Here is some good news!
Montello Resources Ltd -
Yorkton says buy
Montello Resources Ltd
MEO
Shares issued 35719337
1998-06-04 close $0.32
Friday Jun 5 1998
Art Ettlinger says why
Montello Resources was the first company, outside of the Ashton project, to
begin drilling this year. Work is focused on its Jazz prospect, approximately
100km southeast of Ashton's project. Originally, 18 anomalies were targeted for
drilling. These were defined by airborne and ground magnetic surveys and by
interpretation of geologic structures. After drilling seven of the anomalies it became
clear that glacial till thickness would be a problem in this area. Subsequent drilling
by other companies south of the Buffalo Hills and west of Jazz, confirmed that a
deep paleochannel filled with glacial till displaying a thickness in excess of 427 feet
(130m) existed in the region.
In order to distinguish magnetic anomalies due to igneous intrusive activity (and
possibly kimberlite) from those attributed to magnetic sediments within till
horizons, Montello is using seismic data to help evaluate subsurface geology. An
abundant archive of oilfield seismic data exists over the Jazz prospect and
Montello is reprocessing much of this information. Additionally, the company is
using an innovative approach by shooting its own seismic lines, first over a known
kimberlite in Saskatchewan, then over selected anomalies on company property.
A key consideration as to whether seismic data will prove to be a useful tool in
diamond exploration is survey cost. Montello is addressing this issue and is
considering modified seismic techniques, which appear to offer significant cost
savings over standard oilfield surveys but allow for the identification of buried
intrusive bodies.
Elsewhere, in the Buffalo Head Terrane, the company completed airborne
geophysical surveys on its 1.5 million acre Legend prospect, and over its Grizzly
and Valhalla properties. On Legend, preliminary interpretation of a small portion
of the property has identified several coincident topographic and airborne
magnetic anomalies up to 13 nT in strength. Montello intends to resume fieldwork,
at the end of spring break-up, which is likely to occur in middle to late May.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
Funny thing though, Yorkton puts out a buy recommendation and only buys 100 shares today. Maybe we will see Yorkton in the market next week.
purething
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