Pure Gold Commences Winter Program In The Northwest Territories
VANCOUVER, BRITISH COLUMBIA--Donald R. Sheldon, President & CEO of Pure Gold Minerals Inc. (PUG:TSE) (Pure Gold) reports that a winter program of geophysics and drilling has commenced on the Cross, Star and Roundrock properties in the Northwest Territories. Ground geophysics consisting of magnetic and electromagnetic surveys will be conducted on previously identified anomalies with drilling on high priority targets to follow in late March.
Cross Property
The 17,600 hectare Cross property is located approximately 200 kilometers southwest of the Ekati Mine. Between 1994 and 1996, Ashton discovered the diamondiferous Cross, Ursa and Orion kimberlites on the property. Indicator minerals with fresh abrasion characteristics were recovered from heavy mineral samples collected just down-ice of five lakes. Airborne geophysical anomalies coincident with indicator mineral fans have been detected over three of these lakes. Ground geophysical surveys will be completed over all five lakes.
Ashton Mining of Canada Inc. (Ashton) (ACA-TSE) has an option to earn a 50% interest in any given kimberlite discovery from Pure Gold (PUG-TSE), and Tenajon Resources Corp., (Tenajon) (TJS-CDNX) by sole-funding all programs until it collects at least 20 tonnes of material from each such discovery.
Star Property
The 7,200 hectare Star property is located approximately 180 kilometers southwest of the Ekati Mine and ajoins the Cross property which lies immediately to the South. Heavy mineral sampling on the property has defined an indicator mineral fan that originates from the junction of three small lakes. A ground geophysical survey over an area of one square kilometer is currently in progress. The joint venture partners on the Star property are Ashton - 56%, Pure Gold - 24%, and Tenajon - 20%. All partners have confirmed their participation in the winter program.
Roundrock Property
The 19,400 hectare Roundrock property is located approximately 130 kilometers west of the Ekati Mine. The diamondiferous Aquila kimberlite was discovered on the property in 1996. Many unexplained indicator mineral anomalies are present, some with coincident airborne geophysical anomalies. Four large areas are scheduled for ground geophysical surveys.
The joint venture partners on the Roundrock property and their approximate current interests are Ashton - 53.13%, Tahera Corporation (TAH-TSE) - 24.5%, Pure Gold - 12.25%, Paramount Ventures and Finance Inc. (PVF-CDNX) - 8.29% and Silverarrow Explorations Inc. (SVI-CDNX) - 1.83%. Paramount and Silverarrow have confirmed participation in the winter program while Pure Gold and Tahera have elected to dilute their respective interests.
All of the above exploration programs are operated by Ashton.
Opikeigen Property
Slam Exploration Ltd. (``Slam') is pleased to announce a diamond drill and crew have been mobilized to the Opikeigen Lake property. Through an agreement with Pure Gold and Ella Resources Inc., (ERE, CDNX), Slam can earn up to 80% interest in 155 claim units (2,480 ha) located 145km east of the town of Pickle Lake and 13km Northwest of Fort Hope, Ontario. Approximately ten holes for a total of 1,350 meters will be drilled. Targets to be tested include gold mineralized zones OL29, OL12 and their potential extensions as indicated by Induced Polarization (IP) geophysical surveys conducted in 1999. Further IP surveys are to be conducted concurrent to the drill program.
Pure Gold also wishes to announce the resignation of Nelson W. Baker as Director to the company effective February 3, 2000 and in his place, the appointment of Mr. Gordon A. Keevil, B.Sc., P. Geol., as Director.
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Contact:
Pure Gold Minerals Inc.
Donald R. Sheldon
President
(604) 687-2038
Website: www.pugres.com |
