Ashton Advances Programs On Superior Craton And Acquires Property In Quebec
VANCOUVER, BRITISH COLUMBIA--Robert T. Boyd, President and CEO of
Ashton Mining of Canada Inc. ("Ashton") is pleased to provide an
update on Ashton's Superior craton programs, including the
acquisition of mineral permits in Quebec.
Quebec
In 1996 Ashton and its joint venture partner SOQUEM Inc.
("SOQUEM") initiated a reconnaissance-level diamond exploration
program over a selected portion of northern Quebec underlain by
the Archean Superior craton. To date, the joint venture has
collected approximately 1,700 heavy mineral samples including
till, stream sediment and glaciofluvial sediment and flown 8,700
line km of airborne magnetic surveys, thereby evaluating more than
450,000 square km of prospective terrain.
This work has resulted in the identification of a number of
discreet kimberlite indicator mineral occurrences, some coincident
with airborne magnetic anomalies displaying characteristics
consistent with kimberlite. The indicator mineral fans suggest
the presence of multiple kimberlite sources in at least two
project areas. One of these areas is the Otish Mountains region
approximately 275 km northeast of Chibougamau and the other is the
Caniapiscau area situated approximately 500 km east-northeast of
Radisson. Samples containing more than 1,000 indicator minerals
have been collected in these areas. High chromium, low calcium
("G10") pyrope garnets are present in some of these samples.
Picroilmenite with a chemical composition suggestive of diamond
preservation is also present in certain samples and has been
recovered in association with G10 garnets.
Pending approval by the Ministere des Resources Naturelles du
Quebec, the joint venture now controls approximately 100,000
hectares of mineral permits in the two project areas. Most of
these permits were acquired between August and December 2000.
The exceptional indicator mineral counts and geochemistry results
associated with geophysical anomalies demonstrate the need for an
aggressive exploration program in 2001. During the first quarter,
ground geophysical surveys will be completed over airborne
magnetic anomalies and high priority targets will be drill tested.
In addition, further heavy mineral sampling will be carried out.
This sampling will better define geophysical and indicator mineral
anomalies on the joint venture permits and upgrade the joint
venture's understanding of other selected regional indicator
mineral anomalies.
Ashton (ACA.TSE) and SOQUEM each have a 50 percent interest in the
Quebec diamond joint venture. SOQUEM is a wholly-owned subsidiary
of SGF Minerals Inc., which is a subsidiary of the Societe
generale de financement du Quebec (SGF). The mission of the SGF
is to carry out economic development projects in cooperation with
partners and in accordance with accepted requirements of
profitability.
Western Superior Craton
The western portion of the Superior craton covers parts of
Manitoba and Ontario. Ashton has been exploring in this region
since 1993. Reconnaissance and supplementary heavy mineral
sampling programs continued in 2000 over a 315,000 square km area
that includes portions of both provinces. Detailed sample
collection and analysis have identified several areas
demonstrating anomalous kimberlite indicator mineral occurrences.
In one of these areas, more than 1,000 indicator minerals were
recovered from a single sample. Additional results from the 2000
heavy mineral sampling program will be received in early 2001.
These results will aid in determining whether land acquisition,
geophysics and drilling are warranted in the first quarter.
Ashton is the operator of the programs described herein and Brooke
Clements, Professional Geologist and Ashton's Vice President,
Exploration, is responsible for the design and conduct of the
programs.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Ashton Mining of Canada Inc.
Robert T. Boyd
President & CEO
(604) 983-7750
Website: www.ashton.ca
or
Ashton Mining of Canada Inc.
Ariel Bowers
Investor Relations
(604) 983-7750
Email: investor@ashton.ca |
