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 : Montello Resources -- Ignore unavailable to you. Want to Upgrade?

To: JP who wrote (2422)	9/29/1998 11:47:00 AM
From: Famularo	Read Replies (2) \| Respond to of 4256

Kennecott intercepts kimberlite on Legend block Montello Resources Ltd MEO Shares issued 37,716,158 Sep 28 close $0.31 Tue 29 Sept 98 News Release Also Redwood Resources Inc (RDW) Mr. Patrick Power and Mr. Gary Korzenowski report Montello and Redwood have received the following report from Kennecott Canada Exploration. "Kennecott Canada Exploration has commenced drilling on the Phoenix target on the Legend property in Northeast Alberta. Ultramafic rock was intercepted at 102.7m depth. "The rock is green in colour with a fine-grained serpentine ground mass. Set in this ground mass are 2-4 mm rounded olivine crystals and rounded country rock fragments. It is our initial opinion that this rock is kimberlite, however this needs to be confirmed by petrology. "Drilling using NQ size core will continue until the drill hole exits this rock type or until the depth limit of the rig is reached at approximately 200m. The drilling is currently at 132m depth. "A few small core samples of the ultra-mafic rock will be sent immediately for petrological examination to confirm the presence of kimberlite. The majority of the core will be split on site; half will remain for geological logging and reference. The rest will be rushed to Kennecott's Thunder Bay laboratory. At Thunder Bay a subsample weighing approximately 15 kg will be used to extract heavy mineral concentrates. These will be examined for diamond indicator minerals. The remainder of the core will undergo caustic fusion analysis for diamonds greater than 0.15 mm in diameter. The timing for these tests will be as follows: approximately one week for petrological confirmation; approximately two weeks for heavy mineral analysis; and about six to eight weeks for the caustic fusion results. Kennecott will keep Montello/Redwood informed as results come to hand. "If Phoenix is confirmed as a kimberlite, then it will be Kennecott's opinion that a new kimberlite field has been discovered. This field will likely contain many bodies as indicated by other prominent magnetic anomalies present on the property that are similar to the one at Phoenix. The next stage would be to conduct geophysics and drill test as many of these targets as possible."