Dumont Nickel joint ventures Ontario projects
Dumont Nickel Inc DNI
Shares issued 15,045,074 Sep 24 close $0.27
Mon 27 Sept 99 News Release
Mr. Jon North reports
North Atlantic Nickel Corp. and Dumont Nickel Inc. have entered into an
earn-in joint venture agreement on NANC's Blake project near Thunder Bay,
Ont., and Albany project near Hearst, Ont. The Albany project is a
Sudbury-type nickel-copper-PGE (platinum group elements) project which was
acquired by NANC in March, 1999, and the Blake project is a Noril'sk-type
nickel-copper-PGE target which NANC has been exploring since 1997. NANC
owns 100 per cent of each project. Dumont can vest in a 50-per-cent
interest by incurring expenditures of $400,000 at the Blake project and
$600,000 at the Albany project within 18 months and by issuing 250,000
shares to NANC. Dumont has committed expenditures of $150,000 on each
project which must be spent within six months. Dumont can earn up to a
65-per-cent interest in the projects by incurring expenditures of $640,000
on the Blake project and $960,000 on the Albany project over a period of 30
months.
The Blake project is a nickel-copper-PGE (platinum group element) project
in the rocks of the Keweenawan rift between Thunder Bay, Ont., and the
Minnesota border. Several large claim blocks have been acquired covering 70
square kilometres. The rocks of the area have been compared in the
scientific literature to the rocks of the Siberian platform at Noril'sk,
Russia, the location of the largest nickel-copper-PGE deposit in the world.
At Noril'sk, nickel-copper-PGE deposits occur in massive sulphide bodies
within subvolcanic channel-like taxitic gabbro intrusions. Work completed
on the Blake project in 1988 and 1999 by NANC lead to the discovery of two
subvolcanic taxitic gabbro channels 22 kilometres apart. The channels
contain nickel, copper and PGE greater than 10 times the background
concentrations. Dumont plans to commission an airborne total field magnetic
and gradiometer survey immediately to search for mineralized parts of the
taxitic gabbro intrusions which are blind to surface. It is expected that
10 drill targets will be defined and tested in the last quarter of 1999.
At the Albany project six claim blocks (72 square kilometres) are located
on nickel-copper-platinum group element targets at footwall embayments and
fault offsets in three 10 to 15 kilometre diameter intrusions of picrite,
gabbro, and anorthosite that were discovered in a 1967 government airborne
magnetometer survey and verified by wildcat drilling (10 holes) in the late
1960s. The nickel targets are covered by 130 to 270 metres of overburden
and flat-lying Paleozoic limestone and have never been explored by a modern
deep-looking time domain electromagnetic survey or high resolution magnetic
survey in spite of the fact that the target rocks and magnetic anomalies
are similar in nature to the ore-bearing rocks of the Sudbury igneous
complex, the location of the second largest nickel-copper-PGE deposit in
the world. The claim blocks are within 80 km of the CNR and Trans-Canada
Highway. Dumont plans to commission a high resolution airborne total field
magnetic and gradiometer survey immediately before selecting detailed
target areas to explore with a deep-penetrating time domain electromagnetic
survey. It is expected that five to 10 targets will be defined for diamond
drill testing early in the year 2000.
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