Ashton cuts new Nunavut kimberlite (May 02, 2005)

Spring drilling by Ashton Mining of Canada (ACA-T) has returned a 160-metre interval of olivine macrocrystic kimberlite from the Ric property in the Coronation Gulf region of Nunavut.

The discovery hole tested the centre of a 75-by-50-metre magnetic anomaly as part of a program of geophysics and drilling. The hole passed through 10 metres of overburden before encountering kimberlite; it was terminated in granite at a depth of 181 metres.

Samples of drill core from the kimberlite, dubbed Ric-97, will be processed for diamonds by caustic dissolution at Ashton’s laboratory in North Vancouver; results are expected in the third quarter. Ashton will wait for the results before planning further work.

Meanwhile, drill testing of two other targets turned up a 1.4-metre-wide kimberlitic dyke about 100 metres along the interpreted strike of a system of narrow dykes discovered in May 2003. No follow-up work has been announced.

In 2005, Ashton plans to spend $1.5 million exploring five properties in the Coronation Gulf region, namely Eokuk, James River, Kim, Ric and Vic. The work will entail indicator mineral sampling and ground geophysics; drilling will follow, if warranted.

The latest kimberlite discovery is Ashton’s tenth in the Coronation Gulf region, six of which proved diamondiferous. The Ric property is also home to the barren Hydra and Caltha kimberlites, and the weakly diamondiferous Perseus kimberlite.

The Ric property is 20 km south of the Knife Lake kimberlite project, held by partners De Beers Canada Exploration and Rhonda (RDM-V), and 115 km northwest of Tahera Diamond‘s (TAH-T) Jericho diamond project, where construction is under way.