News:
Darnley Bay survey results
Darnley Bay Resources Ltd DBL
Shares issued 10,843,508 May 5 close $0.65
Thu 6 May 99 News Release
Mr. Leon La Prairie reports
The company's prime focus is to develop the economic mineral potential of
the Darnley Bay anomaly at Paulatuk in the Northwest Territories.
Geophysical surveys have identified the anomaly as the strongest gravity
anomaly in North America. It has been compared to world-class nickel-copper
deposits, such as the Sudbury Basin in Ontario, the Bushveld complex in
South Africa and the Noril'sk deposits in Russia.
>From the 1997-98 aeromagnetic survey, the company has selected
five
magnetic anomalies (Thrasher, Hornaday, Billy, Green and Ruben) which may
contain nickel, copper and/or the platinum group elements for ground
follow-up within its mineral rights area of 1.1 million acres.
Gravity and electromagnetic surveys were carried out over the Thrasher
anomaly in February and March 1999 at a cost of about $500,000. Five
electromagnetic conductors were located over the Thrasher anomaly, three
conductors are horizontal and two of which are vertical and have
considerable strike and depth extent. The vertical conductors are 450 to
800 metres wide, 1,500 metres in length and are 250 metres from the surface
and extend to a depth of over 1,000 metres and are coincident with two of
the horizontal conductors.
The gravity survey revealed the presence of a large, deep-seated
mafic-ultramafic intrusive similar to the rocks hosting nickel deposits at
Sudbury, Noril'sk and the Bushveld. The gravity data is being analyzed, to
determine whether near-surface offshoots may be present.
Surveying of the remaining four magnetic anomalies (Hornaday, Billy, Green
and Ruben) and findings from the recent Thrasher surveys are expected to
result in several targets for follow-up drilling.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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