Ashton Mining of Canada Inc - News Release
Ashton releases encouraging Renard diamond results
Ashton Mining of Canada Inc ACA
Shares issued 48,702,025 Dec 14 2001 close $1.650
Monday Dec 17 2001 News Release
Mr. Robert Boyd reports
Ashton Mining has released its diamond results for the two kimberlitic rocks recently discovered by Ashton and its joint venture partner, SOQUEM Inc., in the Otish Mountains region of north-central Quebec.
As reported in Stockwatch Sept. 21, 2001, the first discovery, now named Renard 1, was made when a vertical hole and an angle hole intersected kimberlitic rock from 10 to 108 metres where the holes were terminated. As reported in Stockwatch Oct. 16, 2001, the second discovery, Renard 2, was made when a vertical drill hole encountered kimberlitic rock from 18 to 101 metres. An angle hole drilled at the same location encountered kimberlitic rock from 22 to 35 metres. From 35 to 105 metres, the core consists mainly of gneiss with lesser amounts of kimberlitic material.
Drill core from each of the kimberlitic bodies was processed by caustic dissolution at Ashton's North Vancouver, B.C., laboratory and returned the following numbers of diamonds:
Sample Number of diamonds
Occurrence weight Micro Macro
(kg) (1) (2)
Renard 1 205.8 54 5 (3)
Renard 2 163.1 116 29 (4)
(1) Greater than 0.1 of a millimetre and less than 0.5 of a millimetre in one dimension.
(2) Greater than or equal to 0.5 of a millimetre in one dimension.
(3) One of the macro-diamonds from this sample measures greater than 0.5 of a millimetre in two dimensions.
(4) Five of the macro-diamonds from this sample measure greater than 0.5 of a millimetre in at least two dimensions with the three largest stones measuring 1.63 by 1.58 by 0.53 millimetres, 1.44 by 1.05 by 0.60 millimetres and 1.25 by 1.05 by 0.60 millimetres.
Kimberlitic indicator minerals, including pyrope garnet and chromite, were also recovered in concentrates derived from the drill core. A significant percentage of the pyrope garnets have high-chromium, low-calcium (G10) chemical compositions. The concentrates also contain elevated numbers of chromites similar in composition to the chromite inclusions that occur in diamonds.
Renard 1 is a hypabyssal facies rock. At Renard 2, both hypabyssal and diatreme facies rocks are present. Both bodies contain macro-crystic olivine in a ground mass containing variable amounts of olivine, phlogopite, monticellite, perovskite, apatite and spinel. The petrographic characteristics of the rocks are transitional between kimberlite and melnoite. Melnoites include ultramafic rocks that are similar to kimberlites in appearance, but differ slightly in the chemical composition of the ground mass minerals. Melnoites originate from depths similar to those of kimberlites, and some are known to contain diamonds.
Encouraged by the confirmation of this new area of diamondiferous rocks, the joint venture will conduct an aggressive exploration program in north-central Quebec in 2002. The program will focus on unexplained indicator mineral trains having favourable chemistry that are present in the immediate vicinity of Renard 1 and 2, and elsewhere on the joint venture's permits. Work will include heavy mineral sampling, detailed geophysical surveys and where warranted, target drilling. At Renard 2, the program will involve delineation drilling and the collection of a larger sample.
Ashton and SOQUEM have been exploring for diamonds in Quebec since 1996 in an equal joint venture that currently holds more than 260,000 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 Ashton's design and conduct. |
