Ashton Discovers a Third Kimberlite in Alberta This Winter.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--March 23, 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. ("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. 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 o·ver·bur·den tr.v. o·ver·bur·dened, o·ver·bur·den·ing, o·ver·bur·dens 1. To burden with too much weight; overload. 2. To subject to an excessive burden or strain; overtax. n. 1. 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 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. . 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 Caribou Mountains can refer to:
TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ), Alberta Energy Company Ltd. (AEC AEC US Atomic Energy Commission Noun 1. AEC - a former executive agency (from 1946 to 1974) that was responsible for research into atomic energy and its peacetime uses in the United States Atomic Energy Commission .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. |
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