Renard 3 yields larger stones (July 08, 2002)

Ashton Mining of Canada (ACA-T) and Soquem have recovered eight macrodiamonds and 11 micros from a 54.6-kg sample at the Renard 3 kimberlite pipe on the 1,536-sq.-km Foxtrot property in the Otish Mountains region. The partners previously recovered more than 2,500 diamond fragments from what were believed to be two stones greater than 3 mm in one dimension.

Five of the latest macros measure at least 0.5 mm in two dimensions, including one 0.13-carat colourless whole crystal which measures 4 by 2.7 by 1.9 mm.

In mid-June, the partners recovered nine macros and 10 micros (in addition to numerous fragments) from a 101.5-kg sample derived from Renard 3. The largest stone recovered measures 2.8 by 1.5 by 0.7 mm. Seven of the macrodiamonds are at least 0.5 mm in two dimensions. The largest stone measures 2.8 by 1.5 by 0.7 mm.

At the same time, a 102.1-kg sample derived from Renard 4 surrendered 14 macros and 21 micros. The largest diamond rang in at 2.5 by 2.1 by 0.9 mm.

At Renard 5, 20 macros and 15 micros were found in a 100.3-kg sample; the biggest had dimensions of 2.5 by 2 by 1.8 mm

At Renard 6, 100.6 kg of kimberlite yielded six macros and 25 micros; the largest measured 1.2 by 1 by 0.8 mm.

All four lie within 1 km of the Renard 2 kimberlitic body, where, earlier this year, a 2.4-tonne sample yielded a 1.69-carat parcel of diamonds larger than 0.8 mm in one dimension, for an implied grade of 69.3 carats per 100 tonnes. The five largest stones range from 0.1 to 0.16 carat and include both single and composite crystals. Based on six holes, the kimberlitic body is interpreted to be 65 metres wide at a vertical depth of 80 metres.

The first body discovered at Foxtrot, Renard 1, yielded five macros and 54 microdiamonds from 205.8 kg of sampled core. Renard 2 lies 1 km south of Renard 1.

The equal partners plan to collect larger samples from some of the kimberlitic bodies later this summer, as well as prospect and carry out heavy mineral sampling around the Renard cluster and ground geophysics. The objective is to test geophysical anomalies turned up by airborne surveys in late 2000 and early 2002. Drilling will follow.

Rio Tinto (RTP-N) has boosted its Ashton stake to 62.7% by exercising warrants for 3.6 non-flow-through shares and 1.8 million flow-through shares priced at $1.40 per share. The deal generated gross proceeds of $7.6 million for Ashton.