Ashton diamond exploration update Ashton diamond exploration update.VANCOUVER, Bc--(BUSINESS WIRE)--Nov. 10, 1995--ASHTON MINING (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , MSE MSE Mouse (computer) MSE Materials Science & Engineering MSE Mean Squared Error MSE Mean Square Error MSE Master of Science in Engineering MSE Manufacturing Systems Engineering MSE Mechanically Stabilized Earth : ACA ACA - Application Control Architecture and ACA.WT TSE, MSE: ACA and ACA.WT ) The 1995 summer field program has been successfully concluded, with the highlight being the discovery of a 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 Cross 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. . Drilling programs are being scheduled over the next two quarters to test kimberlite targets in the company's project areas in both 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. . The Ursa kimberlite on the Cross Property was located through intensive surface sampling. The body is covered by only a very thin till sequence. It is estimated to be at least 1 Ha in surface area and is on dry land. A two tonne sample of kimberlite material has been taken from hand-dug trenches and is being processed through Ashton's Dense Media Separation (DMS (1) (Document Management System) See document management. (2) (Defense Messaging System) An X.500-compliant messaging system developed by the U.S. Dept. of Defense. ) plant to determine its potential for commercial sized diamonds. A new joint venture between Ashton, Lytton Minerals Ltd. and Pure Gold Resources Inc. covering the "CR" and "LL" claim groups in the Snare Lake Region was announced in August. The prospectivity of the "CR/LL" claims and the Cross area was upgraded during the summer by detailed in-fill heavy mineral sampling. With this encouragement, 3 high resolution geophysical surveys were recently flown in these two project areas. It is anticipated that the integration and interpretation of both the geophysical and heavy mineral data sets will result in a suite of drilling targets which will be tested during the 1996 spring season. Heavy mineral concentrates from our Northwest Territories diamond exploration samples are being routinely assayed for their gold and base metal content. The compilation of this data, combined with results from follow-up sampling during the past summer field season, will lead to an increased emphasis on the search for these commodities during 1996. A drill program on the Kyle #3 kimberlite in the James Bay James Bay, shallow southern arm of Hudson Bay, c.300 mi (480 km) long and 140 mi (230 km) wide, E central Canada, in Nunavut Territory between Ont. and Que. Numerous rivers flow into the bay; many of these have been developed for hydroelectric power in Quebec (see Joint Venture area with KWG KWG Kreditwesengesetz (German: banking act) KWG Kids With Guns (band) KWG Kaiser Wilhelm Gymnasium KWG Kernkraftwerk Graben Resources Inc. ("KWG") has shown the body to be a relatively narrow, dyke like intrusive. Micro diamond test work is being under taken, with further work on this prospect contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent these results. Recent exploration initiatives announced by KWG in the James Bay area have enhanced the prospectivity of the region. The partners remain encouraged that further kimberlite discoveries will be made in the joint venture area. In the Lake Superior Joint Venture (USA), interpretation of aeromagnetic geophysical surveys in three widely separated regions in the project area has led to the definition of 11 high priority targets. A drill program to test these targets will commence in the forthcoming quarter. A small kimberlite discovery reported in the previous quarter has shown to have limited economic potential following laboratory test work. Over the first three quarters of 1995, Ashton has incurred a net loss of $2,609,000 or $0.13 per share which includes $2,396,000 in exploration costs charged to operations. Corporate costs were $1,074,000 offset by interest income on short term investments of $861,000. Deferred exploration costs charged to operations are the result of Ashton on-going review of those exploration properties which have been shown to be unprospective and have been or are, therefore, recommended for relinquishment. Activities during the period included exploration expenditures of $3,562,000 and capital asset additions of $108,000. Working capital decreased $3,727,000 to $13,911,000 in the nine months of 1995. This balance includes $14,258,000 in cash and short term deposits. Ashton Mining of Canada Inc. is a diamond exploration company with interests in a wide range of exploration properties in Canada and the United States. The Company is 60% owned by Ashton Mining Limited of Australia, a leading international diamond exploration, mining and marketing company. CONTACT: Ashton Mining David M. Hurburgh, 604/983-7750 INDUSTRY KEYWORD: MINING REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-236-4266 or 80 |
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