DARNLEY BAY RESOURCES LTD ("DBL-V;DNLYF-0")
- Discovers Large Magneto-telluric Anomaly
Darnley Bay Resources Limited (DBL) is pleased to announce the
discovery of a large magneto-telluric (MT) anomaly at its 100% owned
Darnley Bay Property, located near Paulatuk, Northwest Territories.
Importantly, the new anomaly is spatially coincident with
previously-discovered gravity and magnetic anomalies.
A 3D-inversion model of the August 2013 MT survey revealed a
conductive zone of approximately 3.5 kilometres long, 1,000 metres wide and
250 to 750 metres thick, at a depth of 1,500 metres. The anomaly is
considered a good to moderate conductor with apparent resistivity between
10 and 30 Ohm-metres. It is favourably located within prospective
Proterozoic rocks and is bounded to the west by a fault, interpreted from
previous seismic and magnetic surveys. The extent, depth, conductivity and
the geological setting of the MT anomaly fit the metalogenetic exploration
models Darnley Bay is aiming for: either a copper-nickel magmatic model
(example: Sudbury in Ontario or Norilsk in
Russia) or an Iron Oxide Copper
Gold model (example: Olympic Dam in Australia).
The MT anomaly is 1.5 kilometres west of
Diamond drill hole
DBR-001, the only deep hole completed on the Property. This vertical hole
was spotted by geoscientists from DBL and Falconbridge in 2000 and reached
the depth of 1,800 meters. DBL was searching for Sudbury style
nickel-copper mineralization, and selected this location for deep drilling
because it is one of the few areas where there are overlapping gravity and
magnetic anomalies. The hole was stopped for technical reasons and did not
explain the anomalies. Figure 1
(www.darnleybay.com/news/Figure%201_10.15.2013.html) provides a plan view
and a vertical section showing the result of the MT survey and the location
of DBR-001 relative to the seismic survey and the magnetic and gravity
anomalies of this part of the Property.
Jamie Levy, President of Darnley Bay, comments that "The results
from the magneto-telluric survey are exactly what we were hoping for when
we initiated the program. The fact that the large anomaly is coincident
with both a gravity and magnetic anomalies provides us with a high priority
drill target, and also demonstrates that the one deep drill hole on the
property was likely drilled in the wrong place."
The Darnley Bay Property covers a total of 456,000 hectares with a
series of mineral concessions and prospecting permits obtained from the
Inuvialuit Regional Corporation and the Canadian Government. The Property
encompasses what is considered one of the largest and strongest coincident
regional gravity and magnetic anomalies in the world with dimensions of 80
x 100 kilometers. The regional gravity anomaly has absolute amplitude of
132 mGal (milli-gals), while the magnetism reaches 1,350 nT (nano-teslas).
The source of this anomaly is thought by DBL staff to be a large and deep
mafic-ultramafic intrusion, the type underlying world class base metal
mining camps, with the mineralization being at shallower depth than the
main intrusion itself. It is thought that it was formed during the regional
Franklin or the Mackenzie magmatic events, both Proterozoic in age (720
million years and 1,270 million years respectively).
MT is a geophysical method of imaging the Earth's subsurface by
measuring natural variations of electrical and magnetic fields at the
Earth's surface. In the 1990s, MT was successfully used to locate mineral
deposits as deep as 1,750 metres in the Sudbury nickel mining camp. In the
last 10 years, the technique has seen many improvements, particularly with
the development of modern 3D inversion. In the oil industry, it is now
routinely used, in conjunction with seismic, to better define deep drilling
targets. Recently, a 3D-inversion applied to magneto-telluric data from
Voisey Bay nickel mine detected the nickel-copper mineralization at depth,
with apparent resistivity between 10 and 25 Ohm-m
(www.cemi.utah.edu/appls/mt/); the same range of values as the MT anomaly
detected on Darnley Bay Property this August. Readers are cautioned that
the similarity of the surveys is not necessarily indicative of the
mineralization on the Property.
The 2013 MT survey on the Darnley Bay Property was performed by
EMpulse Geophysics Ltd, from Dalmeny, Saskatchewan (www.empulse.ca). The
technique used for this survey is Transient Audio-Magneto-Telluric, with
proprietary SFERIC II instrumentation and Adaptive Polarization Stacking
algorithm. EMpulse also performed the 3D-inversion and interpretation of
the data. Stations were surveyed every 500 metres over two selected areas
on the Property (see Figure 2,
www.darnleybay.com/news/Figure%202_10.15.2013.html): the Northern Line
which is 30 kilometres long and located 15 kilometres south of Paulatuk,
(the subject of this press release); and the Southern sector, 40 kilometres
SE of Paulatuk, where two perpendicular lines totalling 30 kilometres of
survey were performed (final interpretation pending). DBL is planning to do
more detailed MT surveying on each sides of the actual MT anomaly, in order
to better define its attitude and orientation for an eventual drilling
program. DBL is also planning more MT surveying over other selected areas
on the Property.
Qualified Person
David Goldak, M.Sc. (Physics), President of EMpulse Geophysics, was
in charge of the survey in the field and responsible for the
interpretation. The technical information of this Press Release has been
prepared, reviewed and approved by Mr. J. Gauthier, P. Eng., P. Geo., a
"qualified person" for the purposes of National Instrument 43-101 Standards
of Disclosure for Mineral Properties.
Darnley Bay would also like to take this time to announce the
appointment of Mr. Chris Irwin as Corporate Secretary. Mr. Irwin has over
19 years of experience in advising public mineral exploration companies on
a variety of issues including: takeover bids, credit facilities, agency
transactions, private placements, initial public offerings (IPO) and credit
facilities. During his career he has served as an officer and/or director
of several junior mining companies including: Canada Lithium Corp.;
Trelawney Mining and Exploration Inc.; Roscan Minerals Corporations;
Southern Star Resources; and Laramide Resources Ltd., to name a few. He has
been a member of the Law Society of Upper Canada since 1996.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities and events or
developments that Darnley Bay expects are forward-looking statements.
Although Darnley Bay believes the expectations expressed in such statements
are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ materially
from those in the statements. There are certain factors that could cause
actual results to differ materially from those in forward-looking
statements. These include market prices, exploitation and exploration
successes, continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned that any
such statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the
forward-looking statements. For more information on Darnley Bay, investors
should review registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release.
TEL: (416) 862-7885 Darnley Bay Resources Limited
FAX: (416) 862-7889 Jamie Levy, President and CEO
jlevy@darnleybay.com
TEL: (647) 385-2113 Darnley Bay Resources Limited
Greg O'Halloran
Investor Relations
gohalloran@darnleybay.com
www.darnleybay.com
______________________________
.