Four more kimberlite pipes discovered on Buffalo Hills project
Pure Gold Resources Inc PUG
Shares issued 88,106,667 Jul 18 close $0.28
Mon 21 Jul 97 News Release
Also Alberta Energy Company Ltd (AEC)
Also Ashton Mining of Canada Inc (ACA)
Mr Donald Sheldon reports
Four more kimberlite pipes have been discovered on the Buffalo Hills
project in northern Alberta, bringing the total to 15 found so far.
Three of the new discoveries, identified as K1-A, K1-B and K-19, are in the
general vicinity of pipe K-2 discovered last winter, and represent a second
cluster of kimberlites southwest of the first cluster of 10 pipes drilled
last winter.
The fourth new pipe, K-14B has been detected by test pitting on a satellite
magnetic anomaly 250 metres north of pipe K-14, which was found last
winter. Additionally, test pits immediately north of the K-14 discovery
hole have found kimberlite under relatively shallow overburden cover.
Earlier analyses of a sample of 204 kilograms from the one hole on K-14
returned 190 microdiamonds and 12 macrodiamonds.
A rotary percussion drill is continuing to take samples for a mini-bulk
test of pipe K-14. The recognition of kimberlite under shallow overburden
cover at K-14 has opened the way for the easy collection of additional
material from pits, enabling the augmentation of the 10 tonne sample to
approximately 25 tonnes, which will be taken from K-14. This will extend
the timetable for first results into mid-to-late October.
Two diamond drills are continuing testing of kimberlites K-1B and K-19 to
obtain information on the geometry of the kimberlite pipes. Following this
work the drills will return to pipes discovered last winter to obtain
information on their geometry and possible phase variations.
Ground geophysical crews are undertaking detailed surveys to confirm and
define magnetic anomalies identified last winter, and a detailed
aeromagnetic survey is under way over the original option property.
Pure Gold Resources and Ashton Mining of Canada have an option agreement
with Alberta Energy Company of Calgary whereby Pure Gold and Ashton have
the right to earn interests of 15% and 42.5% respectively in the Buffalo
Hills property. Total landholdings, including option and joint venture
lands, comprise 26.8 million acres in north central Alberta. Ashton is
operator of the related exploration programs. |
