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Gold/Mining/Energy : Donner Minerals (DML.V)
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To: Ed Pakstas who wrote (6486)8/4/1998 11:25:00 PM
From: VAUGHN  Read Replies (1) of 11676
 
Hello All

Spoke to DML this evening and was advised as follows:

1. Three holes were drilled the past two weeks on the NAI property.

2. One hole was drilled on the CYP property.

3. The NAI property target as you know was established through the application of the new 42 channel PEM survey method.

4. The CYP property target as you know was established through the older EM survey method.

5. The first NAI hole hit one meter of massive sulphides approx. 100meters down. This was directly in the middle of the PEM survey target. THe other two NAI holes probed around the first intersection hitting semi-massive sulphides in one and graphite in another.

6. The CYP hole hit Peridotite.

7. The partners and brain trust are satisfied that the PEM survey method zero'd in on the massive sulphide and are now resolved to use this method in combination with gravity surveys in a massive survey of the north and south gabros. It is felt that any strong PEM targets occurring immediately above any major gravity lows should indicate massive sulphides occurring in conjunction with thicker gabro units which should increase the likelihood of thicker ore bodies.

8. It is possible that this survey will be completed as early as two weeks from now but there is no guarantee.

9. The partners are of the opinion that any good news in the current market would probably be treated far too casually than it might otherwise warrant. They are resolved therefore to remain prudently methodical and conservatively proceed with their homework, limit their capital burn rate, establish the most promising coincident PEM/gravity low targets with the now substantiated survey method and commence drilling again in two to three weeks, hopefully in a more favourable market mood, that might be more predisposed to assign reasonable share values to exploration success.

10. The drilling window is no where near closing in September and approx. 50% of the Phase I budget is expected to be available for drilling upon completion of the PEM survey. This of course still leaves the Phase II budget in reserve to prove up good intersections.

That is all the information I received as I was in a hurry to pick the kids up.

Regards
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