NDT Ventures updates Amarok, South Voisey Bay progress
NDT Ventures Ltd NDE
Shares issued 25,626,978 May 8 close $0.13
Wed 8 May 2002 News Release
Mr. Fred Hewett reports
NDT Ventures has provided an update on current exploration activities.
The Amarok property, located 70 kilometres northwest of Rankin Inlet,
Nunavut, was optioned by the company in the fall of 2001. This new
discovery, which has not been previously explored or drilled, has yielded
gold values up to 9.8 grams per tonne in a banded iron formation at the AV
Wolf showing. Due to extensive soil cover, the ultimate dimensions of the
showing have yet to be determined, but sampling by the company over a 75-
by 600-metre area has produced positive results. Government geological
mapping and an airborne magnetic survey have outlined a favourable terrain
over 17 kilometres long. A second magnetic trend, located three kilometres
along strike to the northeast, has been traced for an additional eight
kilometres. Consequently, the initial claim holdings have been expanded to
over 70,000 hectares to cover this and other prospective areas.
A program of airborne and ground surveys to evaluate the property's
potential will commence this spring. A minimum 3,000-line-kilometre
airborne geophysical survey designed to better define the known mineralized
iron formation and outline possible additional targets, is scheduled to
begin by mid-June. This survey will be followed in early July by a detailed
surface program consisting of geological mapping and sampling in order to
define potential drill targets.
At South Voisey Bay, Labrador, a significant program is planned for 2002.
The company, along with Donner Minerals and others, holds an interest in
SVB Nickel Ltd. SVB Nickel has an agreement whereby Falconbridge Ltd. can
earn 50 per cent in a large claim position by spending $23-million in
exploration. Based on a preliminary program and budget, the 2002 program is
budgeted at $1.25-million to include line cutting, geologic mapping,
surface UTEM and borehole UTEM surveys. In addition, diamond drillingand
3-D modelling of magnetic and gravity data will be completed. Additional
expenditures in 2002 will be contingent on results.
Diamond drilling in 12 to 20 shallow drill holes will target untested high
quality conductors, located throughout the South Voisey Bay project area.
Initial drilling will focus on high conductance EM anomalies outlined by
the 2001 UTEM survey, followed by drilling of high conductance targets
interpreted from the reprocessed 1997/1998 DEEPEM data and resolved by the
2002 UTEM surveys. Weather permitting, it is expected that the camp will be
operational by mid-June and that drilling will commence on drill ready
targets by early July.
NDT Ventures also continues to hold geologically attractive land positions
in Voisey's Bay, Labrador, and Chubut, Argentina. It is continuing with its
aggressive program of proactive property evaluations throughout the
Americas in search of new acquisitions, with an emphasis on significant
gold projects, and will keep shareholders informed as exploration
continues.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com |
