NEWS RELEASE � October 4, 2007
DUMONT NICKEL INC. (DNI : TSX-Ven, DG7 :
Frankfurt)
DUMONT GOLD PROJECTS UPDATE, CLIFTON-GOLDHILL
MINING DISTRICT, UTAH
DUMONT NICKEL INC. (DNI:TSX-Ven, DG7:FSE) is
pleased to announce progress updates from its Gold projects in the
Clifton-GoldHill Mining District, Utah.
RATTLER PROJECT AREA
This Project Area hosts a
3km x 1km corridor of gold anomalies with upward to 0.48ppm gold in soil samples. The eastern half of the anomalous corridor overlies calcareous
siltstone with potential for Carlin style sediment hosted disseminated gold. The
calcareous silty units occupy two elongate domains, measuring 1.5kmx0.5km each,
trending southeasterly across the Rattler Project Area. This is the first such
geological setting discovered in the Clifton-GoldHill District.
Five vertical reverse circulation drill holes were
completed during May, 2007, to test beneath one of the surface gold anomalies
overlying calcareous siltstone in the eastern portion of the anomalous corridor.
The holes were spaced 22m-114m apart along a 250m long northwest-southeast fence
over the gold anomaly, and an aggregate of 233m (765ft) was cored.
Three of the most easterly holes reported low or
nil gold grades from the targeted siltstone, whereas two of the western holes
confirmed vertical continuity of gold in the siltstone. The most westerly hole
reported gold from the entire section of siltstone, from surface to its lower
contact 16.8m (55ft) below surface, with grades ranging upward to 0.75 g/t
(averaging 0.23 g/t over 16.8m) .
Results from the drilling program confirmed that
the surface gold anomaly is indeed reflective of subsurface gold in the
siltstone. The combined surface and drill results from the area suggest that the
westernmost hole may have cut the periphery of a larger mineralized system, and
that future drilling should focus on tracing this zone westward and to the south
beneath other surface gold anomalies. Consideration is being given to additional
drilling once surface reclamation of the current drill sites has been
completed.
KIEWIT PROJECT AREA
Exploration work on the
Kiewit Project Area recessed earlier in the year pending resolution of some
contractual matters related to acquisition of the Kiewit Area claims. The claims
were acquired in 2003 from third parties under an Option Agreement (announced
December 18, 2003) pursuant to which DUMONT acquired a 100% interest in the
claims subject to delivery of a feasibility study to December 1, 2007. DUMONT
also retained a First Right of Refusal to acquire 12 patented claims held by the
vendors in the Clifton-GoldHill District. The Option Agreement was recently
amended to grant DUMONT a two year extension to December 1, 2009, for delivery
of the feasibility study. DUMONT also waived its First Right in connection with
the patented claims.
The above amendments facilitate resumption of the
in-house Scoping Study initiated in 2006 to evaluate economic viability of a
portion of the Kiewit Gold Zone. This portion, comprises a 250mx250m area
overlying the Historic portion of the Zone. It is the most accessible and has
been grid-drilled by DUMONT in sufficient detail to support a resource estimate.
The Study is intended to establish threshold economic parameters to enable a
determination whether delineation of additional similarly mineralized material
elsewhere over the 2km length of the Kiewit Gold Zone is warranted.
Should the Scoping Study prove favourable,
intentions would be to resume additional definition drilling of up to 400 holes
to identify additional mineralized material which meet economic threshold
criteria established by the Study. The necessary permitting for the anticipated
expanded drilling has been in hand for some time and is being maintained in good
standing by ongoing maintenance of related reclamation bonds and related surface
remediation. Progress and results from various studies completed to date which
will be consolidated into the Scoping Study will be reported at a later
date.
CANE SPRINGS PROPERTY
Work on the Cane Springs
Property has reached the definition drilling stage requiring grid drilling of
approximately thirty closely spaced holes to expand high grade gold zones
discovered in 2005 and confirmed in 2006. Future work on the Property will be
jointly funded 50% by DUMONT and 50% by Clifton Mining and Woodman Companies,
under the terms of an operating agreement which is yet to be formalized. Consideration will be given to resume field work on Property once the operating
agreement has been formalized.
OTHER PROJECT AREAS, CLIFTON-GOLDHILL
DISTRICT
DUMONT continues to re-evaluate its land position over the
Clifton-GoldHill District based on results from ongoing work, to retain only
portions with demonstrable merit and which can be advanced quickly. Under this
scheme, 102 claims were allowed to lapse during August, with intentions to
continue to allow additional portions of the current land position to lapse
later in the year as they are re-evaluated. The Utah JV currently controls
approximately 15 square miles of mineral properties across the District
(previously 18 sq mi), of which 10.5 square miles are held directly by Dumont on
behalf of the JV.
The Qualified Person in connection with this press release is S.F.Sabag
P.Geo, President and CEO of Dumont. Gold analyses reported herein were performed
by American Assay Laboratories, Sparks, NV, by Fire Assay of 1AT samples. Check
assays were performed by Actlabs, Ancaster, Ontario, by INA. The foregoing
analytical facilities are ISO certified registered laboratories. g/t = grams per
metric tonne. Approximately 10% of analyses are cross?checked. Duplicate samples
are archived from all drill intervals.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
DUMONT is a mineral exploration company with operations in Ontario, Utah,
Nevada and Arizona. DUMONT is Operator of the Utah Joint Venture which controls
approximately 15 square miles of mineral properties across the historic
Clifton-Gold Hill gold-silver-copper Mining District. DUMONT continues to expand
its portfolio of uranium exploration projects across established historic mining
districts, and is currently exploring two Properties in Utah and Arizona. DUMONT
holds one of the most prospective land positions in the Attawapiskat
Diamond
area in the James Bay Lowlands, Ontario, with a carried interest in the Dumont
Joint Venture exploring the area through Metalex Ventures Limited and others
under the direction of Mr.Charles Fipke. All of DUMONT's properties are being
actively explored either directly by Dumont or via joint venture.
DNI - TSX Venture
DG7 - Frankfurt
Issued: 96,298,010
Link to release on Canada Newswire:
