Hello Valuepro
This might also be of interest as the Dolly Varden claims lie along the east side of the new SUF Yamba Lake claims, and the Rocking Horse claims lie just to the north west. The other Ashton claims are just to the west separated by some other SUF claims that SUF picked up from Aaron Oil in the early 90's. A lot of targets verified by Kennecott all around what some called moose pasture (Yamba Lake claims).
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LYTTON MINERALS LIMITED - INTERIM RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 1998
TORONTO, Aug. 26 /CNW/ -
Summary of Financial Results
Net earnings for the second quarter of 1998 were $729,000 or $0.006 per
share, which compares to a loss of $487,000 in the second quarter of 1997
($0.005 per share). Comparable figures for the first six months of 1998 and
1997 were earnings of $358,000 ($0.003 per share) and a loss of $958,000
($0.010 per share) respectively.
Lytton's operating expenses increased to $673,000 in the second quarter
of 1998 compared to $402,000 for the second quarter of 1997. For the first six
months of 1998, operating expenses totaled $1,507,000 versus $727,000 in the
comparable 1997 period. The Company is currently conducting an extensive
review of all of its operations in order to reduce costs and conserve cash.
Cash on hand at June 30, 1998 increased to $2,629,000 from $1,173,000 at
June 30, 1997. In the first six months of 1998, Lytton's investment in
exploration and development projects declined to $2,346,000 compared to
$7,748,000 in 1997, when the Company was processing the Jericho bulk sample.
Jericho Diamond Project
Lytton (operator) and its partner, New Indigo Resources Inc. continued to
explore the mineral claims surrounding the Jericho JD-1 and JD-3
diamondiferous kimberlite pipes. In the immediate area surrounding the Jericho
Pipes, interpretation of new geophysical data, in conjunction with previously
defined kimberlite mineral indicator trains, led to the identification of
numerous anomalies that could potentially represent kimberlites. A summer
program of follow-up ground geophysics, quaternary and geological mapping and
additional till sampling is currently underway to prioritize targets. Lytton's
primary goal is to discover additional kimberlites in close proximity to the
existing discoveries, thus enhancing the economics and scale of the Jericho
Project.
In the Greater Jericho area, an airborne geophysical survey covering
previously defined areas of kimberlite mineral indicator occurrences, has been
completed. In conjunction with the geophysical data, resorting of existing
till samples, additional till sampling, mapping and prospecting is being
utilized to prioritize target areas. Future exploration plans include ground
geophysical confirmation and drilling if warranted.
Strategic Alliances
On the Ice Claims/Ranch Lake Joint Venture Area (Lytton 100%), Kennecott
Canada Exploration Inc. (Kennecott) identified 19 targets that will be
proposed for the 1999 drill program. Summer sampling and quaternary mapping
programs to enhance these and other targets are ongoing. The DIA Claims
(Lytton 50%, Dolly Varden Minerals 50%) are subject to the same option
agreement with Kennecott. Ground geophysics carried out in the Spring
identified 2 drilling targets to add to the inventory of potential kimberlite
targets.
Kennecott's exploration program over selected areas of the Rockinghorse
Lake and Hood River properties (Lytton 50%, New Indigo Resources Inc. 50%) has
resulted in the generation of 90 targets, of which 21 have been added to the
inventory of potential kimberlite targets proposed for drilling in 1999. A
summer program of quaternary geological mapping and additional till sampling
is being carried out to further enhance the target selection process.
Kennecott has an option to earn a 51% interest in the joint venture projects.
In the Round Lake Project Area, Ashton, as operator of the joint venture
(Aston 51%, Lytton 24.5%, Pure Gold 24.5%) has re-evaluated airborne
geophysical data and identified targets for a limited Summer 1998 exploration
program.
In northeast Alberta, Lytton (operator) and joint venture partners New
Indigo and Birch Mountain Resources Ltd. continue to evaluate the merits of
their diamond exploration program. To date, expenditures by joint venture
partners Lytton and New Indigo has been sufficient to meet their first year
commitment. Lytton and New Indigo have the option to earn a 75% interest in
the project.
Lawsuit
On June 26, 1998, two parties claiming to be shareholders of Lytton
served a statement of claim alleging, among other things, that certain past
actions of the Company were oppressive to shareholders, and are seeking
damages in that regard. Lytton intends to defend the actions vigorously.
Amalgamation Status
The Board of Directors has decided not to proceed with the previously
proposed amalgamation with New Indigo Resources Inc. at this time, although
consideration may be given to the amalgamation at a later date.
Re-Scheduled Annual Meeting
The Company's annual general meeting has been re-scheduled and will be
held on Wednesday November 4, 1998 at the Four Seasons Hotel in Vancouver,
British Columbia.
Management Changes
Mr. Desmond Alexander has re-joined Lytton as President and CEO, and has
also been appointed as a Director of the Company. Mr. Alexander will act on an
interim basis until a permanent replacement is hired. Glenn Laing, previously
the Company's President, CEO, and a Director of the Company, and Fred
Sveinson, previously the Company's Chief Operating Officer, have resigned from
the Company.
Regards |
