Vancouver — Perseverance has paid off in the discovery of a kimberlite on the Kikerk Lake property in Nunavut by Ashton Mining of Canada (ACA-T).
Targeting a 140-by-60-metre magnetic geophysical anomaly, Ashton hit the body, dubbed Potentilla, with two holes.
A vertical hole into the centre of the anomaly cut a kimberlite breccia from 9.9 metres to 142.3 metres. It then entered a hypabyssal kimberlite through to the end of the hole at 184.7 metres.
A second hole was collared from the same spot but angled at 53. It hit kimberlite breccia from 9.7 metres to 98.4 metres. This was followed by hypabyssal kimberlite to a depth of 107 metres.
Moving 1 km east, two holes tested a linear magnetic feature but failed to cut a kimberlite body. Both holes terminated in highly altered serpentinite-carbonate-phlogopite breccia.
Ashton started exploring the property late last year.
The project consists of 15 claims covering 154 sq. km. It is held 70% by Caledonia Mining (CAL-T) and 30% by Northern Empire Minerals (NEM-V), which was formerly Condor International Resources.
The junior completed a till sampling program to follow up on previously defined indicator mineral trains. Previous drilling and prospecting have failed to find the source of these anomalies.
Samples from the Potentilla body are being tested for microdiamonds.
Under terms of the agreement with Caledonia, Ashton can earn a 52.5% interest by spending $750,000 on exploration over three years. Ashton can boost its interest to 59.5% by carrying Caledonia to the completion of a feasibility study. Empire can retain a 30% stake by funding its share of the exploration programs.Kikerk Lake lies 500 km north of Yellowknife.
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