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Gold/Mining/Energy : Diamonds in Alberta, Ashton, Pure Gold, Montello, New Cla
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To: Famularo who wrote (750)11/12/1998 1:32:00 PM
From: Jesse  Read Replies (1) of 822
 
Two new kimberlite pipes discovered on Legend property

Montello Resources Ltd MEO
Shares issued 37,716,158 Nov 11 close $0.425
Thu 12 Nov 98 News Release
Also Redwood Resources Inc (RDW)
Mr. Patrick Power reports
Montello Resources and Redwood Resources have received a report regarding
the update of the work in progress on the Legend property in northeast
Alberta from Kennecott Canada Exploration which states the following:
Results have been received from the caustic fusion of the Phoenix
kimberlite. The caustic fusion process recovers diamonds greater than
0.15mm. Five diamonds were recovered from 380kg of drill core. Two of the
diamonds were macros with at least one dimension greater than 0.5mm,
however none remain in a 0.5mm square sieve.
These results are encouraging as they demonstrate that diamonds are present
in the lithosphere beneath the Legend kimberlite field. For comparison,
consider the Ashton/AEC/Pure Gold Buffalo Hills kimberlite field
approximately 70 kilometres to the southwest. There, 23 kimberlites have
been discovered. Diamonds are reported from 70 per cent of these, 40 per
cent have fewer diamonds than Phoenix. Generally less than 10 per cent of
the kimberlites in a diamondiferous field have enough diamonds to deserve
further study. Phoenix has proven that this new kimberlite field is
mineralized. No further work is planned at Phoenix at present. The current
plan is to identify through drilling as many separate kimberlites as
possible. This will enhance the company's chances of intercepting an
economic kimberlite.
Since the last report, two new kimberlites have been discovered, Valkyrie
and Pegasus.
Drilling will recommence in early 1999 with ground support instead of
helicopter support. THis will be less expensive and safer. The Wyvern
target was the only miss so far n the current drilling program. This
anomaly is probably explained by magnetite in the overburden.
Other exploration activities have been continuing. Highsense was contracted
to complete 745 line kilometres of airborne magnetics over 14 anomalies. In
total 63.9 line kilometres of ground magnetics were completed.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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