Ashton Mining of Canada Inc.: $18 Million Quebec Program Commences.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 19, 2004 Robert T. Boyd, 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"), is pleased to announce that Ashton and its joint venture partner, SOQUEM INC., have approved a 2004 program that includes the collection of a bulk sample from the Renard cluster and continued exploration of the joint venture's other mineral properties in north-central Quebec. Each party will fund an equal share of the estimated $18 million cost of the program. Bulk Sampling - Renard Cluster In late January, the joint venture will commence a bulk sampling program on the Foxtrot foxtrot one of the two artificial gaits of the five-gaited horse. A four-beat gait midway in speed between a walk and a trot. There is a great deal of similarity with several other gaits such as amble, fadge, slow pace, stepping pace, running walk, jog, hound jog. property that will focus on four of the diamondiferous bodies within the Renard cluster. The bulk sampling will be conducted using both core and large diameter reverse circulation ("RC") drilling and is designed to collect a cumulative sample of at least 600 tonnes of kimberlitic material. Existing data suggest that a sample of this magnitude should yield a cumulative parcel of at least 300 carats of diamonds that could provide the basis for a preliminary determination of diamond value. Renard 2, 3, 4 and 65, the four bodies currently envisaged for bulk sampling in 2004, have estimated surface dimensions of 0.6, 0.3, 1.0 and 1.5 hectares respectively. The joint venture has collected cumulative mini-bulk samples weighing 56 tonnes in total from these bodies. Results generated by processing 36.5 tonnes of this material to date indicate an average diamond content of 66 carats per hundred tonnes. The four bodies have returned ten diamonds larger than 0.25 carats including a diamond with an estimated weight of at least four carats that remains embedded Inserted into. See embedded system. in core from Renard 65. Results from the remaining 19.5 tonnes of material are expected in the first quarter. The bulk sampling program will involve the drilling of 40 to 60 core holes. The resulting geological information will be used to determine the location of the RC drill holes. Most of the bulk sample will be collected by drilling 30 cm diameter RC holes. An estimated 150 to 250 tonnes of material will be collected during the winter portion of the program. The remainder will be collected during the summer and fall field season. Preparations for the bulk sample have already begun with the mobilization mobilization Organization of a nation's armed forces for active military service in time of war or other national emergency. It includes recruiting and training, building military bases and training camps, and procuring and distributing weapons, ammunition, uniforms, of equipment and construction of an ice airstrip near the Renard cluster that is capable of receiving large cargo aircraft A cargo aircraft is an airplane designed and used for the carriage of goods, rather than passengers. This role demands a number of features that makes a cargo aircraft instantly identifiable; a "fat" looking fuselage, a high-wing to allow the cargo area to sit near the ground, a . The bulk sample portion of the 2004 program has been budgeted at approximately $12 million. Exploration Activities - Foxtrot and Tichegami Properties Estimated expenditures of $6 million have also been approved for grassroots exploration, target drilling and mini-bulk sampling in 2004. This work will focus primarily on the Foxtrot and Tichegami properties. Foxtrot property Indicator mineral sampling results generated in 2003 identified four highly anomalous indicator mineral trains with associated kimberlitic pebbles and boulders on the Foxtrot property external to the Renard cluster. Diamonds were recovered from till samples collected from two of these dispersions, and the Lynx lynx, name given to several related small, ferocious members of the cat family. All have small heads, tufted ears, and heavy bodies with long legs and short tails. All are primarily terrestrial, although they are able to climb trees. kimberlitic occurrence was discovered in 2003 within one of them. During the winter portion of the 2004 program, the joint venture will focus on the investigation of these unexplained unexplained Adjective strange or unclear because the reason for it is not known Adj. 1. unexplained - not explained; "accomplished by some unexplained process" indicator mineral dispersions through airborne and ground geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. followed by target drilling. The joint venture will also collect a mini-bulk sample weighing approximately ten tonnes from Renard 9 during the winter field season. Renard 9 was discovered in early 2003 and returned very encouraging initial diamond results including a 0.11 carat CARAT, weights. A carat is a weight equal to three and one-sixth grains, in diamonds, and the like. Jac. L. Dict. See Weight. diamond recovered by caustic caustic, any strongly corrosive chemical substance, especially one that attacks organic matter. A caustic alkali is a metal hydroxide, especially that of an alkali metal; caustic soda is sodium hydroxide, and caustic potash is potassium hydroxide. fusion of a 212 kg sample. Summer exploration activities on the Foxtrot property will include indicator mineral sampling, additional geophysical surveys and target drilling. Mini-bulk samples will be collected from new discoveries that warrant further evaluation. Tichegami property Geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. targets with associated indicator mineral dispersion dispersion, in chemistry dispersion, in chemistry, mixture in which fine particles of one substance are scattered throughout another substance. A dispersion is classed as a suspension, colloid, or solution. trains have also been identified on the Tichegami property, located 80 km south of the Renard cluster. A program of indicator mineral sampling, geophysical surveys and target drilling is planned on this property during the summer. SOQUEM is a wholly-owned subsidiary of SGF SGF Svenska Golfförbundet (Swedish Golf Federation) SGF Société Générale de Financement (Quebec, Canada) SGF Smart Game Format SGF Simulated Gastric Fluid Mineral inc., a subsidiary of Societe generale de financement du Quebec ("SGF"). The mission of the SGF, as an industrial and financial holding company, is to carry out economic development projects, especially in the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability that comply with the economic development policy of the Government of Quebec. Ashton is the operator of the joint venture's exploration programs. Brooke Clements, Professional Geologist and Ashton's Vice President, Exploration, is responsible for their design and conduct, and for the verification and quality assurance of analytical results. |
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