Hi, anyone familiar with this old "dog", V.DST?
Stumbled across the NR yesterday and just put it on the ticker.
Up 47% on "huge" volume but the MD did catch my eye. LOL
Any comments would be appreciated.
TIA
kidl
Denstone Ventures Ltd - News Release
Denstone reports on various projects
Denstone Ventures Ltd DST
Shares issued 1,072,000 2001-01-18 close $0.4
Tuesday Jan 23 2001 News Release
Mr. Ron Paton reports
Denstone Ventures has entered into letters of agreement with various parties to earn interests in a number of Platinum-Palladium properties in the provinces of Ontario and Quebec.
Thumbprint property, Val d'Or mining district, Quebec
The company has signed a letter agreement with the Freeman Prospecting Syndicate of Vancouver, B.C. (Freeman), whereby Freeman has granted the company the exclusive option to acquire a 100-per-cent interest in the Thumbprint property. In order to exercise the option, the company must pay to Freeman a total of $42,500, payable over four years, and incur a total of $125,000 in exploration expenditures on the Thumbprint property by Dec. 15, 2003. The company must also issue to Freeman 100,000 special warrants. Each special warrant will entitle Freeman to acquire, at no additional cost, one share of the company, on the earlier of:
The fifth day following the date that the company becomes an AIF issuer (has filed an annual information form in compliance with Local Policy Statement 3-27 of the B.C. Securities Commission)
The fifth day following the date the company receives a receipt for a final prospectus qualifying the shares arising from the exercise of the special warrants for distribution in British Columbia, or
One year from the issuance of the special warrants. The company is under no obligation to file a prospectus and no penalties apply for failure to do so, or for failure to become an AIF issuer.
On the date that the company commences commercial production on the Thumbprint property, Freeman shall be entitled to a 2 per cent net smelter return royalty and 2 per cent gross overriding royalty.
Blueberry property, Val d'Or mining district, Quebec
The company has signed a second letter agreement with Freeman whereby Freeman has granted the company the exclusive option to acquire a 100-per-cent interest in The Blueberry Hill property. In order to exercise the option, the company must pay to Freeman a total of $42,500, payable over four years, and incur a total of $125,000 in exploration expenditures on the Blueberry Hill property by Dec. 15, 2004. The company must also issue to Freeman 100,000 special warrants, upon the same terms as the special warrants issued to Freeman for the purchase of the Thumbpiint property.
On the date that the company commences commercial production on the Blueberry Hill property, Freeman shall be entitled to a 2 per cent net smelter return royalty and 2 per cent gross overriding royalty.
The Thumbprint and Blueberry Hill project area is located 30 kilometres east of Mattagami Lake in the Abitibi region of Quebec. The properties cover parts of the Southeastern area of the Bell River mafic intrusive complex, a late Archean synvalcanic mafic intrusion made up of diorite, gabbro, anorthosite and pyroxenite. A regional prospecting program conducted by SOQLTEM in 1991-1992 returned many significant Platinum-Palladium (PGE) values across the intrusion.
The Blueberry Hill property (30 claims, 480 hectares) and the Thumbprint property (20 claims, 320 hectares) have returned consistent, highly anomalous PGE assays, up to 320 ppb (Pt+Pd), from surface grab samples. Proximal to the properties, samples from recently completed blast trenching returned up to 4.9 grams per tonnne palladium and platinum within brecciated, sulphide rich gabbro. Compilation to date of all airborne and ground data suggest the possibility of a layered mafic intrusion distinct from the Bell River mafic complex that has been named the Freeman mafic intrusion.
Survey Lake property, Lac Desiles area of Northern Ontario
The company has signed a letter agreement with Pierre Gagne of Thunder Bay, Ontario, whereby Mr. Gagne has granted the company the exclusive option to acquire 100-per-cent interest in the Survey Lake property. In order to exercise the option, the company must pay to Mr. Gagne a total of $100,000, payable over four years, and incur a total of $450,000 in exploration expenditures on the Survey Lake property on or before Jan. 1, 2005. The company must also issue to Mr. Gagne 100,000 special warrants upon the same terms as the special warrants issued to Freeman. (as described above) Each special warrant will entitle Mr. Gagne to acquire, at no additional cost, one common share of the company, on the earlier of:
The fifth day following the date that the company becomes an AIF issuer;
The fifth day following the date that the company receives receipt for a final prospectus qualifying the shares arising from the exercise of the special warrants for distribution in either British Columbia or Ontario; One year from the issuance of the special warrants. The company is under no obligation to file a prospectus and no penalties apply for failure to do so, or for failure to become an AIF issuer.
The company has also agreed to issue to Mr. Gagne an additional 100,000 shares in its capital stock following the completion by the company of a bankable feasibility report on the Survey Lake property.
On the date that the company commences commercial production on the Survey Lake property, Mr. Gagne shall be entitled to a 3 per cent net smelter return royalty, The company shall have the right to reduce the royalty to 2 per cent by the payment of $1-million.
The Survey Lake property consists of four claims covering 58 claim units located approximately 75 kilometres north of the North American Palladium Lac des Iles mine, Thunder Bay district of Ontario.
The property is underlain by fine to coarse grained gabbro, melanogabblo, pyroxetlite and serpentiaite of the layered core zone Intrusion. Numerous gossaneous zones and disseminated sulphides have been identified on the property with old trenches containing 5-10 per cent sulphides. Previous work by INCO in 1965, tested EM conductors with two drill holes, Targeting a magmatic Cu-Ni deposit. Drilling intersected 12 metres of sulphide breccia with up to 80-90 per cent pyrrhotile, pyrite and chalcopyrite. A second hole 1-5 kilometres northeast intersected a similar sulphide breccia over 25 metres. No assaying for platinum-palladium was conducted on the core.
The company feels that this favourable geology, combined with a new PGE discovery on the adjacent claims which assayed 1.23 grams per tonne Pt+Pd shows evidence of PGE mineralization within the core zone intrusion. A recently flown OGS airborne survey identified a strong two kilometre long EM conductor at the base of the core zone intrusion.
Haines Gabbro property, Shebandowan, Ontario
The company has signed a letter agreement with Classic Gold Resources Ltd. whereby the company has been granted the exclusive option to acquire 51 per cent of Classic's 50-per-cent interest in the Haines property. To earn this interest, the company must:
Pay 50 per cent of all payments made to date, being $150,000; by Classic on the Haines property as required under the agreement date, Sept. 20, 2000, between Classic and LMX Resources Lid,
Assume all of Classic's future payment obligations on the Haines property as required under the LMX agreement to a maximum of $750,000;
Raising at least $450,000 on or before Feb. 28,2001, to finance the proposed exploration on the Haynes property. The option is subject to a right of first refusal by LMX which right must be exercised by LMX within 30 days of today's date.
The Haines property is located approximately 80 kilometres west of Thunder Bay, Ontario. During May and June 2000, prospecting, mapping and mechanical trenching were initiated as follow-up to a platinum group element discovery made by a local Thunder Bay prospector. This discovery yielded sample results up to 38 grams per tonne Palladium (Pd) and 4.5 grams per tonne Platinum (Pt) from a narrow shear Structure.
The property, which consists of 60 claim units (960 hectares), is located adjacent To Inco's Shebandowan mine. Past production from the mine was approximately 10-million tonnes, grading 2 per cent Ni, 1 per cent Cu and more significantly, three grams per tonne PGE'S, The area is underlain by layered mafic intrusive rocks of the Haines gabbroic complex.
The recent surface trenching program around the discovery area has revealed a pattern of narrow, northeast trending shear zones, fractures and fissures which, when sampled assay in the 10 grams per tonne PGE range. A typical structure from Trench No. 3 on another northeast trending parallel structure to the discovery showing has assayed 18.457 grams per tonne Pd, 3.346 grams per tonne Pt and 76 ppb Au from a grab sample. Follow-up channel sampling confirmed the PGE presence and resulted in new, significant widths not previously encountered on the property. A series of continuous channel saw samples yielded a result of 8.37 grams per tonne (Pt+Pd) over 5.6 metres, The sample interval also included 0.64 per cent nickel over 3.6 metres. The analysis was completed by Accurassay Laboratories Ltd., of Thunder Bay, Ontario. A duplicate channel cut was sent to ALS-Chemex Labs of Vancouver, B.C. to verify these results. The Chemex labs confirmation assay results yielded 9.87 grams per tonne (Pt+Pd) over 5-6 metres.
Follow-up channel saw sampling of Trench No. 4, located 200 metres south of the 93 trench (fault zone), has identified a significant PGF zone within massive, coarse grained gabbro with no visible sulphides. The interval graded 0.462 grams per tonne (Pi+Pd) over 14 metres and remains open in all directions. Each one-metre channel sample had a ratio of platinum to palladium of approximately 1:1 with a range of values between 312 ppb to 495 ppb. The extent of this gabbioic body is unknown and represents a new PGE target on the Haines Gabbro property
The high-grade sample results to date at the Haines Gabbro are significant as they represent some of the highest PGE results released by any company to date, on any property in the area. The joint venture partners, LMX Resources Ltd. and Classic Gold Resources Ltd. intend to commence a minimum 1,000-metre surface diamond drilling program shortly. Drilling is expected to commence in late January. The small program has been designed to drill test these newly discovered high-grade PGF's at the No. 3 trench (fault zone) and the 94 trench.
Change in board
Robert McMorran and Harvey Keats have been appointed to the company's board of directors following the resignations of Damel Sung, and Harry Reck. Mr. Mcmorran has agreed to act as the company's interim chief executive officer and president. W. Barry Girling has agreed to act as the company's chief financial officer and secretary. The following provides information regarding Mr. McMorran and Mr. Keats:
Harvey Keats -- Vancouver, B.C.
Mr. Keats holds a master of science (geology) degree from The Memorial University of Newfoundland (1970). Mr. Keats is president of Keats Consulting Inc., a Vancouver-based consulting firm, and has over 3l years of experience in mineral exploration in Canada, Australia, and South America. Since 1978, he has held senior executive positions with a number of mineral exploration companies including, Falconbridge Limited, Diamond Fields Resources Inc. and Nuinsco Resources Ltd., and currently acts as a senior executive officer and/or director of a number of junior reporting companies.
Robert McMorran -- Vancouver B.C.
Mr. McMorran is a director and the president of Malaspina Consultants Inc., a company providing consulting and administrative services to junior companies. Prior to that time, Mr. McMorran held various senior positions with Cheni Resources Inc., a TSE-listed mining company, and various other junior mining companies.
Private placement
In order to satisfy the financing condition of the Haines property option, the company has negotiated a non-brokered private placement totalling $450,000. These funds will be raised by the company issuing up to 1.5 million special warrants at a price of 30 cents per special warrant.
Each special warrant will entitle the holder to acquire, at no additional cost, one common share and one non-transferable share purchase warrant in the capital of the company, on the earlier of:
The fifth day following the date that the company becomes an AIF issuer;
The fifth day following the date that the company receives receipt for a final prospectus qualifying the shares and warrants arising from the exercise of the special warrants for distribution in British Columbia; or
One year from the closing of the sale of the special warrants.
Each warrant will entitle The holder to acquire one common share of the company for a period of two years at a price of 80 cents per share.
The company is under no obligation to file a prospectus and no penalties apply for failure to do so, or for failure to become an AIF issuer.
The funds raised by way of this private placement will be used to finance the company's exploration commitments on the Haines property and for general working capital.
Finder's fee
The company has agreed to pay a finder's fee to Hutton Capital Corporation, a private company controlled by James Hutton, of Vancouver, B.C., for arranging the acquisition of the aforementioned properties. It is proposed that the company will issue to Hutton shares and/or cash in an amount equal to the maximum allowable under the policies of the Canadian Venture Exchange.
Completion of the aforementioned transactions are subject to Canadian Venture Exchange acceptance.
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com |
