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Gold/Mining/Energy : Donner Minerals (DML.V) -- Ignore unavailable to you. Want to Upgrade?

To: Ed Pakstas who wrote (3869)	4/2/1998 10:54:00 AM
From: Bruce Morgan	Respond to of 11676

South Voisey's Bay JV progress Cypress Minerals Corp CYP Shares issued 13,970,781 Apr 1 close $0.70 Thu 2 Apr 98 News Release Mr Donald Huston reports The following is an update on the South Voisey's Bay joint venture in Labrador. Teck Exploration, on behalf of the SVBJV, will be expending approximately $13.5 million for a two-phased, multi-faceted exploration program on the entire project in 1998. This expenditure will be the largest of its type anywhere in Canada and reflects the expectation that the SVBJV area hosts one or more economic mineral deposits. Approximately 20% ($2.7 million) of the proposed exploration budget will be allocated to a portion of the SVBJV in which Cypress holds a majority 37.5% interest. The two-phased program on the Cypress ground will encompass 7,000m (23,000 feet) of drilling and will include the deepening of two holes that were terminated late last year because of insufficient drill capacity. Although these holes encountered the thickest sequence of gabbro found to date on the property, they failed to reach the basal contact with the gneiss which is the most prospective area for nickel-copper-cobalt mineralization. Geological mapping, coupled with gravity survey data, points to the existence of a funnel-shaped body beneath the main target area on the Cypress ground. The gravity surveys were carried out to detect large, flat-lying massive sulphide accumulations at the base of the gabbro unit. A strong north to northwest trending curvilinear gravity anomaly extends for over 6.0km along the boundary of the majority-owned Cypress portion of the South Gabbro area and adjoining ground owned 100% by Donner. The location of this anomaly coincides with a discrete boundary separating a domain of high magnetic relief to the west and an area of lower magnetic relief to the east. This magnetic break appears to correlate with a contact zone between orthogneiss and paragneiss along which the gabbro was probably emplaced. Geological modeling suggests this area may represent the location of a highly prospective broad trough or feeder zone containing economic concentrations of nickel, copper and cobalt. Cypress and BMA Mining are joint venturing three separate blocks totalling 484 claims with Donner Minerals on the northwestern and southeastern parts of the SVBJV area. Regional geological maps show that these properties cover mafic intrusive rocks which elsewhere on the SVBJV host sulphide mineralization. The northwestern block covers the northern part of a broad, moderate magnetic high which may be explained by underlying mafic intrusive rocks; the southeastern block covers irregular magnetic highs and several isolated electromagnetic anomalies. The proposed 1998 work program on these properties will likely include geological mapping and geophysics to identify drill targets. Exploration logistics in the region are expected to be significantly better this year because of the massive program that will be undertaken by participants in the SVBJV on adjoining properties. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com