Vancouver — Ashton Mining of Canada (ACA-T) is gearing-up to launch a $650,000 exploration program over Northern Empire Minerals (NEM-V) and Caledonia Mining‘s (CAL-T) Kikerk Lake diamond property in Nunavut.
Covering 15,400-ha, the property lies 30 km north of Ashton’s diamondiferous Perseus kimberlite. Last year, Ashton collected 500 heavy mineral samples from the project and identified two indicator mineral trains. One of the samples collected near the head of one of the trains yielded a diamond measuring 1.4-by-0.68-by-0.6 mm.
A subsequent ground geophysical survey outlined five anomalies associated with the indicator mineral dispersion fans. Ashton plans on running additional ground geophysics and heavy mineral sampling, which will be followed by drill program in August.
Originally staked in 1993, the property was optioned to Caledonia and in 1998 was joint-ventured to Northern Empire. Currently Northern Empire has a 30% interest with Caledonia holding the remaining 70%. Under an agreement with Caledonia, Ashton can earn a 52.5% stake by spending $750,000 on exploration by May 31, 2003. The company can then take another 7% interest by funding Caledonia’s share of expenditures through a feasibility study.
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