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Either I've missed the boat, or I have honour of starting a new thread. I've found a few references to this one throughout SI, and I figured it was time it had a thread of its own. The drill should be on site and should be drilling soon.
Here's the latest press release I've found.
Mon 29 Mar 99 News Release
Also Ascot Resources Ltd (AOT)
Mr. Glenn Shevchenko reports
The company's joint venture partner, De Beers, has begun a three-phase exploration program on the Victoria Island diamond property, NWT. Phase one will consist of a detailed, high-resolution, groundmagnetic survey totalling 200 line kilometres. The survey area will cover the Snowy Owl, Golden Plover and Longspur kimberlites as well as associated structures in the immediate area that are likely to host kimberlite. Phase two will consist of core drilling of the kimberlites to determine their size and diamond potential. The initial program will consist of eight to 10 core holes that will be drilled to depths of 150 metres. Mobilization of the drill will begin on April 5, 1999 with drilling to begin mid-April. Phase three has begun and will continue throughout the field season. This phase will include further analysis of sample data and landsat data to identify additional targets on the property.
The initial cost of the 1999 field program has been revised to an estimated $450,000.
Last season, De Beers completed an exploration program of till sampling, airborne geophysics and shallow percussion drilling. A total of eight targets were drill-tested which led to the discovery of five diamondiferous kimberlites. Included is the Snowy Owl pipe that returned a very favourable result of 90 diamonds from an 88-kilogram sample. The sample material was derived from a single percussion drill hole that only penetrated 12 metres into the kimberlite pipe.
The property is jointly owned by Major General and Ascot Resources. De Beers may earn a 51 per cent interest by making cash payments totalling $200,000 and spending $2-million in exploration over three years. De Beers is in the second year of its option and have expended an estimated $350,000 to date.
© Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Anybody watching this one??
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