Partners start exploration programs at property in Northwest Territories

Field activities are set to begin on the NOT #1 diamond property in the Lac de Gras area of the Northwest Territories.

The project is a joint venture among Ashton Mining of Canada (TSE), with 50%, Noront Resources (VSE), with 30%, and Pure Gold Resources (TSE), with 20%.

Airborne and ground geophysical surveys will start shortly, followed by drilling.

Previous sampling by Ashton yielded positive indicator mineral counts, suggesting the presence of kimberlite. Previous sampling and geophysics had identified 13 priority anomalies on the property, one of which has been identified as a sulphide gossan.

Ashton has advised its partners of its intention to buy back the 50% interest shared by Noront and Pure Gold by funding all future exploration work up to, and including, the collection of 20 tonnes of kimberlite from each prospective kimberlite discovery.

Meanwhile, Noront has negotiated an agreement-in-principle that gives an unnamed Vancouver company the right to earn a 50% interest in Noront’s 33-claim Windfall gold project in Quebec’s Urban Twp. The company would acquire its interest by giving Noront 100,000 shares of its capital stock and spending $500,000 on exploration work over four years, including a minimum of $150,000 during the first year.

The work will include a minimum of 1,067 metres of diamond drilling to test seven gold targets identified from geophysical surveys completed in 1995.

Noront’s agreement with Winspear Resources (VSE) regarding the Windfall project has been terminated.