Mountain Province Mining Inc.
Jan Vandersande, 909/466-1411
www.mountainprovince.com
or
A.B. Korelin & Associates Inc.
Alexander B. Korelin or Rick Miner, 360/696-0990
COPYRIGHT 1996 Business Wire
VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 12, 1996-- Mountain Province Mining is pleased to report that the Fall drilling program on the AK property resulted in four drill holes intersecting narrow kimberlite dykes.
The company hopes that, when drilling resumes early in the new year, these results will lead to the discovery of the kimberlite pipe believed to be associated with these dykes.
The Fall drilling program concentrated on the central part of the AK property which had never been drilled before and where there are several prominent indicator mineral trains consisting of pyrope garnets, ilmenites and chromites. Four of the holes, which were drilled up-ice of the most prominent indicator mineral train, intersected several (up to seven) narrow kimberlite dykes at depths of approximately 30 to 60 m with a maximum thickness of 2.65 m.
The drilling program was stopped last week and will resume early in the new year. Several micro diamonds were recovered by caustic fusion from a very small sample (several kilograms) of kimberlite from one of the dykes.
Extensive heavy mineral till sampling has been on-going in five areas of the southern half of the AK property to better define and cut off the numerous indicator mineral trains identified to date. When exploration resumes, several of the most promising targets will be drilled, along with select targets identified on the CJ property.
Separately, diamonds recovered from the mini-bulk sample completed in September have been examined by two diamond experts. Both experts recommended that the company obtain additional valuations in Antwerp, Belgium. This recommendation is not unusual, since diamond valuations are subjective. It is common for several expert opinions to be obtained, especially from diamantaires in Antwerp, who handle large quantities of rough diamonds. The diamond market for smaller rough stones has been in a state of flux since the Argyle mine (CRA-Ashton) withdrew from the CSO several months ago. Additional valuations will be obtained and an average value for the diamonds will then be reported.
Finally, subject to regulatory approval, the company has granted incentive options to officers and employees to purchase 900,000 common shares, exercisable for two years at C$4 per share.
The AK and CJ properties are held 50% by Mountain Province, 40% by Glenmore Highlands Inc. (ASE:GMH) and 10% by Camphor Ventures (VSE:CFV).
On behalf of the board of Mountain Province Mining Inc.
"Jan W. Vandersande"
Jan W. Vandersande, Ph.D.
President
CONTACT: Mountain Province Mining Inc.
Jan Vandersande, 909/466-1411
www.mountainprovince.com
or
A.B. Korelin & Associates Inc.
Alexander B. Korelin or Rick Miner, 360/696-0990
COPYRIGHT 1996 Business Wire
