News this morning:
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ASHTON MINING OF CANADA INC.
TSE SYMBOL: ACA
JANUARY 14, 2000
Ashton Announces Winter Programs and Hydra Kimberlite
Results
VANCOUVER, BRITISH COLUMBIA--John S. Auston, President and CEO of
Ashton Mining of Canada Inc. ("Ashton") reports that the winter
drilling programs in northern Alberta are underway and that
microdiamond analyses from the Hydra kimberlite have been
received.
Alberta
The current winter program commenced in December 1999 with
drilling and trenching on three lower-priority aeromagnetic
anomalies on the Athabasca property near Fort McMurray. Two of
the anomalies were found to originate in concentrations of
magnetic minerals in the sedimentary bedrock and the third anomaly
remains unexplained.
Drilling in northern Alberta has resumed, with the program to
focus on a minimum of five high-priority targets on the Buffalo
Hills and Rabbit Lake properties, two high-priority targets on the
Caribou Mountains property, and further testing of diamondiferous
kimberlite BH225 in the K14 Project Area. BH225 was discovered in
February 1999 and as reported on April 28, it returned encouraging
microdiamond results from a small sample.
After two years of extensive exploration, land holdings on the
Whitemud Hills, Lesser Slave Lake, and Athabasca properties on the
Cayo Lands have been reduced from 6.5 million to 409,000 hectares
(16,000,000 to 1,010,000 acres) to retain only those permits with
the highest discovery potential. The Caribou Mountains property,
which is 2,084,000 hectares (5,150,000 acres), is expected to be
reduced to a similar extent after the current drilling program is
completed.
The joint venturers on the Alberta projects are Ashton (ACA.TSE),
Alberta Energy Company Ltd. (AEC.TSE) and Pure Gold Minerals Inc.
(PUG.TSE). Ashton's interest in these properties is approximately
44.7 percent (Buffalo Hills and Rabbit Lake), 42.7 percent (K14
Project Area), and 35 percent (Cayo Lands).
Northwest Territories and Nunavut
Preparations are underway for winter ground geophysical programs
on the Star, Roundrock and Cross properties. Unexplained
indicator mineral anomalies are present on all three properties
and high priority targets will be scheduled for drilling upon
completion of the geophysical program.
The outcropping Hydra kimberlite was discovered in 1999 on the Ric
property in Nunavut, approximately 250 kilometres northwest of the
Ekati Mine. A total of 182 kilograms of this hypabyssal
kimberlite has been analyzed for microdiamonds, but no diamonds
have been recovered. Results from the 1999 heavy mineral sampling
program and an airborne magnetic survey indicate that additional
kimberlites may be present on the Ric property and exploration
will therefore continue.
The joint venturers on the Ric Property are Ashton and Pure Gold
Minerals. Ashton's interest is approximately 85 percent.
All exploration programs are operated by Ashton under the
direction of Brooke Clements, Certified Professional Geologist,
who is Ashton's Vice President, Exploration.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Ashton Mining of Canada Inc.
John S. Auston
President & CEO
(604) 983-7750
or
Ashton Mining of Canada Inc.
Ariel Bowers
Investor Relations
(604) 983-7750
Website: www.ashton.ca
Email: investor@ashton.ca |
