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Sphinx Resources

Publié le 26 février 2009

BRACEMAC-MCLEOD NI 43-101 INDICATED RESOURCE: 3,623,000 TONNES AT 11.52 % ZINC, 1.60% COPPER, 31.5

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Donner Metals

 

UPDATED BRACEMAC-MCLEOD NI 43-101 INDICATED RESOURCE:

3,623,000 TONNES AT 11.52 % ZINC, 1.60% COPPER, 31.55 G/T SILVER AND 0.49 G/T GOLD 



Vancouver, B.C., February 25, 2009
- Mr. Harvey Keats, Chief Executive Officer of Donner Metals Ltd. (TSXV-DON), reports that, further to the Company's news release dated January 22, 2009, the Company has received an update of the resource calculation for Bracmac-McLeod from Xstrata Canada Corporation - Xstrata Zinc Canada Division (Xstrata Zinc), operator of the project under the Matagami Lake Option and Joint Venture Agreement. This update incorporates specific gravity results attained for individual assay intervals that support the weighted average resource calculation. Resources are currently calculated at 3,623,000 tonnes grading 11.52% zinc, 1.60% copper, 31.55 g/t silver and  0.49 g/t gold, with additional inferred resources of 512,000 tonnes grading 1.28% Zinc, 1.85% copper, 12.17 g/t silver and 0.18 g/t gold, calculated separately for the less well defined McLeod West Zone and the Copper Zone.

Xstrata Zinc is presently conducting a scoping study focused on metallurgical testing, preliminary engineering studies using a ramp access and both preliminary capital and operating cost assessment prior to commencing the next stage of drilling on the deposits. The objective of the study is to provide an initial evaluation of the viability of mine development as the first step towards assessing the feasibility of production at Bracemac-McLeod. Under this program, Xstrata has also recently provided Donner with results from sulphide characterization studies that predict metallurgical behavior for 90 representative samples from the Bracemac-McLeod sulphide zones. This study indicates that sulphides are typical of past-produced mineralization in the Matagami Camp and should behave similarly in the metallurgical process. The results of the more detailed metallurgical analyses that are in progress under the scoping study remain pending.

In addition to the scoping study, exploration drilling has commenced on regional targets elsewhere on the property. Two drills are currently active.

Current Bracemac-McLeod Density-Weighted Resource Calculation Indicated Resources

   

DON 1

Parameters Used For Indicated and Inferred Resource Calculations:

  • Cut-off for the Bracemac and McLeod sulphide zones is based on the extent of massive sulphides. A cut-off grade of 4% zinc equivalent (zinc + 2 times copper) is used for the Copper Zone. Both are based on historical experience in resource estimation at Matagami.
  • Capping Values were applied to individual gold and silver assays corresponding to the 97.5 percentile of each individual zone in order to minimize the nugget effect.
  • Drill spacing for indicated resources calculated for the Bracemac Zones and the McLeod Zone is at approximately 50 metre centres. 
  • Inferred resources are classified on the basis of greater than 50 metre drill spacing and/or uncertain continuity/geometry at 50 metre drill spacing.
  • Type of resource calculation model: Density-weighted polygonal method on an inclined long section.


Zone Features:
The Bracemac and McLeod zones contain sulphides that are generally typical of zinc-enriched Matagami-type VMS deposits.
The zones differ on the following:

  • significant sulphides stacked in two separate stratigraphic horizons in the hanging wall to the Key Tuffite at Bracemac,
  • locally higher copper content for both the McLeod and Bracemac Key Tuffite zones,
  • the absence of well developed stringer zones directly under the core of the zones (except the McLeod Zone), 
  • the tabular shape of mineralization, and 
  • the extensive chloritization of the footwall Watson Lake rhyolite observed from Bracemac to McLeod (>2 km wide).


Mineralization is poorly conductive and characterized by weak or absent electrical conductivity in the outer part of the sulphide bodies making the delineation of their edge difficult by standard electromagnetic geophysics.  General characteristics of each zone are as follows:
    
McLeod Zone:

  • Massive and semi-massive sulphides at or near the Key Tuffite stratigraphic horizon.
  • Excellent potential for expansion of mineralization at depth indicated on the basis of DDH MC-08-34 (10.81% zinc, 1.35% copper, 37.72g/t silver, 0.59g/t gold over 2.12 metres).

West McLeod Zone:

  • Massive and semi-massive sulphides, generally copper-rich. Geometry, extent of sulphides and connection with the McLeod Zone is unclear at current drill spacing.

Copper Zone:

  • This zone is characterized by the occurrence of stringer copper mineralization within extensive "Pipe" alteration in a laterally predictable and continuous sheet that occurs between 10 to 30 metres below mineralization in the McLeod Zone.

Bracemac Zone:

  • Massive and semi-massive sulphides occur in three stacked zones (Upper Bracemac Zone, Bracemac Zone and Bracemac Key Tuffite Zone).


Alteration and the trend of mineralization indicate further potential exists to discover additional high-grade sulphides in the local vicinity of both the McLeod and West McLeod zones. This potential will continue to be assessed as the project is advanced.

The NI 43-101 compliant Technical Report for the resource estimate on Bracemac-McLeod will be posted shortly on SEDAR and on the Company's website at
www.donnermetals.com. Additional information regarding exploration and key target areas on the regional project is also available on the web site.   

SUMMARY

A total of 90,185 metres of diamond drilling in 180 drill holes has been completed on the Matagami Project since the activity under the Option and Joint Venture Agreement began in late 2006. Approximately 80,000 metres of diamond drilling have been focused on, and in the vicinity of, the Bracemac-McLeod Discovery.

PROJECT OVERVIEW

Donner has the option to earn a 50% participating joint venture interest in the Matagami Project by incurring a total of $25 million of expenditures on exploration and related work on or before May 31, 2011.  Upon earn-in by Donner, five separate joint ventures will be formed, covering the property and the area of interest.  In each of the five joint venture areas, Xstrata Zinc has the option to earn-back a 15% interest in each area by incurring up to $20 million on a bankable feasibility study.

The Matagami Project has an area of mutual interest of 4,750 square kilometres and presently includes 3,340 mineral claims covering 801 square kilometres.  The project covers the Matagami Mining Camp which is a world-class mining district, with 18 known VMS deposits, including 10 past producers of varying sizes, including the giant Matagami Lake Deposit (25.64 million tonnes of 8.2% Zn, 0.56% Cu, 20.91 g/t Ag and 0.41 g/t Au) discovered in 1957 and mined from 1963 to 1988.  The area is host to historical production of 8,600 million pounds of Zn and 853 million pounds of Cu. The Matagami area is well serviced by established infrastructure including the town of Matagami, power, a permitted tailings facility, railway, and airport and well developed road and highway networks. Xstrata Zinc is currently producing from its low-cost and wholly-owned Perseverance Deposit which feeds its refurbished 2,600 t/day Matagami mill complex. Any future development under the Donner-Xstrata agreement will benefit from the established infrastructure and facilities. Zinc concentrates produced at Matagami are refined at the Noranda Income Fund zinc refinery in Valleyfield Quebec. Copper concentrates are smelted at Xstrata's Horne smelter in Rouyn-Noranda and refined at Xstrata's Canadian Copper Refinery in Montreal. 

The Company's strategy is to explore for and discover zinc-copper deposits in the Matagami Camp and to leverage the general infrastructure and existing processing facilities within a known and well-established cost structure for developing VMS deposits.  Donner's exploration objective is to investigate multiple stratigraphic horizons with potential for VMS mineralization including the prolific Key Tuffite horizon throughout the Matagami Camp.  To date, Donner has discovered new mineralization at Bracemac-McLeod and at Bell Channel. Within the extensive project area there are numerous exploration targets with excellent potential for additional discoveries.

SUPPLEMENTARY INFORMATION

Xstrata Zinc is the project operator for the Matagami Project and is responsible for both fieldwork and resource evaluation including, but not limited to, sampling, submittal of samples for assay, assay verification, metallurgical evaluation and QA/QC.  In accordance with Standards of Disclosure for Mineral Projects, National Instrument 43-101 Section 5.3(3), Donner is relying on the technical information supplied by Xstrata Zinc, a "producing issuer" under the instrument. Calculation of resources reported in this news release was conducted by Gilles Roy and Michel Dessureault who are the Qualified Persons for Xstrata Zinc responsible for the technical information supplied to Donner.

Assaying of samples that form the basis of the resource calculation were carried out and certified by ALS Chemex-Chimitec, of Val D'Or, Quebec (zinc, copper and silver by atomic absorption, and gold by standard fire assay procedures). Sample preparation was done by ALS Chemex of Val D'Or, Quebec.

Robin Adair, VP of Exploration for the Company, is the Qualified Person for Donner Metals Ltd. and is responsible for the technical information reported in this news release.

ON BEHALF OF THE BOARD OF
DONNER METALS LTD.

"Harvey Keats"
Chief Executive Officer

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE


For more information please contact

Donner Metals Ltd.
Suite 2150, 885 West Georgia Street, Vancouver, British Columbia, Canada V6C 3E8
Telephone: (604) 683-0564 Fax: (604) 602-9311 or Toll Free: 1-800-909-8311
E-mail:
donner@bed-rock.com or Web: www.donnermetals.com

or

Vanguard Shareholder Solutions
Tel: 604 608 0824
Toll Free: 866 898 0826


 

Vanguard Solutions

. <

Sphinx Resources

EXPLORATEUR
CODE : SFX.V
ISIN : CA8484221012
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Sphinx est une société développant des projet miniers de zinc et de cuivre basée au Canada.

Sphinx est en développement de projets de zinc, de cuivre, d'argent et d'or au Canada.

Son principal projet en développement est PD1 au Canada et ses principaux projets en exploration sont SOUTH VOISEY BAY, WEST RAGLAN et MATAGAMI au Canada.

Sphinx est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 838 700 CA$ (596 515 US$, 535 491 €).

La valeur de son action a atteint son plus haut niveau récent le 26 août 2016 à 0,14 CA$, et son plus bas niveau récent le 27 mars 2020 à 0,01 CA$.

Sphinx possède 83 870 000 actions en circulation.

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