Pure Gold Reports New Anomalies And Diamond Found In Alberta
VANCOUVER, BRITISH COLUMBIA--Pure Gold Minerals Inc. (PUG:TSE)
(Pure Gold) is pleased to report on results on the 1999 summer
program in Alberta. The program was conducted over the Buffalo
Hills/Joint Venture Lands properties and the Cayo Lands properties
and consisted of heavy mineral sampling, ground magnetic and
electromagnetic surveys and an airborne electromagnetic survey.
Buffalo Hills/Joint Venture Lands
To further define drilling targets for winter 1999/2000, extensive
heavy mineral sampling and geophysical surveys were carried out
over a number of anomalous areas not related to any known
kimberlite occurrences. Ground magnetic and electromagnetic
surveys were completed over 40 targets, and approximately 400
heavy mineral samples were collected. Four new anomalies are
scheduled for drilling, and additional targets may be defined
after further interpretation of survey data. Further exploratory
drilling of kimberlite BH225, discovered in February 1999, is also
planned for this winter. BH225 returned encouraging microdiamond
results from a small sample as reported on April 28th.
The Buffalo Hills and Joint Venture Lands consist of five
properties totaling 2.3 million hectares (5.7 million acres). To
date 32 kimberlites have been discovered, most of which contain
diamonds. The joint venturers on the Buffalo Hills and Joint
Venture Lands are Ashton Mining of Canada Inc. (ACA-TSE/ME),
Alberta Energy Company Ltd. (AEC.TSE and AOG.NYSE) and Pure Gold
Minerals Inc. (PUG.TSE). The interests of the parties upon
completion of currently approved programs are expected to be
Ashton 45 percent; Alberta Energy 45 percent; and Pure Gold 10
percent.
Cayo Lands
Heavy mineral sampling and ground magnetic surveys have so far
revealed four anomalies which are scheduled for drilling this
winter. In particular, Ashton is encouraged by two isolated
circular anomalies on the Caribou Mountains property 120 km north
of the Buffalo Hills Property. Down-ice of these anomalies, a
till sample returned several hundred indicator minerals and a
stream sediment sample contained a diamond with a maximum
dimension of 0.75 mm. Detailed aeromagnetic surveys will be flown
over other selected anomalies in October and additional winter
drill targets may be generated.
The Cayo Lands consist of four properties totaling 8.5 million
hectares (21 million acres). The joint venturers on the Cayo
Lands are Ashton Mining of Canada Inc. (ACA.TSE/ME), Alberta
Energy Company Ltd. (AEC.TSE and AOG.NYSE), Pure Gold Minerals
Inc. (PUG.TSE). The interests of the parties upon completion of
currently approved programs are expected to be Ashton 35 percent;
Alberta Energy 35 percent; and Pure Gold 30 percent.
All exploration programs are operated by Ashton.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Pure Gold Minerals Inc.
Donald R. Sheldon
President
(604) 687-2038
(604) 687-3141 (FAX)
Website: www.pug
fin-info.com |
