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Gold/Mining/Energy : ASHTON MINING OF CANADA (ACA)

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To: George J. Tromp who wrote (3793)	2/8/1998 3:36:00 PM
From: John Fairchild	Read Replies (1) of 7966

Thanks for your input George. You are correct I was stirring the pot and it worked. I respect your knowledge. Obviously it has brought you some success. <<<a lot of assumptions are being made in Alberta. Thus far they have fallen short.>>> Thats a pretty general statement George. Initialy an assumption was made that BH had kim pipes. Did that assumption fall short? On Oct 30, 1996 Ashton optioned the original claim block from Alberta Energy. Three months later they started a program to test 10 unprioritized magnetic anomalies from the original Aberta Energy aeromagnetic survey. The first hole on each of two separate targets both hit kimberlite pipes. February 4, three more holes hit three more kimberlites. February 14, the next five holes find five more kimberlites. March 4, a bulldozer preparing a drill sight on the 11th anomaly uncovers the 11th kimberlite under two meters of glacial clay. 10 out of 11 of these pipes had diamonds. Up to this point in time (to my knowledge) 17 pipes have been found with 12 containing diamonds. 3 have been minibulk sampled with results back from K14. Still waiting on K5 and K6. We do however have the yellow 3/4 carat diamond which sounds like a gem but we don't know yet. Very encouraging that this diamond was discovered during processing. What are the odds that this is a fluke and no others will be found when they complete processing of the sample. K91 - reported to be some of the best results in BH so far. 117 kg sample with 180 micro and 12 macro count. 15 meters overburden. Further testing warranted. What amazes me out of this is that these pipes are huge and they are finding them every time they drill. From what I understand distribution of diamonds can vary significantly through out the pipe and they have just scratched the surface so far. Back to assumptions. Initially and assumption had to be made that the magnetic anomalies were kimberlite pipes. That was just over a year ago. The assumption was true. Next an assumption that these pipes contained diamonds. Again true. Next could these pipes contain economic grades of diamonds. We don't know yet but look at how far they have come along in such a short period of time with minimal expenditures to date. Every one has to justify their own level of risk. Can you play ABD and make money right now. No doubt in my mind. The play is 1 year old and is really just getting started. In my mind their are a lot of pipes that are going to have to be ruled out as not economic before this play is over. Will they find one that screams economic. Its possible given the success they have had so far. Do they already have a mine. Again its possible. Will there be lots of AB activity this year. YES and its just starting. George, I am sure you made up your mind a long time ago about BH. I sure am not going to change it but i have to tell you I am pretty excited about what we are going to see out of AB. There will be lots of trading opportunities - and that is part of the game. Like I said on Friday night - the market is pumped. I may not know a lot about geology (I do read what ever I can) but one thing I know for sure is that it is not a precise science and mother nature has lots of secrets. John

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