Donner Minerals Ltd.
Donner Minerals Ltd. tempe
Media Release
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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The Company provides the following background and update on its Labrador
operations. In 1994, on the north east coast of Labrador, Canada, one of the
world’s largest nickel-copper-cobalt deposits was discovered near Voisey’s Bay
by exploration company, Diamond Fields Resources Inc. The excitement
surrounding this significant discovery had an immediate impact in the market and
during the period from January 1995 to March of 1996 Diamond Fields’ share
price went from a low of $8.76 to a high of $162. Since this discovery, and its
subsequent $4.5 billion purchase by Inco, Donner Minerals Ltd. has been
actively exploring the area for similar deposits. The focus of this exploration
has been an area 90-km to the south of the discovery, referred to as the South
Voisey Bay Project.
The South Voisey Bay Project shows remarkable geological similarities to the
original discovery, which has led Donner to assemble a large land position
around a favorable intrusion of olivine gabbro. The nickel-copper-cobalt
massive sulphide deposits at Voisey’s Bay were found in a similar intrusion.
The ground has been assembled through various joint venture and earn-in
agreements with claim holders in the area.
The potential of the South Voisey Bay Project began to be recognized after
extensive field work, which included airborne and ground geophysical surveys and
limited drilling during 1995 and 1996. The highlight of 1996 was an agreement
between Donner and TeckCominco, one of the worlds largest mining companies,
which allowed TeckCominco to earn 50% of any interest held by Donner in return
for financing Donner’s portion of any feasibility study and financing Donner to
production.
An integrated approach was used in the 1997 and 1998 field seasons when
geological mapping, gravity surveying, together with surface and down-hole pulse
EM, were used to located targets with potential for massive sulphide
accumulations. Over 140 diamond drill holes have been drilled, five of which
intersected significant to spectacular nickel-copper-cobalt massive sulphides.
The vast majority of the holes intersected favorable geology demonstrating the
potential of the South Voisey Bay area to host high grade nickel-copper-cobalt
sulphide deposits comparable to Voisey’s Bay.
Some of the more significant results to date include:
Drill Interval Nickel Copper Cobalt
Hole # (m) % % %
97-67 0.30 1.72 1.59 0.22
0.60 1.97 1.03 0.25
0.10 1.39 0.77 0.17
97-75 1.10 11.60 10.20 0.41
97-79 11.50 0.38 0.28 0.06
97-96 15.70 1.13 0.78 0.20
97-97 2.20 0.71 0.65 0.08
98-131 0.20 4.49 2.60 0.28
0.30 3.44 0.50 0.46
Hole 97-75 includes a 1.1 meter intersection grading 11.6% nickel and 10.2%
copper, believed to be one of the highest grades ever reported in North America.
Falconbridge Limited is earning a 50% interest in the South Voisey Bay Project
by spending $23 million over 5 years. Falconbridge, as a major integrated mining
company, will bring to the project advanced geological and geophysical
knowledge, together with expertise in developing and operating mines, and in
smelting, refining and marketing nickel, copper and cobalt.
David Patterson, CEO of Donner, who is currently in the mining finance center of
Toronto, Canada, states “The results we have seen to date are extremely
encouraging and have captured the attention of the mining community. We look
forward to building on this success in our upcoming drill program.”
Contact in Germany:
Alexander Holtermann
Tel: +49-69-219313-59
Fax: +49-69-219313-21
e-mail: holtermann@htcom.de
end of message, (c)DGAP 30.04.2002
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