Ashton Discovers Another Three Kimberlitic Pipes in Alberta.VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 4, 1997-- Ashton Mining of Can (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME ACA ACA - Application Control Architecture .) John S. Auston, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ashton Mining of Canada Inc. is pleased to announce that three further holes in the Company's drill program in north-central Alberta have intersected kimberlitic rocks. The three recent holes were drilled on separate geophysical anomalies on the Buffalo Hills Property in a drill program which to date has identified five kimberlitic bodies. This identification of five kimberlitic bodies in five exploratory drill holes is highly encouraging. The program will test 10 anomalies, all of which display the characteristics of kimberlite-style volcanism volcanism or vulcanism Any of various processes and phenomena associated with the surface discharge of molten rock or hot water and steam, including volcanoes, geysers, and fumaroles. . The holes were drilled vertically through glacial overburden and into kimberlitic material displaying crater and diatreme diatreme A volcanic pipe, filled with breccia, formed by a subterranean gaseous explosion. See illustration at batholith. facies facies /fa·ci·es/ (fa´she-ez) pl. fa´cies [L.] 1. the face. 2. surface; the outer aspect of a body part or organ. 3. expression (1). textures similar to those reported in the previous two drill holes. Glacial overburden was encountered to a depth of 6.7 metres (22 feet) on anomaly 14, 64 metres (210 feet) on anomaly 7A, and 13.4 metres (44 feet) on anomaly 6-1. All holes remained in kimberlitic material until termination at 200 metres (656 feet). Drilling on additional anomalies is in progress, and many anomalies of similar size and geophysical character remain to be tested. Various studies and analyses now are required to evaluate the diamond potential of the kimberlitic pipes. Ashton also has initiated a review to determine the exploration program and budgets that will be required to evaluate the 5.8 million acres of mineral rights presently under title. As reported previously, Ashton Mining of Canada Inc. and Pure Gold Resources Inc. have entered into an option agreement with a large Alberta energy company whereby Pure Gold has funded the first $500,000 of exploration expenditures and Ashton has the option to fund the next $5 million to earn interests of 15 percent and 42.5 percent interest respectively, following which the three companies would form a joint venture. Ashton is operator of the program. Ashton is a diamond exploration company with interests in a wide range of properties in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . It is 62 percent-owned by Ashton Mining Limited of Australia, a leading explorer, producer and marketer of diamonds which holds an interest of 40 percent in the Argyle diamond mine The Argyle diamond mine () is a diamond mine located in the north-east of Western Australia. in northwestern Australia. CONTACT: Ashton Mining of Canada Inc. John S. Auston, 604/983-7750 or Wayne Hillier, 604/983-7750 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion