Major General and Ascot discover two new kimberlites at Victoria Island
Major General Resources Ltd MGJ
Shares issued 38,065,143 May 12 close $0.32
Thu 13 May 99 News Release
Also Ascot Resources Ltd (AOT)
Mr. Glenn Shevchenko reports
Major General and Ascot have received the initial results from the winter exploration program on Victoria Island that was recently completed by Monopros Limited. The program consisted of over 200 line kilometres of detailed ground magnetic surveys and eight diamond drill holes totalling 854 metres. Drilling encountered significant intersections of kimberlite in the Snowy Owl pipe and discovered two new kimberlite bodies known as the Horned Lark and Arctic Tern. The geophysical surveys now show that an extensive kimberlite dike system exists in the discovery area, with at least seven separate northwesterly trending dikes totalling 15 kilometres in length.
The four holes that were drilled into the Snowy Owl pipe totalled 522 metres and intersected 284 metres of crater and hypabyssal facies kimberlite. The pipe was tested with one vertical, one northwesterly and two southwesterly directed drill holes, with the deepest vertical intercept of kimberlite encountered at 130 metres. From Snowy Owl alone the program has recovered approximately one tonne of kimberlite material that will be analyzed for diamonds. The drilling and magnetic surveys have not resolved the full extent of the Snowy Owl pipe, however, Monopros has determined that its surface expression has now increased to about one hectare. The Golden Plover and Longspur kimberlites, and the two new targets, Arctic Tern and Horned Owl, were each tested with one hole which intersected a total of 96 metres of kimberlite. The Horned Lark, approximately 2.5 kilometres east of Snowy Owl, represents a significant new discovery. This target was tested with one vertical drill hole to a depth of 97 metres and intersected 78 metres of kimberlite before being terminated in kimberlite due to difficult drilling conditions. Dike-like intercepts of kimberlite in the range of two to eight metres were intersected at the Golden Plover, Longspur and Arctic Tern targets.
Drill core recovered from this program is currently being shipped to Yellowknife where Monopros will log the core in detail. Once completed, the kimberlite samples will be forwarded by air to the De Beers laboratory in Kimberly, South Africa, for diamond recovery via acid digestion. Small representative samples will be sent to the De Beers GeoScience Centre in Johannesburg for indicator mineral and detailed geological analysis. The property is jointly owned by Major General and Ascot Resources. De Beers may earn a 51 per cent interest by making cash payments totaling $200,000 and spending $2-million in exploration over three years.
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