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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: russet who wrote (5473)	12/12/2001 3:30:24 PM
From: russet	Read Replies (1) \| Respond to of 11802

Re: Ashton/Tahera etc., Nunavut play last post,...the squished hamster brain farts every now and then,...Hope Bay(Miramar is not on strike,...yet) move a few bays west to Hornby Bay, Coppermine area. Hornby receives interest in Nunavut diamond exploration Hornby Bay Exploration Ltd (YHB) News Release Mr. James Brady of Hornby Bay reports A new diamond district is emerging in Nunavut and a major staking rush is under way. Very encouraging microdiamond and macrodiamond counts in drill core have been announced recently by Ashton Mining of Canada Inc. and by the Kennecott-Tahera joint venture. The area, known as the Coronation diamond district, has produced a number of diamondiferous kimberlite discoveries of which by far the most significant are Ashton et al's Artemisia and Potentilla kimberlite pipes which are approximately 30 kilometres (20 miles) on strike to the southeast of Hornby Bay's 225,000-acre 100-per-cent-owned Asiak block. The Artemisia pipe has yielded 342 microdiamonds and 38 macrodiamonds from 103.2 kilogram drill core sample (see Stockwatch Nov. 1, 2001). The Potentilla kimberlite yielded 230 microdiamonds and 22 macrodiamonds from a 207.8-kilogram sample. These results compare favourably with the original Ekati and Diavik diamond counts in 1991 through 1994 that sparked the largest claim staking rush in Canadian history. In the late summer 2001, Hornby Bay allowed a major company to process its airborne digital data covering its entire 525,000-acre 100-per-cent-owned mineral holdings in Nunavut. Although the Hornby Bay surveys were flown at 250- and 200-metre line spacing, which is not optimal for kimberlite exploration, numerous targets that could be kimberlites were identified. It being late in the season when these data were received, no attempt was made to follow up or develop new targets at that time. Discussions, however, have been held with a number of companies which have expressed an interest in participating with Hornby Bay in diamond exploration on the company's claims, and those discussions are continuing. Hornby Bay's properties were originally acquired for the high-grade unconformity-type uranium and Olympic Dam-type base and precious metal potential and these still remain the high priority of the company. Hornby Bay has been attempting to determine the diamond potential of its claims in light of the exploration results identifying diamondiferous kimberlites to the northwest, south, southeast and east of its holdings, particularly the most recent Artemisia and Potentilla discoveries. Management believes that these developments and the entry of many juniors acquiring claims in the area may herald the beginning of the next mining exploration boom in Canada. (c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com