FNX-Dynatec Sudbury joint venture intersects 463 feet of Cu-Ni-Pt-Pd-Au mineralization at Norman
TORONTO, Sept. 18 /CNW/ - Dynatec Corporation (DY - TSX) and FNX Mining Company Inc. (FNX-TSX) report that recent drilling at the Norman property indicates the Norman 2000 Zone has the potential to host a
significant deposit for the joint venture. To date, eight FNX boreholes have intersected wide zones, up to 463 feet, of Cu, Ni and precious metal mineralization that contain sub-zones of high-grade Cu-Ni-Pt-Pd-Au mineralization. These intersections occur within a mineralized zone that is at least 600 ft. by 600 ft. and open in all directions. The deepest borehole drilled on the 2000 Zone, FNX 4008, intersected the widest and best mineralization discovered to date. To accelerate delineation of the 2000 Zone and to test the 2500 ft. target area between the 2000 Zone and the near surface North Zone, two additional drill rigs will be added to the three rigs already on site.
HIGHLIGHTS:
In Situ Value Cdn $/tonne
--------------
FNX 4003
391.3 ft 1.6% Cu 0.2% Ni 2.2 g/t TPM $103.00
incl.
134.4 ft 3.6% Cu 0.4% Ni 3.8 g/t TPM $199.00
incl.
42.9 ft. 6.0% Cu 0.3% Ni 6.4 g/t TPM $308.00
incl.
23.5 ft. 8.9% Cu 0.5% Ni 9.8 g/t TPM $468.00
incl.
25.2 ft 6.2% Cu 0.4% Ni 5.8 g/t TPM $308.00
incl.
19.2 ft 2.8% Cu 1.0% Ni 3.4 g/t TPM $239.00
FNX 4004
185.8 ft. 2.1% Cu 0.2% Ni 2.5 g/t TPM $122.00
incl.
102.0 ft. 2.6% Cu 0.2% Ni 3.0 g/t TPM $205.00
incl.
15.9 ft. 10.9% Cu 1.4% Ni 6.6 g/t TPM $529.00
incl.
16.4 ft. 4.9% Cu 0.2% Ni 11.5 g/t TPM $372.00
FNX 4007
24.5 ft 21.7% Cu 3.0% Ni 14.6 g/t TPM $1114.00
And
14.2 ft 6.4% Cu 0.4% Ni 3.5 g/t TPM $255.00
FNX 4008
462.7 ft. 2.2% Cu 0.3% Ni 3.5 g/t TPM $155.00
incl.
373.4 ft 2.7% Cu 0.3% Ni 4.2 g/t TPM $187.00
incl.
256.1 ft 3.5% Cu 0.4% Ni 5.1 g/t TPM $230.00
incl.
112.4 ft 3.7% Cu 0.4% Ni 8.4 g/t TPM $306.00
FNX 4080
306.2 ft 2.3% Cu 0.2% Ni 3.5 g/t TPM $143.00
incl.
220.5 ft 2.4% Cu 0.1% Ni 4.1 g/t TPM $155.00
incl.
25.9 ft 5.1% Cu 0.1% Ni 4.0 g/t TPM $217.00
incl.
25.0 ft 6.6% Cu 0.1% Ni 16.6 g/t TPM $521.00
incl.
50.6 ft 4.4% Cu 0.3% Ni 4.8 g/t TPM $233.00
Notes and abbreviations to accompany these Highlights are located below Table 2.
Historic drilling intersected the 2000 Zone in a number of holes and demonstrated the presence of widespread mineralization. Holes A and B, shown in the attached 2000 Zone Longitudinal Section, both cut wide zones of mineralization.
Borehole A intersected 2.0% Cu and 1.8 g/t TPM over 388.8 ft.,
including
4.1% Cu and 3.2 g/t TPM over 171.1 ft.; 20.0% Cu
and
14.3 g/t TPM over 19.2 ft.
and 11.2 % Cu and 10.1 g/t TPM over 19.5 ft.
Borehole B intersected
1.5 % Cu and 1.2 g/t TPM over 275.8 ft.
including
3.4% Cu and 2.8 g/t TPM over 45.8 ft..
The results of the first three FNX boreholes drilled on the Norman 2000 Zone were reported in the June 13, 2002 Dynatec press release. Two of those boreholes intersected significant mineralization (FNX 4001 - 6.0% Cu, 0.2% Ni and 8.1 g/t TPM over 64.8 ft. and FNX 4002 - 3.3% Cu, 0.6% Ni, 3.1 g/t TPM over 115.9 ft., see Table 2 for details).
Since the June 13, 2002 Norman news release, the Dynatec - FNX Joint Venture has completed 20,800 ft. of drilling in eight boreholes on the 2000 Zone. Assay results have been received for seven holes (see attached Table 1 for details). These initial results demonstrate that the 2000 Zone contains wide zones of polymetallic mineralization containing significant values of copper, nickel, platinum, palladium and gold. The FNX boreholes cut the mineralized zones at right angles and the true width of the FNX intersections are estimated to be 50% - 60% of core lengths.
The 2000 Zone mineralized environment, now known to be 600 ft. by 600 ft., is open in all directions and occurs as massive sulphide veins consisting mainly of chalcopyrite, pentlandite and millerite. The vein system is several hundred feet wide and is associated with the Whistle Offset Dyke where the dyke dramatically changes from a wide bulbous shape to a narrow constriction accentuated by the presence of large inclusions in the dyke. This geological setting is a common host for ore deposits occurring in Sudbury Basin Offset Dykes.
The geological setting of the 2000 Zone is very similar to that of the North Zone, which outcrops some 2500 feet up plunge from the 2000 Zone. This postulated plunge direction (see attached map) is untested and represents an excellent exploration target. Future drilling will focus on delineating the 2000 Zone and determining whether the 2000 Zone and the North Zone are part of the same mineralized system. Sudbury Joint Venture General
The exploration activities reported in this news release are part of the previously announced Cdn $14 million exploration and development program (see April 29, 2002 FNX and DY press release) being conducted by the FNX Mining-Dynatec Sudbury Basin Joint Venture. This Joint Venture, which is owned 25 percent by Dynatec and 75 percent by FNX, was established to explore, develop and mine initially five properties (McCreedy West, Levack, Victoria, Norman and Kirkwood) located in the Sudbury District of Northeastern Ontario in accordance with previously announced agreements between Dynatec and FNX (see February 26, 2002 DY and FNX press release) and FNX and Inco Limited (see January 11, 2002 FNX press release).
Dynatec is the mine operator for the Sudbury Basin Joint Venture. James M. Patterson, Ph. D., Member AGO, and Vice President Exploration of FNX Mining, is the designated Qualified Person and is responsible for the verification and quality assurance of the exploration data and analytical results set forth in this release. Please see May 15, 2002 news release for a description of sample preparation and assay procedures for the Sudbury Joint Venture.
For more information on the properties and previous work on the properties, please see Dynatec's Annual Information Form dated May 17, 2002.
References to previous or historical drill assays and other results are extracted from Dr. Patterson's November 7, 2001 report, as amended as at May
31, 2002, entitled "Property Report, Sudbury, Ontario, Cu-Ni-PGE Properties" or have been independently verified by Dr. Patterson and are the sole responsibility of FNX. The full text of Dr. Patterson's report can be found on FNX's website, fnxmining.com.
The drill program is continuing with three drill rigs on each of the McCreedy West, Levack and Norman properties and two rigs on the Victoria property. Later this month, two drill rigs will be added to the Norman property and two additional drill rigs will initiate underground drilling at McCreedy West.
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