Vancouver — Ashton Mining of Canada (ACA-T) has entered into an option agreement with Northern Geophysics to earn a 75% interest in 41 mineral claims in the vicinity of Thonokied Lake in the Northwest Territories.
The 41,000-ha land package is situated 30 km southeast of the Diavik diamond project and 60 km southeast of the Ekati diamond mine. Ashton has made a $50,000 cash payment and is required to make three additional cash payments of $50,000 each over the next three years to maintain the option.
Ashton is required to spend a minimum of $350,000 on exploration by May of next year and spend a cumulative total of $1.25 million on the property by April 30, 2004. Northern Geophysics will retain a 1% gross operating royalty if and when Ashton vests its interest.
The agreement also stipulates that Ashton must make a $500,000 cash payment by April 30, 2005, or upon collection of the first 100-tonne bulk kimberlite sample from the property, whichever comes first.
Public data suggests that there are a number of geophysical anomalies and indicator minerals on the property. Ashton plans to commence a heavy mineral-sampling program this summer in order to confirm the anomalies.
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