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Gold/Mining/Energy : ASHTON MINING OF CANADA (ACA) -- Ignore unavailable to you. Want to Upgrade?

To: Famularo who wrote (3080)	12/3/1997 1:55:00 PM
From: Jesse	Read Replies (2) \| Respond to of 7966

Frank, I pulled this off the Stockhouse ACA thread, citing a newspaper ACA article, as posted by Sunflower (thanks Sunflower!): " An article in the Edmonton Journal (capital city of Alberta) on December 3/97 is as follows. Although it is on the last page of the business section, the article also includes a photograph of several diamonds on a table with one diamond being held between two fingers. The caption under the photo reads "Officials from Ashton Mining are cautiously encouraged by the diamonds - with carats as high as .6 - they are finding in the Buffalo Hills area north of Lesser Slave Lake." "Ashton Mining and its diamond-seeking partners in northern Alberta now have encouraging results from two geological ore shafts known as kimberlite pipes. "We're being very cautious in what we say," said John Auston, president of the Vancouver-based mining firm. Current samples are small, and many larger samples must be taken to verify results. But two kimberlites, K14 and K91, in the Buffalo Hills area north of Lesser Slave Lake have produced diamonds with carats as high as .6 - a size that could be commercially valuable. "We are not at a stage where we can say if there are commercially viable diamonds but there are diamonds in place." Ashton, with partners Pure Gold and Alberta Energy Company, is continuing its aeromagnetic surveys of others pipes. There are perhaps 60 or 70 worth exploring in the lease area, Ashton said. They have studied 17 and are targeting 10 for further sampling. The latest results revealed Tuesday show that the K91 vertical cone has seven stones larger than .5mm, the largest two clear and colorless. But the companies will need to collect over 2,000 carats of stones for analysis to determine the value of them. That means a medium-sized sampling operation this winter or next spring, and an even larger core further in the future. Auston said the plans are not firm yet, nor is the amount to be spent. The company has $20 million in the bank, thanks to a share issue this fall. That would be enough to fund the large sampling needed in the Buffalo Hills. Ashton Mining of Canada is 62-percent owned by Ashton Mining of Australia. Ashton holds rights to 42.5 per cent of any productions in the Buffalo Hills area, where its leases cover 11.3 million hectares or 28.3 million acres." " -j :>