Donner Minerals Ltd.
Donner Minerals Ltd. english
News Release
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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Mr. Harvey Keats, President of Donner Minerals Ltd. provides the following
update on the South Voisey Bay Project.
In early September 2001, the Company, together with its majority owned
subsidiary South Voisey Bay Nickel Ltd. (‘SVBN’), Northern Abitibi Mining Corp.,
Major General Resources Ltd. and Pallaum Minerals Ltd., entered into an option
earn-in agreement with Falconbridge Limited, whereby Falconbridge can earn a 50%
interest in the entire South Voisey Bay Project by spending $23,000,000 on
exploration.
Immediately thereafter, Falconbridge carried out a $750,000 work program
consisting of geological mapping, line cutting, 139 line kilometres of UTEM
geophysics, and diamond drill core re-logging. Falconbridge has used its
geological, geochemical and geophysical expertise to compile, integrate and
interpret all previous and new data to validate the application of the Voisey’s
Bay geological model to South VoiseyPBaßhx
=
generate new drill targets for
the 2002 program, and for future programs.
Based on a preliminary program and budget, the 2002 program is expected to
include line cutting, geology, surface UTEM and borehole UTEM surveys, 3D
modeling of magnetic and gravity data, and diamond drilling.
Geological work will include detailed mapping within new UTEM loops and of key
contacts and subunits of the South Voisey Bay gabbros, in order to better
understand the geology of areas where geophysical work and drilling will be
conducted. Geological mapping will be carried out to help understand structural
complexities, to identify additional gabbros and to help in the selection of
areas for an airborne TEM survey planned for late 2002 or early 2003. Re-
logging and limited geochemical sampling of key 1996-1998 drill core will also
be carried out.
Surface UTEM loops will be used to improve spatial and conductance modeling of
DEEPEM step-response and UTEM loop edge anomalies. Borehole UTEM surveys will
be carried out on all new drill holes and several 1997 and 1998 holes with
poorly localized high quality off-hole DEEPEM anomalies. 3D modeling of
magnetic and gravity data will aid in the deep geological interpretation of the
South Voisey Bay gabbros.
Diamond drilling in 12-20 shallow drill holes will target untested high quality
conductors, located throughout the South Voisey Bay Project area. Initial
drilling will focus on high conductance EM anomalies outlined by the 2001 UTEM
survey, followed by drilling of high conductance targets interpreted from the
reprocessed 1997/1998 DEEPEM data and resolved by the 2002 UTEM surveys.
Weather permitting, it is expected that the camp will be operational by mid-June
and that drilling will commence on drill ready targets by early July.
Falconbridge is committed to spend an additional $1.25 million by the end of
2002, for a total of $2,000,000, to meet its expenditure commitments and
maintain its option. Additional expenditures in 2002 will be contingent on
results.
There are four ownership blocks in the South Voisey Bay Project: the wholly
owned SVBN property; the Donner/Northern Abitibi joint venture property; the
Donner/Major General joint venture property; and the SVBN/Pallaum Minerals joint
venture property.
The ownership of SVBN is as follows: Donner Minerals Ltd. 76.69%; Cypress
Development Corp. 11.36%; NDT Ventures Ltd. 6.55%; Rcom Venture Corp. 4.20%; UC
Resources Ltd. 1.20%. Donner has a 52% interest in the Donner/Northern Abitibi
joint venture property and Donner has a 52% interest in the Donner/Major General
joint venture property. SVBN has a 75% interest in the SVBN/Pallaum joint
venture property.
Management of the Company is extremely pleased with the expertise that
Falconbridge brings to the South Voisey Bay project and the quality of the
targets that have been identified for drilling in 2002. Management is also
encouraged with Falconbridge’s balanced long-term approach of drilling existing
targets and identifying new targets for future programs.
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 07.05.2002
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