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Sphinx Resources

Publié le 23 novembre 2009

Expanded Winter Drill Progam Initiated at Matagami

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Donner Metals Ltd.

TSX VENTURE:

DON

 

 

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D4M

 

 

 

 

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November 23, 2009

Donner Metals Ltd.: Expanded Winter Drill Progam Initiated at Matagami as Bracemac-McLeod Definition Drilling Proceeds Ahead of Schedule

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2009) - Mr. Harvey Keats, Chief Executive Officer of Donner Metals Ltd. (TSX VENTURE:DON)(FRANKFURT:D4M), reports new results from the feasibility definition drill program on the Bracemac-McLeod Deposit and a significantly expanded winter drill program for exploration of the Matagami Camp.

Bracemac-McLeod - Accelerated Feasibility Program (Xstrata Zinc-funded)

Xstrata Zinc is ahead of schedule and under budget on the definition drilling at the Bracemac-McLeod Deposit (NI 43-101, indicated resource of 3.63 Mt grading 11.52% zinc, 1.60% copper, 31.55g/t silver and 0.49g/t gold) and has provided the new assay results listed in Table 1. The attached Table 3 lists all drill results and descriptions of intersections received to date. This drilling will support a revised resource calculation that will form the basis of the Accelerated Feasibility Study scheduled for completion in the second quarter of 2010. Xstrata Zinc awarded the contract for the feasibility study to Genivar Engineering of Quebec City in September and the project is rapidly advancing through its scheduled objectives. Three drills are active on the feasibility drilling and presently focused on defining the three Bracemac zones at 25 metre pierce point spacings.

Regional Exploration (Donner-funded)

The joint Xstrata Zinc/Donner management committee for exploration of the Matagami Camp has approved an expanded program and budget for the upcoming winter season. This program has been initiated and will focus on high potential Matagami-type targets (zinc, copper, silver and gold), as well as the newly discovered Daniel Belt which hosts copper-gold mineralization.
Two drills are currently active on exploration drilling and a third drill will be brought to site when access permits.

Matagami-type targets have been developed at 15 locations within the Matagami Camp, each with multiple drill targets. Recent studies in the North Flank indicate that past production from the Norita, Norita East and New Hosco mines was from mineralization within the stratigraphic hanging wall to the Key Tuffite, indicating potential for discovery at the Key Tuffite marker horizon. The identification of the hanging wall rocks west of New Hosco potentially extends Matagami Camp stratigraphy by 6 kilometres to the west of the past producing New Hosco Mine (1.82 Mt grading 1.73% zinc, 1.73% copper, 10.29g/t silver, 0.34g/t gold). Targets have also been identified in the West Camp and within the in the vicinity of the PD deposits which occur at both the Key Tuffite level and within its stratigraphic hanging wall. A 22.4 kilometre InfiniTEM survey is currently underway to refine the PD targets and to investigate the Key Tuffite in this area.

The 20 kilometre long Daniel Belt is very poorly explored and is characterized by pyroclastic rocks that are more typical of the Noranda Camp to the south. The belt hosts newly discovered copper and gold mineralization in the Daniel-1 area that is characterized by massive copper-rich sulphides (DDH DAN-09-10: 2.20% copper, 0.09% zinc, 8.8g/t silver, 0.25g/t gold over 3.95 metres) with associated disseminated gold mineralization from nearby historical drilling (DDH DAN-03-07: 5.4g/t gold over 0.95 metres). BHEM (borehole electromagnetic) and surface electromagnetic anomalies have been detected immediately along strike of this mineralization. A drill will be mobilized to follow up these targets as soon as access permits.

Recent Exploration Results:

A total of seven diamond drill holes have been completed on targets along the South Flank and results are summarized in the following Table 2.

Diamond drill hole BAS-09-57 was drilled 1.8 kilometres southeast of the former producing Bell Allard Mine (produced 3.59 Mt grading 13.67% zinc, 1.25% copper, 40.55g/t silver, 0.69g/t gold), in an area with untested BHEM geophysical targets and anomalous base metal values in the Key Tuffite returned by previous drilling. The hole intersected 8.5 metres of mineralized Key Tuffite inter-layered with strongly altered rhyolite. Sulfide mineralization was dominated by pyrrhotite with lesser base metal sulphides. An in-hole BHEM response was detected.

Diamond drill hole BRA-09-01 tested an area down-dip from the former producing Bell Allard South Pit Mine (0.23Mt grading 9.24% zinc, 1.14% copper 37g/t silver, 0.51g/t gold). The hole was targeted on untested BHEM targets with strongly anomalous base metal shows in the Key Tuffite. The hole intersected chloritized footwall rhyolite, however the Key Tuffite was not present. A weak BHEM off-hole anomaly was detected.

BRA-09-02 was drilled 1 kilometre southeast of the Bell Allard South Pit to test mineralized Key Tuffite and an off-hole BHEM response returned from BRC-95-11 (6.3% zinc over 10.40 metres, ETW: 3.23m). The hole intersected mineralized Key Tuffite followed by 46.8 metres of strong alteration and stringer sulphide mineralization in the footwall rhyolite. An off-hole BHEM response was detected.

BRA-09-03 tested a surface MegaTEM anomaly immediately northwest of the surface projection of the Bracemac Key Tuffite zone. The hole intersected mineralized Key Tuffite and strongly altered footwall rhyolite. The MegaTEM anomaly was not explained.

Diamond drill hole MCL-09-01 was designed as a stratigraphic step-out 0.5 kilometres northwest of the lower portions of the McLeod Zone. The targeted Key Tuffite sequence was occupied by a gabbro sill. Strongly altered footwall rhyolite was intersected below the sill. BHEM surveying is in progress.

A single drill hole was completed 1.25 kilometres northwest of Xstrata's producing Perseverance Mine to determine the location of the Key Tuffite down-plunge from Perseverance. DJV-09-82 intersected an unmineralized rhyolite sequence representing the Key Tuffite interval. BHEM surveying did not detect an anomaly.

SUMMARY

A total of 257 drill holes have been completed on the Matagami Project since the activity under the Option and Joint Venture Agreement began in late 2006. This includes a total of 53 drill holes that have been completed on the Advanced Feasibility Drilling on Bracemac-McLeod. A total of five drills are currently active on the project, two investigating exploration targets and three on feasibility definition drilling at Bracemac/McLeod.

Based on the Indicated Resource of 3,623,000 tonnes grading 11.52% zinc, 1.60% copper, 31.55g/t silver and 0.49g/t gold at Bracemac-McLeod, Xstrata Zinc is presently conducting an "Accelerated Feasibility Study." 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 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 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% 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 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, 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 and at Bell Channel. Within the extensive project area there are numerous exploration targets with excellent potential for additional discoveries.

Support of Exploration and Mining from the Gouvernement du Quebec: The discovery and advancement of Bracemac-McLeod, as well as the ongoing exploration in the Matagami Camp is supported by the Gouvernerment du Quebec through their exploration incentive programs. Donner Metals has consistently used the rebates to advance the Matagami Project which in turn supports the regional community and employment. Through this support, additional opportunity for new discoveries is made possible with potential for long-term impact on the Abitibi region.

SUPPLEMENTARY INFORMATION

Xstrata Zinc is the project operator for the Matagami Project 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

To view the tables accompanying this news release please click on the following link: http://media3.marketwire.com/docs/don1123.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: Financial Services - Investment Opinion, Financial Services - Investment Services and Trading, Financial Services - Personal Finance

 

 

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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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