Pure Gold discovers third kimberlite in Alberta
Ashton Mining of Canada Inc ACA
Shares issued 29,249,415 Mar 22 close $1.23
Thu 23 Mar 2000 News Release
See Pure Gold Minerals Inc (PUG) News Release
Mr. Donald Sheldon reports
The company reports the discovery of one new kimberlite in Alberta and
summarizes the Alberta winter 2000 drill program.
The K252 kimberlite was discovered by drilling on the Buffalo Hills
property during March, bringing to 35 the total number found by the joint
venture to date. K252 is covered by 67 metres of overburden and located one
kilometre northwest of the diamondiferous K6 kimberlite. The two distinct
phases present in K252 are a fine- to medium-grained volcaniclastic
kimberlite, and a kimberlite breccia. Elsewhere, approximately 4.1 metres
of kimberlite beds interbedded with shale were intersected at anomaly 251,
which is located 500 metres west of the K4 kimberlite. These beds may be
related to the K4 eruption event.
During the Alberta winter program now completed:
Three new kimberlites were discovered on the Buffalo Hills property: K8,
K160 and K252. Microdiamond testing of samples from these kimberlites will
be carried out at Ashton's laboratory in North Vancouver during the second
quarter.
In the K14 project area, approximately one tonne of drill core was
collected from diamondiferous kimberlite BH225 discovered February, 1999,
and will be processed at Ashton's dense media separation plant.
An iron-rich rock intersected at anomaly CM1 on the Caribou Mountains
property, and reported on March 3, 2000, has been determined to be
sedimentary in origin with no kimberlitic affinities.
On Rabbit Lake property, one magnetic anomaly was determined to be caused
by magnetite in the sedimentary bedrock.
On the Cadotte Lake option property, drilling on one anomaly revealed the
source to be magnetic overburden. This property is 90 kilometres southwest
of the K14 kimberlite and consists of two mineral permits totalling 5,120
hectares. In March an option agreement was entered into with Horseshoe Gold
Mining Inc., Ridgeway Petroleum Corp. and Pure Gold Minerals Inc., whereby
Ashton and Pure Gold have the right to acquire up to an 80-per-cent
interest in the property by spending $1,075,000 on exploration.
The joint venturers on the Buffalo Hills, Caribou Mountains and Rabbit Lake
properties and in the K14 project area are Ashton (ACA.TSE), Alberta Energy
Company Ltd. (AEC.TSE) and Pure Gold Minerals Inc. (PUG.TSE). Currently,
Pure Gold's interests in these properties are approximately 10.6 per cent
(Buffalo Hills and Rabbit Lake), 30 per cent (Caribou Mountains) and 14.6
per cent (K14 project area). All exploration programs are operated by
Ashton under the direction of Brooke Clements, professional geologist, who
is Ashton's vice-president, exploration. |
