Robert T. Boyd, President and CEO of Ashton Mining of Canada ("Ashton" or the "Corporation") is pleased to report encouraging diamond results from 162 tonnes of material collected by reverse circulation ("RC") drilling from the Renard 2 kimberlitic body. The sample was processed by dense media separation ("DMS") and returned 146 carats of diamonds, for an estimated diamond content of 90 carats per hundred tonnes ("cpht"). This material constitutes part of the 660-tonne bulk sample collected in 2004 by Ashton and its 50:50 joint venture partner, SOQUEM INC. ("SOQUEM"), from the Renard 2, 3, 4 and 65 bodies on the Foxtrot property in north-central Quebec.
The 162 tonnes of material returned 13 diamonds weighing more than one carat, including two that exceed two carats. The three largest diamonds are a 2.27 carat pale gray tetrahexahedroidal composite crystal, a 2.05 carat clear pale yellow tetrahexahedroidal crystal and a 1.87 carat pale brown partial octahedron.
As shown in the table below, the cumulative 187 tonnes of material from Renard 2 processed to date by DMS has returned 168 carats of diamonds for an estimated diamond content of 90 cpht.
Cumulative DMS Diamond Results from Renard 2
|
Date Reported
|
Sample Weight (tonnes)
|
Weight of Diamonds Recovered (carats)
|
Square Mesh Screen Size (mm)
|
Estimated Diamond Content (cpht)
|
Largest Diamonds
(carats)
|
|
February 8, 2005
|
162
|
146
|
1.18
|
90
|
2.27, 2.05, 1.87
|
|
December 13, 2004
|
11.5
|
13.3
|
1.18
|
115
|
1.18, 0.94, 0.76
|
|
February 11, 2004
|
13.5
|
8.72
|
0.85
|
64
|
0.91
|
|
Total
|
187
|
168
|
|
90
|
|
The diamond content of the samples reported to date may not be representative of the overall diamond content of Renard 2 due to a number of factors including the location of the drill holes and the relatively small size of the samples.
Collection and Processing of the Sample
Renard 2 is located approximately 200 metres northwest of Renard 3 and has an estimated surface area of 0.6 hectare. The joint venture collected the 162 tonne sample by drilling six vertical RC holes to an average depth of 195 metres. Of the six holes, five terminated in kimberlitic material.
The in-ground weight of the sample was calculated at 162 tonnes by multiplying the volume of each hole by a specific gravity of 2.6 grams per cubic centimetre. The volume of the hole was determined by multiplying its diameter, as measured using a caliper system, by its depth. The specific gravity of 2.6 is the average value determined to date for kimberlitic material collected from the Renard bodies.
The material recovered by drilling was screened in the field to remove particles less than 1.18 mm, reducing its weight to 117 tonnes. This material was processed by DMS at a ten tonne per hour plant located in Thunder Bay, Ontario. The resulting concentrates underwent post-DMS processing and final observation at Ashton's laboratory in North Vancouver, B.C.
Progress Report: 2004 Bulk Sample Program
The 577 tonnes of bulk sample material processed to date has returned 428 carats of diamonds including 25 that exceed one carat and eight that weigh more than two carats. The joint venture expects to process the remaining 85 tonnes of bulk sample material, consisting of 60 tonnes from Renard 4 and 25 tonnes from Renard 65, within the next month.
At the beginning of the second quarter, the joint venture plans to have the final parcel of an estimated 450 carats undergo valuation in Antwerp, Belgium. Tonnage estimates for Renard 2, 3, 4 and 65 are also expected to be released before the end of the first quarter.
Ashton Mining of Canada Inc. and SOQUEM INC.
Ashton's prime objective is the discovery or acquisition of diamond prospects capable of rapid advancement to development and production. The Corporation has positioned itself among the leading explorers in the Canadian diamond industry. Ashton's key competitive advantages include significant exploration experience and its in-house laboratory facilities in North Vancouver, dedicated exclusively to the Corporation's exploration projects.
SOQUEM is a wholly-owned subsidiary of SGF Minéral inc., a subsidiary of the Société générale de financement du Québec ("SGF"). The mission of the SGF, an industrial and financial holding company, is to undertake economic development projects in the industrial sector in cooperation with partners and in compliance with the economic development policies of the Government of Quebec.
Ashton is the operator of the joint venture's exploration programs. Brooke Clements, Professional Geologist and Ashton's Vice President, Exploration, is responsible for their design and conduct, and for the verification and quality assurance of analytical results.
For further information, please contact:
Robert T. Boyd -or- Mike Westerlund -or- visit our website:
President and CEO Manager, Investor Relations www.ashton.ca
(604) 983-7750 (604) 983-7750 email: contact@ashton.ca