Hello Donkeyman
From this mornings Morning Coffee:
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Major General Resources (MGJ : VSE : $0.30)
Ascot Resources (AOT : VSE : $0.33)
Major General
Recommendation: No opinion
52-week price range: $0.61-$0.20
Shares O/S: basic 35.5M
Long-term debt: nil
Market capitalization: $10.7M
Ascot
Recommendation: No opinion
52-week price range: $1.03-$0.09
Shares O/S: basic 17.8M
Long-term debt: nil
Market capitalization: $5.9M
Further to our Daily Letter comment of Oct. 8/98 on the Monopros (De
Beers) - Major General - Ascot Resources diamond exploration project
on Victoria Island in the NWT, yesterday, Major General/Ascot reported
the caustic fusion results from the last kimberlite, known as the
Snowy Owl. Some 75 stones were recovered from 80 kg of sample for a
count of 9.4 stones per 10 kg, which would be the best of the five
kimberlites discovered this year by Monopros. This sample was taken,
with some difficulty, with a reverse circulation drill under a shallow
lake, and this short hole penetrated only 12 m of kimberlite. It is
thought that the stones may be less than 1 mm in the longest
dimension, but further details are yet to come from De Beers' South
African laboratory.
The results from the Whimbrel, Phalarope, Longspur, Golden Plover, and
particularly the Snowy Owl kimberlites are geologically interesting in
being "diamondiferous" and in a cluster 2-7 km from the Monopros
property boundary. Monopros has "several" diamondiferous kimberlites,
but no details are available.
As the project area is in the south-central portion of Victoria
Island, which lies north of the Coronation Gulf, the exploration
season does not get underway again until late spring (here in the
south), and we would be thinking of repositioning at some point in the
interim in the two juniors, but stay tuned and we will try to refine
the timing.
David James (204) 988-9602
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