Ashton Discovers New Kimberlite in the Northwest Territories.Business Editors NORTH VANCOUVER North Vancouver, city (1991 pop. 38,436), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver, of which it is a suburb. Shipbuilding, woodworking, and the shipping of grain, lumber, and ore are the chief industries. , B.C.--(BUSINESS WIRE)--April 10, 2000 John S. Auston, President and 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. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ACA ACA - Application Control Architecture .) ("Ashton") reports the discovery of one new kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. on the Roundrock property in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. as winter drilling continues. Roundrock Property Kimberlite was first discovered on the Roundrock property in 1996 when Ashton found the diamondiferous Aquila body. In April of this year, two exploratory core holes were drilled into a nearby magnetic anomaly and each intersected 20 metres of kimberlite in an apparently flat-lying body. The kimberlite, named Cygnus, is capped by approximately 35 metres of granite breccia breccia: see conglomerate. breccia Coarse sedimentary rock consisting of angular or nearly angular fragments larger than 0.08 in. (2 mm). Breccia commonly results from processes such as landslides or geologic faulting, in which rocks are fractured. containing veinlets of kimberlite, which in turn is overlain o·ver·lain v. Past participle of overlie. by 11 metres of glacial overburden. Microdiamond testing of core samples from Cygnus will be carried out at Ashton's laboratory in North Vancouver during the second quarter. The program is continuing with the drilling of one additional magnetic anomaly two kilometres to the north of Cygnus. Unexplained indicator mineral dispersion fans suggest that additional kimberlites are present on the property. The 19,400 hectare Roundrock property is located approximately 130 kilometres west of the Ekati Mine. The joint venturers on the Roundrock property and their approximate current interests are Ashton (ACA-TSE) 53.30 percent, Tahera Corporation (TAH-TSE) 24.50 percent, Pure Gold Minerals Inc. (PUG-TSE) 12.29 percent, Paramount Ventures and Finance Inc. (PVF-CDNX) 8.25 percent and Silverarrow Explorations Inc. (SVI-CDNX) 1.65 percent. Paramount and Ashton are funding the 2000 exploration program with Pure Gold, Tahera and Silverarrow diluting their respective interests. Star Property Two magnetic anomalies were drilled on the Star Property and a magnetic ultramafic rock tentatively identified as pyroxenite pyroxenite Dark medium- to coarse-grained igneous rock that consists chiefly of pyroxene. Accessory minerals include hornblende, biotite, or olivine. Pyroxenites are not abundant. was intersected at both locations. Further work will be conducted during the summer field season in an effort to better locate the source of the indicator mineral dispersion fan on the property. The 7,200 hectare Star property is located approximately 180 kilometers southwest of the Ekati Mine. The joint venturers on the Star property are Ashton 56 percent, Pure Gold Minerals 24 percent, and Tenajon Resources Corp. (TJS-CDNX) 20 percent. All partners participated in the winter program. Cross Property Two holes were drilled in small lakes on the Cross Property to confirm the source of indicator minerals and geophysical anomalies. No kimberlite was intersected, but indicator mineral dispersion fans suggest that undiscovered kimberlites may be present on the property. The 17,600 hectare Cross property is located 200 kilometers southwest of the Ekati Mine and adjoins the Star property to the north. Ashton has an option to earn a 50 percent interest in any given kimberlite discovery from Pure Gold Minerals and Tenajon Resources by sole-funding all programs until it collects 20 tonnes of material from each such discovery. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion