Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : A CANADIAN DIAMOND HUNT -- Ignore unavailable to you. Want to Upgrade?

To: Ed Pakstas who wrote (232)	2/7/1998 8:13:00 PM
From: VAUGHN	Respond to of 930

Hello Ed Not sure if your posters caught this NR or the significance of the second paragraph? WINSPEAR RESOURCES LTD. ANNOUNCES THAT GEOPHYSICAL SURVEYS ARE WELL UNDERWAY ON THE CAMSELL LAKE PROPERTY VANCOUVER, Feb. 3 /CNW/ - WINSPEAR RESOURCES LTD. Trading Symbol: WSP.V Winspear Resources Ltd. (WSP.V) is pleased to announce that surveys are well underway on the Camsell Lake property which is situated approximately 220 km north-east of Yellowknife, NWT. A diamond drill, heavy equipment, and fuel are presently being mobilized to the property; drilling is anticipated to begin shortly in the Snap Lake area. A second drill will be mobilized to the property in early March when daylight conditions are more favourable. Winspear's joint venture partner has decided not to participate in the 1998 program on the Haywood Project of the Camsell Lake property. Winspear, as Operator, has elected to fund the entire proposed $2.7 million exploration budget of which approximately $2.3 million will be spent prior to spring break-up mainly on drilling and in obtaining and processing a mini-bulk sample. Upon completing the planned 1998 expenditures, Winspear's interest in the Haywood block of the Camsell Lake project will increase from 57.3% to approximately 68.5%. The Haywood project on the Camsell property covers approximately 277,360 acres. It includes both the Snap Lake and the CL 25 areas in which diamond-bearing kimberlite has been located on the property to date. Diamond analyses obtained from the various kimberlite occurrences in the Snap Lake area are amongst the best reported from early-stage samples in the NWT. Planned work on the property is as follows: A. At Snap Lake, diamond-bearing kimberlites occur over an area approximately 3 km by 1.5 km. During this season, approximately 4800 metres will be drilled in this area to test a variety of targets. Plans are also well advanced to take a 100 - 200 tonne sample from the diamond-bearing kimberlite dyke discovered in the northwest peninsula area. This dyke has been intersected in eleven holes over an area of about 800 metres by 600 metres and remains open along strike and down-dip; true thicknesses range between 1.5 and 3.5 metres with an average of about 2.5 metres. The objective of this program is to obtain sufficient diamonds to permit a preliminary indication of value per tonne. In the CL 25 area, an additional 1000 metres is budgeted to test seven targets that have been defined by indicator minerals and / or geophysics. B. On the Athenia project area, Winspear, the Operator, will fund its 55% share of this $475,000 program in which 1500 metres will be drilled to test 10 geophysical targets. Winspear is highly encouraged by its results to date in the Slave Province, NWT, and is looking forward to another active year of exploration in the area. The Company is well-financed with approximately $8.8 million in working capital. Winspear Resources Ltd. Randy C. Turner, P.Geo President and Director To the best of my knowledge, that "partner" is Aber, who would appear to have reservations about investing any more of their $$. Regards

To: Ed Pakstas who wrote (232)	2/9/1998 9:06:00 AM
From: Famularo	Respond to of 930

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ASHTON MINING OF CANADA INC. TSE, ME SYMBOL: ACA FEBRUARY 9, 1998 Ashton and Joint Venturers Plan $10 Million Alberta Program and Report Diamond Analysis VANCOUVER, BRITISH COLUMBIA--John S. Auston, President and CEO of Ashton Mining of Canada Inc., is pleased to provide further results from sampling of the K-6 and K-91 kimberlites in the Buffalo Hills Project, north-central Alberta. As reported on January 19, 1998 a clear yellow diamond of 0.76 carat in weight was found in the early stages of processing of the mini- bulk sample from kimberlite K-6. The full results of dense media separation analysis of this sample of 13.95 tonnes are now available and are tabulated below. Although only a few macrodiamonds other than the yellow stone reported earlier have been found, the presence of this stone alone is encouraging and indicates a need for further sampling. Microdiamond analyses in late 1997 showed K-91 to have one of the higher microdiamond counts found so far among the Buffalo Hills kimberlites. Results from analysis by dense media separation of core from the four holes (0.85 tonne) display a high degree of variability between holes. The best results were obtained from hole K-91-1, where 0.287 carat was recovered from a sample of 0.21 tonne, for an indicated content of 136 carats per 100 tonnes. The average indicated diamond content in material taken from the four holes is 35 carats per 100 tonnes. Although these results are derived from very small samples, they confirm the presence of a population of larger stones and point to the need for collection of a larger sample. /T/ Results are tabulated below: Kimberlite Sample Dry Sample Weight of Indicated Carats/ Type Weight Stones greater 100t. for Stones (tonnes) than 0.8 mm greater than (carats) 0.8 mm K-6 RC 4.13 .005 0.1 K-6 Pit 4.65 .067 1.4 K-6 x Core 5.17 .804 15.5 K-91 xx Core 0.85 .301 35.4 RC means reverse circulation x largest stone 0.75 carat (reported January 19, 1998) xx largest stones 0.14 and 0.13 carat /T/ Ashton and Pure Gold Minerals Inc. have now perfected their interests of 42.5 percent and 15 percent respectively in the Buffalo Hills option property, having met the requirement to expend $5.5 million as defined under the agreement dated October 1, 1996. Total landholdings held jointly, including the Buffalo Hills property, comprise of approximately 28 million acres, and Ashton is operator of the related exploration programs. All future programs on these landholdings will be funded pro-rata based on the joint venturers' interests. The joint venturers, Ashton, Alberta Energy Company and Pure Gold Minerals Inc., have finalized an initial exploration program for 1998 of $10 million. Included are provisions for the acquisition of a 10 tonne per hour dense media separation plant, collection of a bulk sample of in excess of 500 tonnes from the K-14 complex, mini-bulk sampling of kimberlite K-91, exploration drilling of a minimum of 15 new targets, and extensive airborne geophysical surveys. The winter field program is now underway, with drills to be mobilized within the next few days. Ashton is a diamond exploration company with interests in a wide range of properties in Canada and the United States. It is 62 percent-owned by Ashton Mining Limited of Australia, a leading explorer, producer and marketer of diamonds which holds an interest of 40.1 percent in the Argyle diamond mine in northwestern Australia. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Ashton Mining of Canada Inc. John S. Auston President and CEO (604) 983-7750 or Ashton Mining of Canada Inc. Wayne D. Hillier Vice President, Exploration (604) 983-7750