NEWS RELEASE � September 26, 2007
DUMONT NICKEL INC. (DNI : TSX-Ven, DG7 :
Frankfurt)
DUMONT URANIUM PROJECTS UPDATE, UTAH AND
ARIZONA
DUMONT NICKEL INC. (DNI:TSX-Ven, DG7:FSE) is
pleased to announce progress updates from its uranium projects, Utah and Arizona.
MARYSVALE URANIUM PROPERTY, MARYSVALE URANIUM
DISTRICT, UTAH
DUMONT announced on June 19, 2007, staking of a 20 square mile
land position over uranium showings and historic uranium mine workings in the
western part of the Marysvale Uranium District, in central Utah. Some of the
mineral showings also carry Gold. The staked land position was prioritized after
initial field verification based on geologic and logistical criteria to retain
an approximate 6 square mile land position held under 157 select lode claims and
one mineral lease.
Approximately 1.1 million pounds of U3O8 were
produced from the Marysvale District during the 1950�s-1960�s. Historic grades
typically ranged 0.1% to 0.2% U3O8, with higher grades ranging 0.2% to 0.4%
U3O8, to as high as 1.1% U3O8 reported from an underground cut at the historic
U-Beva Mine located on DUMONT�s claims.
Primary Uranium mineralization in the District
occurs in steep epithermal veins which were the focus of historic work. The
potential for discovery of re-distributed Uranium mineralization concentrated
below surface in favourable lateral units cut by the higher grade veins has not
been adequately evaluated and these units remain under-explored. DUMONT�s focus
is to test a number of targets for Uranium mineralization leached out from the
higher grading veins beneath known Uranium showings and historic
mines.
Relying on historic records, approximately thirty
uranium targets were identified by DUMONT on the Property. The targets typically
represent well defined zones of extreme clay alteration associated with
structures related to the rim of the Mount Belknap volcanic caldera. Many of the
targets identified also host Uranium showings, prospects or historic mine
workings, and are prospective areas for concentration of subsurface lateral
uranium zones. Based on July-August field work, eighteen high priority targets
were selected to be followed up with field work.
Mapping and sampling of two of the targets
selected, the historic U-Beva Mine area and the KO prospect, has been in progress since early August, intermittently interrupted by an exceptionally bad
fire season in Utah. Work completed consists of mapping, rock and soil sampling
programs in conjunction with surface radiometric surveys. The two targets are
described below.
Historic records describe the U-Beva uranium zone
as a shoot in a fault in altered volcanics just below the contact with overlying
rhyolite. The historic �pay� zone is reportedly a few feet wide traceable for
140 feet, with underground grades ranging 0.4% to 1.1% U3O8 over widths ranging
0.8ft to 3ft. Historic surface samples over the zone are reported to have
averaged less than 0.05% U3O8. The U-Beva historic mine comprises 90 feet
of underground workings surrounded by several hundred feet of bulldozer trenches
and pits. There are no detailed historic records of production and related
grades, beyond fragmented references in geologic literature to approximately
5,000 tons having been extracted from material grading 0.2% U3O8.
DUMONT�s work over the U-Beva target has so far
identified and traced the principal mineralized fault over a 700ft strike
length, and has defined an approximate 50ft-120ft wide corridor reporting
anomalous gamma ray radiometric grades upward to 0.03% eU3O8. The U-Beva fault
is �open� along strike in both directions. Examination of an excavation on the
U-Beva target indicates that uranium mineralization extends laterally from the
main fault zone beneath a gently dipping volcanic contact. This observation
reinforces the potential of the area to host laterally distributed uranium zones
beneath the historic zone.
Samples of rock and soil have been sent for
assay and many more will follow. Further work to be completed over the U-Beva
target before the onset of winter snow includes additional surface sampling to
extend the mineralized fault, in conjunction with geochemical and geophysical
work toward identifying drill targets for 2008 drilling. A NI-43-101 property
report is being prepared and will shortly be available from DUMONT�s website and
from www.sedar.com.
The KO prospect is, like many others on the
Property, a uranium prospect in altered zones along faulting in Bullion Canyon
volcanics. Historic references to the prospect in geologic literature report
grades ranging 0.1% to 0.23% U3O8.
DUMONT�s work over the KO prospect has identified
several potential shallow dipping redox horizons possibly at the contact between
two volcanic cycles. These horizons report anomalous uranium from radiometric
surveying. Mapping and sampling are in progress.
In addition to the U-Beva and KO targets, three
other prospective selected uranium targets are slated for reconnaissance field
work to commence shortly.
REDWALL URANIUM PROPERTY, ARIZONA STRIP,
ARIZONA
DUMONT announced on July 11, 2007, its acquisition of the Redwall
Property, a 4.7 square mile Property in the Arizona Strip, located in
northwestern Arizona near the Utah border. The Arizona Strip region is a well
known corridor across northwest Arizona hosting uranium-bearing
solution?collapse "breccia pipes".
Acquisition of the Redwall Property was concluded
during early August. Following initial reconnaissance field work portions of the
Property were prioritized to retain a 4.3 square mile land position comprising
132 lode claims.
Over 20 million pounds of U3O8 were mined from the
area during the 1970�s-1980�s from high grade breccia pipes ranging 0.5%-0.8%
U3O8, representing some of the highest grading uranium deposits in the US. The
area is under active exploration by several companies and hosts a number of
uranium deposits awaiting production.
Known breccia pipes in the Arizona Strip region
typically manifest as subtle circular surface features, or depressions, with
variable degrees of related geologic and geophysical disturbance. Based on its
initial work and field inspection, DUMONT has identified eighteen circular
photo-anomalies on the Redwall Property which are possible manifestations of
buried breccia pipes. These provide good first-order targets for follow-up.
Field work has started on two of the targets identified including mapping,
initial sampling and orientation surface geophysical work. Additional field work
is slated for late Fall and winter.
OTHER URANIUM PROJECTS, CANADA AND USA
DUMONT
continues to review a number of other properties and opportunities in
established mining districts for future acquisition.
The Qualified Person in connection with this press
release is S.F.Sabag P.Geo, President and CEO of Dumont. Uranium concentrations
reported herein as eU or eU3O8 are estimates obtained from field measurements
using a hand-held gamma ray spectrometer. The estimates rely on the measurement
of 214Bi and 214Pb isotope abundances which may or may not be not be in
equilibrium with uranium, hence the estimates may be higher or lower than actual
concentrations of uranium in the sample material. The estimates are indirect
measurements based on the assumption of equilibrium conditions and are,
accordingly, reported as �equivalent� uranium (eU) or �equivalent� oxide
(eU3O8). To establish equilibrium corrections, if any, comparison of the gamma
ray measurements with direct geochemical analyses of the mineralized sample
material is required. There are no geochemical data in hand at this time to
afford a �calibrative� comparison.
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
is assembling a portfolio of uranium exploration projects across established US
historic mining districts. 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:
96,198,010
Link to release on Canada Newswire:
