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 Mon Aug 23, 1999
Excerpt from Bottom-Fish Action for week of August 16-20, 1999
    Publisher: Kaiser Research Online
    Author: Copyright 1999 John A Kaiser

 Excerpt from Bottom-Fish Action for week of August 16-20, 1999

Ascot & Major General

Ascot Resources Ltd (AOT-V: $0.20) confirmed what the market already suspected when it announced that its deep hole on the Smoker prospect in southeast British Columbia had encountered a thick sill close to target depth that pretty well killed off the potential for a Sullivan style zinc deposit in that location. Ascot has stopped work on Smoker and is now waiting with Major General Resources Ltd (MGJ-V: $0.21) for micro diamond results from the winter drill program on Victoria Island. These are now expected by early September and will form the basis for De Beers' plans next winter. De Beers took 522 kg from Snowy Owl, which combined with last year's sample should give enough of a size distribution curve to allow a decision for a mini bulk sample. Victoria Island needs to progress to the mini bulk sample level if Major General and Ascot are to get any credit for this play. Major General is set to begin staking selected areas within its million acre permit, some of which will be optioned by Hawkeye Gold Intl Inc (HGO-V: $0.40) while the rest is being eyed by a bigger diamond company. The very tough times in the junior resource sector have claimed another victim as Major General's president resigned in the wake of Canaccord's failure to complete a "short form offering" financing. The stock had been grinding lower ever since the deal was announced in early July, and started bouncing back the instant the junior was no longer dependent on a brokerage firm for its funding.


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