For interest-- Ashton Australia and DiaMet JV in Finland:
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Dia Met announcement/Ashton venture
Reuters Story - February 11, 1998 08:25
(Full text of press release from Canadian Corporate News)
FEBRUARY 11, 1998
Dia Met Minerals, Ashton Mining announce Finland Exploration Joint
Venture
KELOWNA, BRITISH COLUMBIA--Dia Met Minerals Ltd. is pleased to announce
that in addition to continuing exploration on its 100-per- cent-owned Finland
project, agreement has been reached to enter into a joint venture with
Australian company Ashton Mining Limited on Ashton's Finland diamond project.
The joint venture covers two areas in eastern Finland, one of 38,475 sq kms
and the other of 40,750 sq kms.
Ashton has been active in diamond exploration in Finland since 1986. Its
countrywide regional sampling program has identified several separate and
distinct areas in Finland from which kimberlite indicator minerals are being
shed. Follow-up sampling has identified indicator mineral trains, in addition
to the ones that Dia Met has discovered, that have yet to be resolved. Both
companies believe that the integration of their large databases and proprietary
techniques will enhance ongoing exploration.
Ashton has discovered 24 kimberlites in Finland and 16 of these are
confirmed to be diamond bearing. Mini-bulk samples have been taken from five
of the diamond bearing pipes. The results of four, as previously reported by
Ashton, are summarized in the following table:
Results of Mini-Bulk sampling
Pipe Area Sample Weight Diamonds Recovered Grade
(ha) (tonnes) (carats)(a) (carats/
100 tonnes)
7 1.8 23.3(b) 5.99 25.7
12 greater than
1.1 9.4 1.63 17.3
13 0.9 3.0 0.43 14.3
21(c) 1.5 16.6 4.41 26.6
(a) Diamonds reported have size + 0.8 mm
(b) A 1,400 tonne sample has been excavated from a single site in
the pipe, and parcels aggregating 1,114 tonnes have yielded grades
varying from 4.6 to 8.9 carats per 100 tonnes. The lower grades are
attributed to country rock contamination in the material available
for sampling and to variations in diamond distribution within
different phases of the kimberlite.
(c) A 1.1 carat diamond was recovered from the 16.6 tonne-mini-
bulk sample that was taken from pipe 21.
The result of the mini-bulk sample that was taken from the fifth kimberlite
did not indicate a grade of commercial significance.
Dia Met will manage the joint venture operations. Evaluation studies,
including drilling to obtain additional diamond bearing kimberlite, will be
carried out. The search for new kimberlite pipes will continue.
Under the terms of the agreement, Dia Met is required to spend $4 million
Cdn over the next three years to earn a 60 per cent interest in Ashton's
project. Of this amount, Dia Met has undertaken to spend a minimum of
$2 million Cdn over the next two years.
SIGNED ON BEHALF OF THE BOARD OF DIRECTORS
Charles E. Fipke, Geologist and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Dia Met Minerals Ltd.
Raymond Ashley
Manager of Exploration
(250) 861-8660
(250) 861-3649 (FAX)
diamet.com
e-mail: corporatdiamet.com
The American Stock Exchange and Toronto Stock Exchange have neither
approved nor disapproved the information contained in this release.
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