MONTELLO RESOURCES LTD.
P.O. Box 49057, Three Bentall Centre
Suite 1473, 595 Burrard Street
Vancouver, British Columbia V7X 1C4
Phone No. (604) 689-1799
Fax No. (604) 689-8199
FORM 27
SECURITIES ACT (ALBERTA)
MATERIAL CHANGE REPORT UNDER SECTION 118(1) OF THE ACT
1. Reporting Issuer
MONTELLO RESOURCES LTD.
Suite 1473, 595 Burrard Street
Vancouver, BC V7X 1C4
Phone No.: (604) 689-1799
2. Date of Material Change
March 25, 1998
3. Press Release
March 25, 1998 through the facilities of the Vancouver Market News Publishing, George Cross Newsletter and Canada Stockwatch (Western Edition).
4. Summary of Material Change
See attached Montello Resources Ltd. News Release dated March 25, 1998.
5. Reliance on Section 118(2) of the Act
Not Applicable
6. Omitted Information
Not Applicable
7. Senior Officers
Patrick Power, President of Montello Resources Ltd.
8. Statement of Senior Officer
The foregoing accurately discloses the material change referred to herein.
Dated at Vancouver, British Columbia on March 26, 1998.
Yours truly,
MONTELLO RESOURCES LTD.
Per: "Patrick Power"
PATRICK POWER, President
MONTELLO RESOURCES LTD.Suite 1473, Three Bentall Centre595 Burrard StreetVancouver, British ColumbiaV7X 1C4Tel: (604) 689-17991-800-268-2636Fax: (604) 689-8199E-Mail: ppower@montello.comWeb Page: www.montello.comASE SYMBOL: MEO REDWOOD RESOURCES LTD.Suite 307, 579 3rd Street S.E.Medicine Hat, AlbertaT1A 0H2Tel: (403) 504-40941-888-977-9663Fax: (403) 526-1011E-Mail: invest@redwood.ab.caWeb page: www.redwood.ab.caASE SYMBOL: RDW
March 25, 1998
Buffalo Hills Update
Montello Resources LTD (MEO-ASE) and Redwood Resources Ltd. (RDW-ASE) (the Companies) announce that their drilling program on the Jazz Claims Blocks in the Buffalo Hills region of north central Alberta has been successful in guiding the partnership in a positive direction with the development of extremely pertinent geological data. The completion of seven drill holes on as many targets has indicated that original high priority selections with typical kimberlite magnetic signatures were proven to be non-kimberlitic lithologies at shallow depths. This drilling information has dictated that the companies reevaluate their data which has been ongoing in conjunction with the drilling program. Airborne magnetics from the Jazz group of claims contains abundant anomalies that were originally deemed as second priority. Certain numbers of these have been upgraded to a priority status as described below. The novel selection process incorporates the data derived from the drilling program and new in-house generated modeling of airborne and ground magnetic data. This will more accurately define the magnetic signatures typical of Alberta kimberlites located under varying thicknesses of glacial till and younger sedimentary sequences. To compliment this process and render a multi-disciplined approach to the Companies' diamond exploration program, the employment of a thorough examination and evaluation of all available seismic data derived from oil and gas exploration over the Jazz claim block has been employed using the expertise of seismic geophysicists. This systematic approach to anomaly identification, using magnetics in conjunction with seismic, is responsible for the development of new priority targets for testing within the Jazz claim blocks.
Once several targets have been assembled, drilling will resume on the property to continue testing for kimberlite sources. Additionally, a summer geochemical sampling program is being considered for certain areas within the claim block. As with all well developed technical programs, the Companies exploration staff have used accumulated data to their advantage and assembled a sound and aggressive direction for the remainder of 1998 within the Jazz claims. The Companies have recently commenced the flying of an airborne magnetic survey over the 1.5-million-acre Legend block which is also contiguous to the Ashton Buffalo Hills claims.
In addition, Montello has completed the airborne magnetic survey over the Grizzly and Valhalla properties and is currently reviewing the data for target interpretation.
Our newly developed target selection methods will be employed for the interpretation and target selection process on all the properties. This data is in various stages of review or acquisition and all will be interpreted for target selection using the methods described above.
ON BEHALF OF THE BOARD OF DIRECTORS
MONTELLO RESOURCES LTD. REDWOOD RESOURCES LTD.
Per: "Patrick Power" Per: "Gary Korzenowski"
PATRICK POWER, President GARY KORZENOWSKI, President
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. |
