4/13/99 - Formation of 50/50 Joint Venture
DONNYBROOK RESOURCES INC. ("DNY-V") STARCORE RESOURCES LTD. ("SOE-V") - Formation of 50/50 Joint Venture
Ralph Brown, President of Starcore Resources and Walter E. Brooks, Director of Donnybrook Resources announce the formation of a 50/50 joint venture to explore Starcore's Abiwin platinum, palladium, copper, nickel, property in the Atikokan area of Northern Ontario.
Donnybrook Resources has agreed to the following terms to earn a 50% interest in the property:
1. Cash: 1st year - $35,000
2nd year - $15,000
3rd year - $20,000
2. Shares: Starcore to receive 100,000 shares of Donnybrook Resources
3. Work Commitment: 1st year $50,000
2nd year $75,000
All future work commitments will be split on a 50/50 basis with Starcore.
The property is subject to a 2 1/2% N.S.R. Starcore Resources and Donnybrook Resources have the right to buy back 1 1/2% N.S.R. for $1,500,000.
A finders fee, up to the maximum allowable by the V.S.E., is payable by Donnybrook Resources.
In the 1999 Ontario Geological Survey, file#5986, R.D. Dyer reports that Abiwin is located within the Quetico PGE-Cu-Ni belt in a series of mafic to ultra-mafic intrusions extending from the newly discovered Samuels Lake occurrence (Starcore-ProAm) to the Lac de lies PGE mine (N. Am, Palladium), 200km east.
The Abiwin claims enclose three (3) prominent aeromag anomalies probably underlain by the mafic-ultramafic intrusions. The anomalous lake sediment geochemistry in this area includes Au, Pt, As, Ag, Co Cr, Fe, Ni, So, W, V. Y and REEs (Ontario Geological Survey, 1999). Four lake sites (sites 1181, 1186, 1377 and 1943) in particular are anomalous in all or most of the aforementioned elements. The most anomalous sample came from sit 1181 which returned 20 ppb Au (corroborated by ICP-MS analysis for gold) and the second highest platinum result of the survey of 17 ppb. The highest Pt result of 19 ppb came from site 1186, located approximate 1 km to the Northwest of site 1181. These levels of Pt in lake sediment are strongly anomalous and suggest a bed rock source is located fairly close to these lakes. In addition, elevated to anomalous Cu and Sn levels occur in several of the lake bottom sediments in the area. Three of these sites (1181, 1186 and 1377) lie within the Abiwin claim group. TEL: (604) 689-4991 Walter E. Brooks, Director
Donnybrook Resources Inc. TEL: (604) 602-4935 Ralph Brown, President
Starcore Resources Ltd.
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