Dynamite DNR drills 89.3 m of 0.61% Cu at Mike Lake
2007-10-11 07:24 MT - News Release
Mr. Stan Bharti reports
DYNAMITE RESOURCES ANNOUNCES DISCOVERY HOLE 89.3 METRES GRADING 0.61% COPPER & 1.38 GRAMS PER TONNE GOLD AT MIKE LAKE PROJECT, YUKON
Dynamite Resources Ltd. has intersected substantial gold-copper mineralization in the first diamond drill hole at the upper skarn ridge target at the company's Mike Lake gold-copper project in west-central Yukon. The property is located 25 kilometres north of the former Brewery Creek gold mine and is 70 km northeast of the world-famous Klondike goldfields.
The Mike Lake property lies within the prolific Tintina gold belt, a gold-rich mineral district that spans a broad region of the Yukon and central Alaska. It hosts intrusive-related gold prospects including both producers and advanced development projects. Major regional deposits include the Donlin Creek joint venture with NovaGold and Barrick, Teck-Cominco's Pogo, and Kinross's Fort Knox mine.
The upper skarn ridge single drill hole was sighted to test a bulk-tonnage, gold-copper target outlined by soil geochemistry located in the centre of the property. Results from this hole are presented in the table.
UPPER SKARN RIDGE 2007 DRILL RESULTS
From To Interval Au Ag
(m) (m) (m)(i) Cu % (g/t) (g/t)
23.16 112.47 89.31 0.61 1.383 13.6
including
50.89 100.05 49.16 0.79 2.105 16.0
52.88 74.19 21.31 0.69 3.572 15.6
71.53 74.19 2.66 0.64 12.300 14.6
(i) The core interval is believed to be close to true thickness.
"This is a significant development for Dynamite. Our first hole in the upper skarn ridge can be considered a discovery hole. We will aggressively continue our exploration of this exciting new discovery," states Dynamite chairman, Stan Bharti.
The 2007 drilling program was designed to test three separate targets within the 63-square-kilometre property. In total, 1,827 metres of BTW diamond drilling was completed in nine holes at the three target areas during 2007.
The upper skarn ridge target is marked by a 1,500-metre-by-700-metre, strongly anomalous, copper and gold-in-soil anomaly that is associated with a thick section of isoclinally folded, generally gently south-dipping, calcareous sediments underlain by argillite. These units have been intruded by the Mike Lake stock and associated dikes and sills, which has resulted in widespread hornfels and calcsilicate alteration, lesser skarnification and localized sulphide replacement.
"This is the first hole that has tested the mineralization likely responsible for the much larger copper and gold-in-soil geochemical anomaly defining this target. Looking forward, it is great news that this mineralized zone commences at such a shallow depth and hence has the potential for open-pit mining. I am very excited about these results," states exploration manager, Yanshao Chen, PhD.
Mineralization in drill core is both bedding parallel and fracture controlled. It ranges from weakly to heavily disseminated, to semi-massive and massive-banded sulphide. Macroscopically, the primary sulphide minerals are medium- to coarse-grained chalcopyrite, pyrrhotite and arsenopyrite. Mineralized fractures exhibit a wide range of possible orientations, whereas the bedding parallel sulphide-bearing bands are cut nearly perpendicular in drill core and thus the mineralized interval is believed to be close to true thickness.
The two other 2007 drilling program targets are located in the extreme northern and southern parts of the Mike Lake property to test bulk-tonnage, copper-gold and high-grade, shear-controlled gold mineralization, respectively. Eight holes in total were drilled on these two targets with results from these holes pending.
Dynamite can earn a 100-per-cent interest in the Mike Lake property, subject to net smelter royalties of 2.5 per cent, 1.5 per cent of which can be purchased for $1.0-million, and of the remaining NSR, 1 per cent is only payable on gold and silver production.
Industry standard quality-assurance/quality-control procedures were employed during the sampling and analytical work. All analyses were completed at ALS Chemex Laboratories in North Vancouver using industry-standard fire assay and ICP techniques. The ALS Chemex Vancouver laboratory carries ISO 9001:2000 registration and is accredited to ISO 17025 by Standards Council of Canada for a number of specific test procedures including fire assay gold by atomic aborption, ICP and gravimetric finish, and multi-element ICP and AA assays for silver, copper, lead and zinc.
Work at the Mike Lake property was supervised by Bill Wengzynowski, PEng, who is the qualified person for the project as defined by National Instrument 43-101. Mr. Wengzynowski has reviewed the technical content of this news release. |
