Ashton Mining of Canada Inc - News Release
Ashton notified of second kimberlitic rock discovery
Ashton Mining of Canada Inc ACA
Shares issued 36,238,668 Oct 17 2001 close $.830
Tuesday Oct 16 2001 News Release
Mr. Robert Boyd reports
A second kimberlitic rock has been discovered during the recently completed fall drilling program undertaken by Ashton and its joint venture partner, SOQUEM Inc., in the Otish Mountains region of Quebec.
The second discovery was made by drilling a geophysical anomaly located one kilometre south of the initial discovery announced in Stockwatch Sept. 21, 2001. The first hole, drilled vertically, intersected ultramafic igneous rock under 18 metres of overburden. The ultramafic rock has characteristics consistent with kimberlite. The hole was terminated in this material at a depth of 101 metres. A second hole which was drilled at the same location at a 60-degree angle from horizontal encountered similar material from 22 to 35 metres. After intersecting 70 metres of material consisting mainly of gneiss with lesser intervals of kimberlitic rock, this hole was terminated at 105 metres.
Two other magnetic anomalies were drilled during the program and were explained by the presence of magnetite-rich zones within gneissic bedrock.
Samples of core from this discovery and from the earlier discovery are currently undergoing petrographic analysis. Microdiamond tests at Ashton's North Vancouver laboratory will follow with results expected late in the fourth quarter.
Ashton and SOQUEM have been exploring for diamonds in Quebec since 1996 in an equal joint venture that currently holds more than 180,000 hectares of highly prospective mineral permits. 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 co-operation with partners and in accordance with accepted requirements of profitability.
Ashton is the operator of the exploration programs and Brooke Clements, professional geologist and Ashton's vice-president, exploration, is responsible for their design and conduct. |
