New player - DNI
Dumont acquires four River Valley claims
Dumont Nickel Inc DNI
Shares issued 21,306,129 2000-05-02 close $0.35
Wednesday May 3 2000
Mr. Denis Clement reports
Dumont Nickel (www.dumontnickel.com) has acquired four claims in the River Valley platinum-palladium play, located on the intrusive contact, between properties held by Pacific North West Capital Corp. (CDNX: PFN) and Mustang Minerals (CDN: MMIN-CDN). Pacific North West has reported intersections of 1.8 grams per tonne platinum group elements over 61.9 metres (RV-01) and 2.04 g/t PGE over 48.3 metres (RV-02) about five kilometres to the northwest of Dumont's property, and that 29 of 46 samples at its Azen Creek zone (about two kilometres to the northwest of Dumont's property) had PGE values in excess of one g/t. Dumont plans to immediately commence line cutting and geophysical surveys which it expects to be completed by the end of May, 2000. Subject to regulatory approval, the terms of the acquisition of the four mining leases covering 160 acres is a total consideration of $20,000 plus 100,000 common shares.
Dumont has completed three holes (1,707 metres) at its Albany M4 target (Dumont 67 per cent; North Atlantic Nickel Corp. 33 per cent). The first hole showed that a large magnetic anomaly to the east of the M4-1 intrusion was caused by an iron formation in the Archean gneiss and was not related to the Proterozoic intrusion. The second and third holes tested the east contact of the M4-1 intrusion. Hole WDY-00-02 intersected 240 metres of anorthosite and granophyre with disseminated pyrrhotite and chalcopyrite. Hole WDY-00-03 intersected 170 metres of anorthosite, diorite and granite with minor disseminated pyrrhotite and chalcopyrite. The M4 intrusion has been established to be a large Proterozoic intrusion with highly prospective rock types, photographs of which will be posted on Dumont's Web site on or about May 15, 2000. Twenty-five samples of WDY-00-02 will be assayed for PGE.
Dumont also is currently carrying out a magnetic survey at its 331-square-kilometre Torngat diamond exploration property (contiguous with Twin Mining) and expects to commence surface exploration in July, 2000. Dumont will post a map from its remote sensing program on its Web site on or about May 8, 2000. Dumont also has 51 square kilometres of diamond exploration properties in Wawa near Band-ore's GQ property.
John |
