THE DIAMOND PAGE — Australia’s Ashton finds third kimberlite

Australian-based Ashton Mining of Canada (TSE) has discovered a third kimberlite near Attawapiskat River in northern Ontario.

The company is earning a 51% interest in the project, which is 70% owned by KWG Resources (ME) and 30% by Spider Resources (ASE).

Drill samples aggregating 106.6 kg from four discrete core intervals returned 7 macrodiamonds and 47 micros.

The best interval included 6 macrodiamonds and 19 micros in a 28.8-kg sample. The sample contained a further 44 micro fragments which are believed to be the crushed product of one or more micros.

Meanwhile, Ashton is expanding its interests near Fort a la Corne, Sask., through a joint-venture agreement with Winslow Gold (VSE). The agreement gives Ashton a right of first refusal to acquire a 51% interest in any claims acquired by Winslow within the north-northwest-trending diamond corridor in the centre of the province.

Ashton must pay 51% of the acquisition cost and finance exploration up to, and including, a 2-tonne drill-sampling program, if warranted. To establish its Canadian presence, the company recently opened a laboratory and exploration office in North Vancouver. The facilities were dedicated to Ewen Tyler, a diamond consultant and former chairman of Ashton who, by helping discover the Argyle diamond mine Down Under, has earned a reputation as “the father of the Australian diamond mining industry.”

Elsewhere in Saskatchewan

– Golden Peaks Resources (VSE) is hoping to add to its holdings in the province by applying to acquire claims totaling 68,300 hectares. The ground is on the southwest extension of the geophysical trend along which the Fort a la Corne kimberlites occur.

Currently, the junior is reviewing results from winter drilling on its Tobin Lake joint venture with Consolidated Pine Channel (VSE).

Northwest Territories

– Winter drilling on the Humpy 1 and 2 properties failed to intersect kimberlitic material. Ashton Mining is earning a 51% interest in the properties from VSE-listed Atna Resources, Winslow Gold and Island-Arc Resources and TSE-listed Pure Gold Resources.

– Drilling on the ATW block near Lac de Gras has intersected a kimberlite pipe.

Kennecott is earning a 65% interest in the claims from 40%-owner Almaden Resources (VSE), 20%-owner Troymin Resources (VSE) and 40%-owner Williams Creek Explorations (VSE).

Core from the hole has been split and sent for analysis.

– Drilling on the Yamba Lake property, 320 km north-northeast of Yellowknife, is expected to begin shortly.

Winspear Resources (VSE), Sarabat Gold (VSE) and Consolidated Newgate Resources (VSE) each have a 16.67% interest in the project, while Apex Energy (VSE) holds the balance.

The joint venture has outlined at least six drill targets, exhibiting a signature consistent with that expected from a kimberlite diatreme. Alberta

– An airborne geophysical survey on Fairstar Explorations’ (ME) Ram River mineral permit in the foothills of the province has outlined a cluster of magnetic anomalies thought to represent lamproites. The anomalies occur in an area where a lamproitic indicator mineral anomaly was delineated last year. The property is held 75% by Takla Star Resources (ASE) and 25% by Fairstar. Takla is planning a follow-up program to delineate drill targets. Ontario

– Strike Minerals (CDN) is negotiating to acquire 18 properties in the Ridge Lake area of the James Bay Lowlands. The ground covers a cluster of intrusive bodies thought to be kimberlites.

Overseas

– Partners Consolidated Manus Industries (VSE) and Nora Explorations (VSE) have identified both gold and diamond placer material at their Kade concession in Ghana, West Africa.

Based on 37 test pits, the companies estimate proven and probable reserves of 550,000 cubic metres grading 0.29 grams gold and 0.62 carats per cubic metre. – Southern Pacific Development (VSE) has entered discussions with Pure Gold Resources regarding a potential joint venture on a diamond and gold project near Brazil’s Jequitinhonha River.

Previous work indicates a reserve exceeding 4.6 million cubic metres of gravel grading 0.088 carats, 0.2 grams gold and 30 kg sillimanite per cubic metre.

– Production in April at Redaurum Red Lake Mines’ (TSE) 50%-owned River Ranch mine in Zimbabwe totaled 14,523 carats. This is significantly higher than the projected production rate of 10,000 carats per month.

The next sale of stones from the mine is planned for June in Antwerp, Belgium. It is estimated that 30,000 carats will be offered for sale, including a large number of gem-quality stones ranging in size from 18 to 31 carats.

– Namibian Minerals (VSE) has received approval for a dual listing of its shares on the Namibian Stock Exchange. The company anticipates that the listing will be accompanied by an offering to the Namibian public and to Namibian and South African institutions.

– Southern Africa Minerals (ASE) has arranged a private placement of 2 million units at $2 each. A unit consists of one share and a warrant that entitles the holder to buy an additional share at $2.30 for a period of one year. Proceeds will be used partly to fund exploration in Botswana. – Midas Minerals (TSE) has closed a private placement of 1.3 million units at 50 cents to raise $650,000. A unit consists of one share and half a warrant. Each

full warrant can be exchanged for a share for 75 cents until Dec. 31, 1995. Some of the proceeds will be used to fund Midas’ participation in the Casierra Diamond Syndicate, in which it has a 26.7% interest. The syndicate has been granted a prospecting licence covering select areas of Sierra Leone in West Africa. Preliminary work in one area has outlined a potential resource of 1.2 million carats in alluvial gravels.