Canadian Company Press Release
PUG 1998-02-09 (provided courtesy of Canadian Corporate News.)
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Pure Gold Minerals: Joint Venturers Plan $10 Million Alberta Program and
Report Diamond Analysis
VANCOUVER, BRITISH COLUMBIA--Donald R. Sheldon, President of Pure
Gold Minerals Inc., is pleased to provide further results from
sampling of the K-6 and K-91 kimberlites in the Buffalo Hills
Project, north-central Alberta.
As reported on January 19, 1998 a clear yellow diamond of 0.76
carat in weight was found in the early stages of processing of the
mini- bulk sample from kimberlite K-6. The full results of dense
media separation analysis of this sample of 13.95 tonnes are now
available and are tabulated below. Although only a few
macrodiamonds, other than the yellow stone reported earlier have
been found, the presence of this stone alone is encouraging and
indicates a need for further sampling.
Microdiamond analyses in late 1997 showed K-91 to have one of the
higher microdiamond counts found so far among the Buffalo Hills
kimberlites. Results from analysis by dense media separation of
core from the four holes (0.85 tonne) display a high degree of
variability between holes. The best results were obtained from
hole K-91-1, where 0.287 carat was recovered from a sample of 0.21
tonne, for an indicated content of 136 carats per 100 tonnes. The
average indicated diamond content in material taken from the four
holes is 35 carats per 100 tones. Although these results are
derived from very small samples, they confirm the presence of a
population of larger stones and point to the need for collection
of a larger sample.
/T/
Results are tabulated below:
Kimberlite Sample Dry Sample Weight of Indicated Carats/
Type Weight Stones greater 100t. for Stones
(tonnes) than 0.8 mm greater than
(carats) 0.8 mm
K-6 RC 4.13 .005 0.1
K-6 Pit 4.65 .067 1.4
K-6 x Core 5.17 .804 15.5
K-91 xx Core 0.85 .301 35.4
RC means reverse circulation
x largest stone 0.75 carat (reported January 19, 1998)
xx largest stones 0.14 and 0.13 carat
/T/
Pure Gold and Ashton Mining of Canada have now perfected their
interests of 15 percent and 42.5 percent respectively in the
Buffalo Hills option property, having met the requirement to
expend $5.5 million as defined under the agreement dated October
1, 1996. Total landholdings held jointly, including the Buffalo
Hills Property, comprise 28.3 million acres, Ashton is the
operator of the related exploration programs. All future programs
on these landholdings will be funded pro-rata based on the joint
venturers' interests.
Pure Gold, Ashton and AEC have finalized an initial exploration
program for 1998 of $10 million. Included are provisions for the
acquisition of a 10 tonne per hour dense media separation plant,
collection of a bulk sample of in excess of 500 tonnes from the
K-14 complex, mini-bulk sampling of kimberlite K-91, exploration
drilling of a minimum of 15 new targets and extensive airborne
geophysical surveys. The winter field program is now underway,
with drills to be mobilized within the next few days.
Pure Gold is a diamond exploration company with interests in a
wide range of properties in Alberta, The Northwest Territories and
Saskatchewan.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Pure Gold Minerals Inc.
Donald R. Sheldon
President
(604) 682-1240
or
Pure Gold Minerals Inc.
Carina Bittel
Shareholder Information
(604) 682-1240
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