Partners confirm Renard grades

The latest bulk samples from the Foxtrot property in the Otish Mountains region of northern Quebec, have confirmed previous grade estimates for the Renard 2 and 4 kimberlitic intrusions.

During the winter and summer of 2003, Ashton Mining of Canada (ACA-T) and Soquem collected 8.59 tonnes of material from eight core holes sunk into Renard 2. Dense media separation yielded 5.41 carats of diamonds exceeding 0.85 mm for an estimated diamond content of 0.63 carats per tonne (cpt). The sample comprised mostly kimberlitic breccia with several intersections of hypabyssal material, country rock breccia and country rock.

Five of the recovered stones exceed 0.2 carats, with the two largest (a clear and colourless octahedron and a colourless composite crystal) weighing in at 0.91 and 0.39 carats, respectively.

In 2002, a 4.94-tonne sample of material Renard 2 ran 0.67 cpt. Combined, the 13.5 tonnes of material contained 8.72 carats, or 0.64 cpt.

At Renard 4, 6.85 tonnes of kimberlite collected from three core holes has surrendered 3.97 carats of diamonds exceeding 0.85 mm, for an estimated grade of 0.58 cpt. Included are a pale brown octahedron and a colourless composite crystal weighing 0.66 and 0.31 carats, respectively.

Previously, an 8.2-tonne sample from Renard 4 yielded estimated diamond content of 0.5 cpt. In all, the 15.1 tonnes grade an estimated 0.53 cpt.

So far, about 90% of the 57 tonnes of material from Foxtrot’s Renard 2, 3, 4 and 65 diamondiferous kimberlitic intrusions has yielded 24 diamonds exceeding 0.2 carats. Included is a 4-carat stone embedded in drill core from Renard 65. That colourless octahedral composite crystal measures 8.8 by 8.2 by 4.8 mm.

Diamond results from the remaining 5 tonnes of material from Renard 3 are expected in April.

Meanwhile, about 2 km west of Renard 65, 4.63 carats of diamond have been recovered from 3.87 tonne worth of hypabyssal kimberlitic cobbles and boulders collected about 100 metres southwest of the Lynx kimberlitic occurrence. The haul includes a colourless composite crystal and a pale brown octahedron weighing 0.96 and 0.28 carat, respectively.

Lynx was discovered late last year in an area up-ice of where three microdiamonds were recovered from two till samples. Two angled holes on a broad but weak geophysical anomaly cut several narrow intervals of hypabyssal kimberlitic material at 19 metres down-hole. The target is envisaged as a 4-to-5-metre-wide, east-dipping zone of dykes; the largest dyke has an estimated true width of 1 metre.

Further prospecting, indicator mineral sampling, detailed geophysical surveying and drilling are planned for Lynx in 2004.

In other news, Ashton and Pure Gold Minerals have terminated their Slave joint venture, which had been exploring for diamonds in the Coronation Gulf region of Nunavut and in the Northwest Territories since 1993.

The move accompanies the settlement of a lawsuit launched by Pure Gold in May of 2002, which sought an increased interests in several properties held by the joint venture. Pure Gold also claimed the right to an interest in properties Ashton acquired in Nunavut and the Northwest Territories outside of the joint venture.

Under the settlement deal, Pure Gold has transferred its 10% stake in the partnership to Ashton in return for a 1.5% diamond royalty and has granted that company a 1% diamond royalty on its half-owned North James River property in Nunavut.