Bill: This thread is dead I guess. I'm trying to cut and paste a reply or two off Canada Stockwatch for you. Hope you get it, other than this I can only suggest the Darnley Bay Resources homepage which I'll give you in the next post. Regards ....Condor Darnley Bay Resources (dbl)
* 4 largest magnetic anomley RIDGEBACK 02/13/99 14:23
* Boom or Bust? Ziggy 03/13/99 07:17
* Funding RIDGEBACK 03/13/99 10:23
* What about Infrastructure? Ziggy 03/13/99 14:12
* Infrastructure RIDGEBACK 03/14/99 06:57
* P.S. on the other co. you mentioned there is potential I hav RIDGEBACK 03/14/99 07:07
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Author: RIDGEBACK -- Date:1999-02-13 14:23:22
Subject: 4 largest magnetic anomley
Here it is folks for all you speculators. This could be the stock to watch and with Falconbridge backing the company who knows? Check out their web site Trading symbol dbl. Vancouver. Voisey Bay may look small compared to this one. Good management,good backing,and the help of native people who have a share in the company, No Hassels. Nickle,Cobalt,Platinum,?
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Author: Ziggy -- Date:1999-03-13 07:17:38
Subject: Boom or Bust?
Ridgeback:
I read the background (see partial outlook below taken from company prospectus) and seen the Web site as well as some discussion group talk. Interesting, except that I would worry about the lack of funds and an infrastructure in such an isolated area. I hear they are on the verge of obtaining funding, or is that a done deal. Otherwise, if you want to speculate on a mining play this could be big......but aren't they all?
best of luck
This new company has acquired the rights to explore the Darnley Bay gravity anomaly located in the high arctic region of Canada near the Inuvialuit community of Paulatuk. The gravity anomaly covers an area of approximately 1.5 million acres, but just over 1.0 million acres are available for exploration - part of the anomoly is under the Arctic Ocean, part of it is contained in a proposed national park.
A mineral assessment by the Geological Survey of Canada in 1993 assigned a moderate to high rating for the anomaly to contain nickel, copper and/or platinum group elements (PEG's). (1993 GSC Open File 2434)
Discovered in 1969 by the Department of Energy, Mines & Resources (EMR), the anomaly has been described by EMR staff as the strongest isolated gravity anomaly in North America. At 130 mgals it is almost 50% stronger than the anomaly associated with the Bushveld Complex in South Africa, which is the largest known body of mafic-ultramafic rocks in the world (and estimated to contain 70% of the world's PEG reserves). It is more than 4 times as strong as the anomaly over the Sudbury Basin in Northern Ontario, host of the world's laregest nickel-copper sulphide deposits.
Some parts of the anomaly were previously included in a land claim settlement made between the Gov't of Canada (Crown) and the Inuvialuit of the area. The company has sucessfully negotiated a working agreement with the Inuvialuit (the 1995 Inuvialuit Concession Agreement) that provides access to approx. 450,000 acres of Inuvialuit owned lands over a 10 year period at a graduated total cost of $10 million. The company has also obtained prospecting permits for the 562,211 acres of Crown lands in the anomaly area. The Crown still retains surface and sub-surface rights to a portion of the anomaly.
The company recently went public with an initial share offering of 6-7 million common shares priced at CAN $.85. Net proceeds of between $4.69 and $5.5 million were raised for exploration purposes, working captial, and to make necessary payments to the Inuvialuit.
Directors of the company are:
Leon F. La Prairie, President & CEO Gordon R.P. Bongard, Chairman William P.G. Allen Peter Laipnieks, Vice-President, Public Relations Richard T. La Prairie, Treasurer & CFO
Directors and close friends hold approximately 4.5 million shares issued as founding shares. In addition, Directors of the company also have approximately 1.15 million share options priced at $.85, to be exercised between March 10, 2000 and March 10, 2002.
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Author: RIDGEBACK -- Date:1999-03-13 10:23:39
Subject: Funding
DBL has funding in place for the summer drill program. They are doing a final electronic ground survey to best determin drill targets.The surveys will be complete in a few weeks. Falconbridge will participate in the summer drill program. Assays of this program will be out in the fall. If the results are good Falconbridge will put in 5 million. As a matter of interest the ground survey co. Paterson Grant & Watson will be doing a 20 min presentation at the PDAC Metro Convention Cent. on Mon.Mar.15th at 4:20pm. They will have info on the DBL anomily. I expect when the electronic surveys are completed on the first drill zone the results will look quite promising and will be reflected in the share price. There are 6 large areas to be drilled and indications are this may be huge.
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Author: Ziggy -- Date:1999-03-13 14:12:39
Subject: What about Infrastructure?
Ridgeback:
Thanks for the post that clears up the question of funding. With Falconbridge in the picture this looks more promising. You said nothing about my query regarding infrastructure. Is that because that is a non-issue at this time or you simply chose to not address it?
Seeing your vast experience at this type of investing, I would really appreciate your take on Anzex Resources (AZX-VSE).
regards,
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Author: RIDGEBACK -- Date:1999-03-14 06:57:55
Subject: Infrastructure
Infrastructure & Accessibility
Here is what you asked for: As a result of previous oil and gas development in the Inuvialuit Settlement Region, the Inuvialuit Settlement Region has an existing infrastructure. Paulatuk, within the Anomaly, has a population of 270 mostly Inuvialuit people. It is on the coast and is serviced by a 5000 foot commercial airstrip. It is also accessible by winter roads, barges and ocean carriers. The services at Palatuk include power, water and sanitation, fuel, mail, telephone, radio, and the R.C.M.P. and a nursing station, a school and a hotel for your convenience.
Inuvuk, 240 miles west of Palatuk, is the northern terminal of the Trans-Canada Hwy system (The Dempster Hwy). It is the main supply and service centre for the Mackenzie Delta. The facilities include depots for Air Canada and Canadian Airlines, Northwest Tel communications, and warehousing for commercial and industrial supplies.
Tuktoyaktuk is the service centre for oil and gas developments in the Beaufort sea. It has a commercial airstrip warehousing for railhead supplies for the western Arctic, delivered by water transport from Hay River.
Yellowknife, the capital of the Northwest Territories, is 550 miles away southeast of Palatuk. Whitehorse, the capital of the Yukon Territory is 540 miles south of Inuvik. They are the main transit location for development in the western Arctic.
There are many Native Canadian people who hope this project becomes a reality and they are included in training for the project and will share in the rewards. With Falconbridge participating they have a good shot. Nine months will tell.
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Author: RIDGEBACK -- Date:1999-03-14 07:07:48
P.S. on the other co. you mentioned there is potential I have followed it but not in detail. If I have time I can check it out with a source in Aust. I do prefer to focus on companies in Canada.
Have a nice weekend. |
