Ashton Mining of Canada Inc - News Release
Pure Gold and Ashton receive Artemisia sample results
Ashton Mining of Canada Inc ACA
Shares issued 48,702,025 Feb 7 2002 close $3.720
Thursday Feb 7 2002 News Release
Mr. Donald Sheldon of Pure Gold Minerals reports
PURE GOLD MINERALS INC.: ARTEMISIA MINI-BULK SAMPLE YIELDS MA ...
Pure Gold Minerals has received diamond results for the minibulk sample collected from the Artemisia kimberlite during the fall 2001 field program.
Situated on the Kim property in the north Slave craton region of Nunavut, the Artemisia kimberlite was discovered by drilling in September, 2001. The discovery hole was located at the interpreted centre of the body and terminated in kimberlite at a depth of 169 metres. Microdiamond results from samples of drill core and surface exposures were reported on Nov. 1, 2001, and Jan. 18, 2002. Geologic mapping suggests that Artemisia is at least 150 m by 140 m in size.
A minibulk sample weighing 1,157 kilograms was collected from talus and outcrop at three separate sites located 60 m northeast, 71 m west and 48 m southeast of the discovery hole drill collar. The sample was processed through the dense media separation plant at Ashton Mining of Canada's North Vancouver, B.C., laboratory and returned a total of 0.20 carat of diamonds larger than 0.8 millimetre using a square aperture screen. These results give the sample an estimated diamond content of 17.3 carats per 100 tonnes. The largest diamond recovered was a colourless octahedral aggregate measuring 2.25 mm x 1.75 mm x 1.35 mm. The next two largest stones are whole colourless crystals and measured 2.05 mm x 1.93 mm x 1.00 mm, and 2.05 mm x 1.38 mm x 1.20 mm, respectively. These data suggest that larger stones may be present.
This minibulk sample was small in size and consisted only of material collected from surface exposures of talus and outcrop. Accordingly, a larger, representative sample of five to 10 tonnes will be collected from Artemisia by core drilling during the 2002 winter exploration program.
Pure Gold holds its interest in the Kim property under the Slave regional joint venture with Ashton, which is the operator of all programs. Pure Gold holds an approximate 10-per-cent interest in the joint venture.
Brooke Clements, professional geologist and Ashton's vice-president of exploration, is responsible for the design and conduct of the exploration programs, and the verification and quality assurance of analytical results.
Financing of $2.1-million closes
Pure Gold has closed the brokered private placement as reported in Stockwatch on Jan. 23, 2002. Pure Gold completed the sale of 10 million units at 20 cents per unit.
Haywood Securities Inc. acted as agent for the offering and was paid a corporate finance fee of $15,000, a cash commission of 7.5 per cent of the total proceeds raised and was issued broker's warrants representing 10 per cent of the total number of units sold under the offering. Each broker's warrant entitles the agent to acquire one common share of Pure Gold, exercisable for a period not later than two years from the date of closing, at a price of 20 cents per common share.
In addition, two directors of Pure Gold purchased 660,000 common shares at 20 cents per common share. No commission was paid for the non-arm's-length transaction.
(c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com
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