Update on Exploration:
Darnley Bay makes plans for Thrasher zone
Darnley Bay Resources Ltd DBL
Shares issued 10,843,508 Mar 30 close $0.75
Wed 31 Mar 99 News Release
An anonymous director reports
Gravity, electromagnetic and magnetic surveys were carried out over the
Thrasher zone in February and March 1999, at a cost of approximately
$500,000.
Three local conductors were found that are thought to be flat lying and to
occur at depths of 150 to 400 metres. The nature of the conducting sources
is yet to be determined. Other less conductive features have been indicated
by the results which may be caused by lithological features at depths of
500 to 1000 metres. Modelling of the electromagnetic data is currently
under way to interpret the geometry and nature of these conductors.
Analysis to locate any deeper conductor is continuing.
The gravity survey confirmed the steep gradient on the western flank of the
Darnley Bay anomaly, reflecting the large, deep-seated mafic to ultramafic
intrusion. The data are currently undergoing final correction and analyses,
to determine whether shallower, dense apophyses may be present.
Plans are under way to carry out gravity and electromagnetic surveys over
the other magnetic zones (Hornaday, Billy, Green and Ruben) previously
identified in the 1997 airborne magnetic survey. Surveying of the other
four zones and findings from the recent Thrasher survey are expected to
result in several targets which will be drill tested beginning in
September.
Darnley Bay is currently planning to barge from Hay River to Paulatuk all
required equipment for the drilling and geophysical programs. The company
expects to cut its mobilization costs by $300,000 through barging, rather
than by air transport.
The cost of the continuing ground geophysics is estimated at $2.0-million
with the followup drilling estimated at $5-million.
Based on the 1969 gravity data, the 1973 and 1997 aeromagnetic data, GSC
geological maps, topographical maps and a satellite image of five zones are
initially selected for ground electromagnetic and gravity surveys.
The ground followup exploration program will include a deep penetrating
time domain electromagnetic (UTEM) survey to locate electrical conductors
that, in the best case scenario, would be direct indications of ore zones;
and a gravity survey to obtain more detailed information concerning the
location and depth of the heavy rocks causing the anomaly.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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