Montello Resources Ltd. (“Montello”) and Redwood Resources Ltd. (“Redwood”)
are pleased to announce that they have received the following report from
Kennecott Canada Exploration Inc. (“Kennecott”) today. The following is a
verbatim copy of that report made by Mr. Buddy Doyle, Exploration Manager
North American Diamonds:
“Kennecott has completed its current drilling campaign on the Legend
property. In total 7 separate targets were tested. One new kimberlite, at
the Gryphon target was intersected. In this case a coarse grained layer in
mudstone contained numerous mantle derived indicator minerals suggesting
that the hole either intersected an interlayered mudstone/ kimberlite or is
proximal to a kimberlite. The lack of kimberlite intercepts during this
round of drilling can be explained by the fact that Kennecott was
concentrating on different styles of targets compared to those which
delivered kimberlites during the last round of drilling in late 1998. The
1999 targets were focused on more subtle magnetic high anomalies located
over various and diverse areas of the large 1.5 million acre Legend block.
Failure to intersect kimberlites in these areas has allowed us to sterilise
portions of the property and has helped confine the area where the Legend
kimberlite field occurs. This work will aid in our decision on what ground
to keep in the upcoming assessment and will also allow us to focus on the
area where we now think the Legend Kimberlite field occurs. Kennecott has
spent approximately $1.8 million on the property to date.
Table 1 lists the known kimberlites in the Legend block as well as some of
the anomalies that occur in the general vicinity that given our current
experience has a reasonable probability of being kimberlites.
Table 1
Name *Status
Phoenix *Known Kimberlite
Dragon *Known Kimberlite
Roc *Known Kimberlite
Valkyrie *Known Kimberlite
Pegasus *Known Kimberlite
Legend *Known Kimberlite
Gryphon *Kimberlite or Proximal to Kimberlite
Kendu *Target Kimberlite, yet to be tested
Hippogriff *Target Kimberlite, yet to be tested
Shedu *Target Kimberlite, yet to be tested
Lamasu *Target Kimberlite yet to be tested
Pegasus North *EM resistor, Yet to be tested
Dutchman *Target Kimberlite yet to be tested
The targets tested during this drilling campaign where either explained by
paleo-drianage, e.g. Medusa, or by magnetic minerals in the Cretaceous
sediments, e.g. Jason (griegite). Downhole geophysical logging was
conducted where possible to help understand the source of the anomalies.
Two targets slated for drilling, Hippogriff and Pegasus North, were
postponed due to lack of a suitable source of water. Pegasus North is a
resistive EM anomaly offset from the Pegasus kimberlite.
No further drilling is possible on the property until the end of the
Caribou calving season in June. Kennecott will use this time to review the
results to date and plan the next campaign. Results for caustic fusion of
the known kimberlites will now start coming in as the Thunder Bay
laboratory is operational again after a $500,000 upgrade to increase output
and improve safety. These will be reported to you as they are received.
Reliable age dates have been obtained from ROM (Royal Ontario Museum), on
the Phoenix kimberlites using U/Pb from Perovskite and K/Ar from
Phologpite. The age returned for both mineral species was 71 million years.”
ON BEHALF OF THE BOARD OF DIRECTORS
MONTELLO RESOURCES LTD.
Per: PATRICK POWER, President
REDWOOD RESOURCES LTD.
Per: GARY KORZENOWSKI, President
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
MONTELLO RESOURCES LTD.
Suite 1473 - 595 Burrard Street
P.O. Box 49057 - Three Bentall Centre
Vancouver, B.C. Canada
V7X 1C4
Tel: (604) 689-1799
Fax: (604) 689-8199
Toll Free: 1-800-268-2636
E-mail: ppower@montello.com
Website: montello.com |
