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Sphinx Resources

Publié le 14 avril 2010

Definition Drill Program Completed at Bracemac-McLeod

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Marketwire

 

 

 

 

Donner Metals Ltd.

TSX VENTURE:

DON

 

 

FRANKFURT:

D4M

 

 

 

 

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April 13, 2010

Donner Metals Ltd.: Definition Drill Program Completed at Bracemac-McLeod

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 2010) - Mr. Harvey Keats, Chief Executive Officer of Donner Metals Ltd. (TSX VENTURE:DON)(FRANKFURT:D4M), reports that the definition drill program on Bracemac-McLeod has been completed. This program was conducted by Xstrata Zinc in support of the Accelerated Feasibility Study presently being conducted jointly by Genivar Engineering and Xstrata Zinc. The definition drilling tested the Bracemac Zones and the upper portion of the McLeod Zone at approximately 25 metre centers. Under the project plan, the lower portion of the McLeod Zone, currently drilled at approximately 50 metre spacing from surface, will be drilled at a 25 metre spacing from underground should the project pass feasibility.

New assays received to date for the McLeod Zone are reported in the attached Table 1. Additional assay results from drilling at McLeod are pending.

Additional geological information, including maps and sections, is available at www.donnermetals.com.

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. By electing to conduct a bankable feasibility study on Bracemac-McLeod, Xstrata Zinc has triggered its back-in right in the South Flank project area, subject to Donner completing its earn-in requirements by May 31, 2011.

The Matagami Project has an area of mutual interest of 4,750 square kilometres and presently includes 2,986 mineral claims covering 644 square kilometres. The project covers the Matagami Mining Camp, a world-class mining district, with 18 known Volcanogenic Massive Sulphides (VMS) deposits including 10 past producers of varying sizes, including the giant Matagami Lake Deposit (25.64 million tonnes of 8.2% zinc, 0.56% copper, 20.91g/t silver and 0.41g/t gold) discovered in 1957 and mined from 1963 to 1988. The area is host to historical production of 8,600 million pounds of zinc and 853 million pounds of copper. The Matagami area is well serviced by established infrastructure including the town of Matagami, power, a permitted tailings facility, railway, 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 tonnes per 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, Quebec.

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, Daniel 1, Bell Channel and down dip from the McLeod Zone. 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 the Accelerated Feasibility Study. Xstrata Zinc 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. Sample preparation and 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).

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

Cautionary Statement:

Certain phrases in this news release are "forward-looking statements" Forward-looking statements are identified by wording such as "will" and "should" (future sense), and apply specifically to the possible future completion of the Matagami Option, or decisions related to the Bracemac-McLeod Deposit and the feasibility study currently underway on this deposit. With respect to Donner earning an interest in the Matagami Project, Donner's ability to meet the requirements of the Option and Joint Venture Agreement can be negatively affected by financial markets and Donner's ability to raise financing, among others. With respect to the feasibility study underway on Bracemac-McLeod, there is no certainty that the study will be positive and there are numerous factors that may impact the outcome of the study either positively or negatively. These factors are being evaluated as part of the feasibility study. "Forward-looking statements" involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This press release refers to information about Xstrata's Perseverance mine and mine property on which the Company has no right to explore or mine. This press release also refers to information about historical production from land covered by the Matagami Project. Investors are cautioned that mineral deposits on other properties and/or historical production on lands under option are not necessarily indicative of characteristics of new mineral deposits discovered on the Matagami Project. Further discussion of "forward looking statements" and the risks inherent to mineral exploration and development, in relation to Donner's activities, can be found on the Company's website at www.donnermetals.com. The reader is cautioned not to place any undue reliance on any forward-looking statement, reference to other properties or historical production from the Matagami Project area.

To view the tables accompanying this press release, please click on the link provided below: http://media3.marketwire.com/docs/don413t1.pdf.


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 NEWS RELEASE.

 

CONTACT INFORMATION:

Donner Metals Ltd.
Andrea Magee
(604) 683-0564 or Toll Free: 1-800-909-8311
Fax: (604) 602-9311
donner@bed-rock.com
www.donnermetals.com

INDUSTRY: Manufacturing and Production - Mining and Metals

 

 

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Sphinx Resources

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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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