Diamonds in Alberta, Ashton, Pure Gold, Montello, New Cla Message Board

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Gold/Mining/Energy : Diamonds in Alberta, Ashton, Pure Gold, Montello, New Cla

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To: Rocket Red who wrote (524)	10/6/1998 11:49:00 AM
From: Famularo	Read Replies (1) of 822

An update from Canaccord this morning... * Major General Resources (MGJ : VSE : $0.27 : Issued 35.5M) / Ascot Resources (AOT : VSE : $0.28 : Issued 17.8M) / Monopros Limited (De Beers) Late last week, Major General and Ascot Resources reported that De Beers had recovered six microdiamonds from 150 kg of reverse circulation drill sample from the Phalarope kimberlite on south-central Victoria Island in the Canadian Arctic. In June, Monopros (De Beers) discovered five kimberlites on the 2M-acre Major General/Ascot property, and samples were sent to the Kimberley laboratory in South Africa for analysis. The Phalarope kimberlite was a lower priority target due to the paucity of indicator minerals in the area, and its distance from the other kimberlites in the cluster. Results for the other bodies (Snowy Owl, Golden Plover, Longspur) are expected in mid-October. Monopros may acquire a 51% interest in the property by expending $2M on exploration and making payments to Major General and Ascot totalling $200,000 over three years. Once Monopros is vested, the partners will each retain an equal 24.5% interest. Monopros has discovered several diamondiferous kimberlites on its adjoining property, and on the NW portion of the island Aber carried out an indicator mineral sampling program this summer. The microdiamond count from Phalarope at 0.4 per 10 kg is low by NWT comparables. We will be quite interested in the further results and refer you to our June 10 and 11 comments on this play: we cannot offer opinions on these stocks at this stage. regards Frank

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