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Gold/Mining/Energy : Montello Resources

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To: Dev who wrote (2633)	10/20/1998 4:15:00 PM
From: Famularo	Read Replies (1) of 4256

Third kimberlite pipe discovered Montello Resources Ltd MEO Shares issued 37,716,158 Oct 19 close $0.42 Tue 20 Oct 98 News Release Also Redwood Resources Inc (RDW) Mr. Patrick Power reports Montello Resources and Redwood Resources have received the following report from Kennecott Canada Exploration: Drilling of the third target in its current program has intersected a third kimberlite pipe (Dragon) at 135.9 metre depth. The hole was terminated at 193.2m depth still in kimberlite. Mudstone is intercalated within the kimberlite suggesting contemporaneous deposition. The discovery of the Dragon kimberlite was especially encouraging because the target represented a subtle magnetic low anomaly. The distinction being, that the two previous kimberlite pipe discoveries (Phoenix and Roc) were targeted because of the fact that they were magnetic high anomalies. Now that both magnetic low and magnetic high targets have produced kimberlite pipes the total number of targets has increased. This translates into an expanded drill program that will now require drilling into 1999. The drill rig is now at the fourth target Wyvern, which is a magnetic high. Palynology has been received from mudstones extracted from the Phoenix pipe. They returned Upper Cretaceous ages ranging from Campanian-Maastrichtian, which suggested a maximum age for the kimberlite of 82 million years. Preliminary heavy mineral chemistry has also been returned from a 15kg sample of the Phoenix kimberlite. Abundant olivine and ilmenite along with rare chromite were reported. No garnets or clinopyroxene were reported. The ilmenites are high in MgO and as such suggest good conditions for the preservation of diamonds. The chemistry reported that the olivine levels (Fo 88-92) are typical of kimberlite pipes. The presence of diamonds requires confirmation by caustic fusion analysis which is still continuing and due in approximately four weeks. Kennecott is encouraged by the fact that the first three targeted anomalies have produced three kimberlite pipes therefore the identification of more anomalies is continuing. Approx. size of Anomaly Drilled/Confirmed Target (m) Kimberlite/Depth Phoenix 400 x 400 Drilled, kimberlite intersected at 102.7m Roc 200 x 200 Drilled, kimberlite intersected at 120.4m Dragon 300 x 350 Drilled, kimberlite intersected at 135.9m Wyvern 1,000 x 150 Drilling commenced Chimera 150 x 100 To be drilled in 1998 Pegasus 400 x 300 To be drilled in 1998 Griffin 400 x 400 To be drilled in 1998 Xena 300 x 300 To be drilled in 1998 Medusa 1,400 x 150 To be drilled in 1998 Legend 400 x 400 To be drilled in 1998

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