Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Darnley Bay Resources - DBL. VSE -- Ignore unavailable to you. Want to Upgrade?

To: Willithit who wrote (144)	3/31/1999 9:54:00 PM
From: Condor	Read Replies (2) \| Respond to of 221

Update on Exploration: Darnley Bay makes plans for Thrasher zone Darnley Bay Resources Ltd DBL Shares issued 10,843,508 Mar 30 close $0.75 Wed 31 Mar 99 News Release An anonymous director reports Gravity, electromagnetic and magnetic surveys were carried out over the Thrasher zone in February and March 1999, at a cost of approximately $500,000. Three local conductors were found that are thought to be flat lying and to occur at depths of 150 to 400 metres. The nature of the conducting sources is yet to be determined. Other less conductive features have been indicated by the results which may be caused by lithological features at depths of 500 to 1000 metres. Modelling of the electromagnetic data is currently under way to interpret the geometry and nature of these conductors. Analysis to locate any deeper conductor is continuing. The gravity survey confirmed the steep gradient on the western flank of the Darnley Bay anomaly, reflecting the large, deep-seated mafic to ultramafic intrusion. The data are currently undergoing final correction and analyses, to determine whether shallower, dense apophyses may be present. Plans are under way to carry out gravity and electromagnetic surveys over the other magnetic zones (Hornaday, Billy, Green and Ruben) previously identified in the 1997 airborne magnetic survey. Surveying of the other four zones and findings from the recent Thrasher survey are expected to result in several targets which will be drill tested beginning in September. Darnley Bay is currently planning to barge from Hay River to Paulatuk all required equipment for the drilling and geophysical programs. The company expects to cut its mobilization costs by $300,000 through barging, rather than by air transport. The cost of the continuing ground geophysics is estimated at $2.0-million with the followup drilling estimated at $5-million. Based on the 1969 gravity data, the 1973 and 1997 aeromagnetic data, GSC geological maps, topographical maps and a satellite image of five zones are initially selected for ground electromagnetic and gravity surveys. The ground followup exploration program will include a deep penetrating time domain electromagnetic (UTEM) survey to locate electrical conductors that, in the best case scenario, would be direct indications of ore zones; and a gravity survey to obtain more detailed information concerning the location and depth of the heavy rocks causing the anomaly. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com