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Sphinx Resources

Publié le 10 février 2011

Matagami Project Advances as the PD1 Deposit Moves to Feasibility

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Mots clés associés :   Canada | Copper |

 

 

 

 

Donner Metals Ltd.: Matagami Project Advances as the PD1 Deposit Moves to Feasibility

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2011) - Mr. Harvey Keats, Chief Executive Officer of Donner Metals Ltd. (TSX VENTURE:DON)(FRANKFURT:D4M), reports that the Company has received notice from partner Xstrata Canada Corporation - Xstrata Zinc Canada Division ('Xstrata Zinc') that it will conduct a feasibility study on the PD1 Deposit commencing immediately. The study will focus on the open pit potential of the deposit between 25 and 100 metres vertical depth, as incremental feed to the Matagami mill that could supplement production from the Bracemac-McLeod deposit between 2013 and 2016. The remainder of the deposit will be assessed in a scoping study that will investigate the viability of further exploitation of the deposit by underground development. These studies have been initiated on the basis of the measured and indicated resources reported by the Company in its press release dated January 14, 2011.

A table showing current mineral reserves and resources on the joint Donner - Xstrata Zinc Matagami Project can be viewed at the following link:
http://media3.marketwire.com/docs/DON0210.pdf.

Donner will complete its option to earn a 50% interest in five separate joint venture areas within the Matagami Project, including Bracemac-McLeod and PD1 deposits, on or before May 31, 2011. Pursuant to Xstrata Zinc's bump-up rights under the Option and Joint Venture agreement, funding and completion of the feasibility study on the PD1 deposit by Xstrata Zinc will result in a 65% Xstrata Zinc and 35% Donner joint venture in the West Camp joint venture area, including the PD1 deposit. Xstrata Zinc will also be responsible for funding the scoping study on the potential underground development of PD1 and any future feasibility costs that may result from this scoping study. Xstrata Zinc has previously completed requirements to increase its interest the South Flank joint venture area, which includes the Bracemac-McLeod mine, and this will also result in a 65% Xstrata Zinc and 35% Donner joint venture in this area. The remaining three joint venture areas that comprise the rest of the Matagami project will remain at 50% Xstrata and 50% Donner. See agreement summary below.

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

PROJECT OVERVIEW

The PD1 deposit is covered by the terms of the Matagami Option and Joint Venture Agreement which has an area of mutual interest of 4,753 square kilometres. The Matagami project presently includes 2,986 mineral claims covering 644 square kilometres including 9 contiguous mineral claims covering the PD1 deposit that are subject to cash and royalty payments to Phelps Dodge Corporation of Canada.

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. To date, Donner has provided $24.9 million towards exploration and has the balance of the funds at hand required to exercise the option. Following earn-in, five separate joint venture ("JV") areas will be formed with initial interests of 50% Xstrata Zinc and 50% Donner. The JV areas are: South Flank JV area (includes Bracemac-McLeod, McLeod Deep, Orchan West), North Flank JV area (includes Radiore), Central Camp JV area; West Camp JV area (includes the PD1 deposit - Phelps Dodge Corporation of Canada holds a 15% net carried interest and cash payments in the 9 claims covering the PD1 deposit under a 1976 agreement) and the East JV area - see web site for map locations. Following earn-in, Xstrata Zinc has a right in each of the five JV areas to earn back a 15% interest by completing a bankable feasibility study or incurring a maximum of CDN $20 million towards a bankable feasibility study. Completion of the requirements under this right will result in joint venture interests of 65% Xstrata Zinc and 35% the Company. The area of mutual interest remains in effect for two years following earn-in.

The Matagami 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 support 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, Daniel1, Bell Channel, McLeod Deep and down-dip from Radiore. 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. 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) 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 "to be", "will", "scheduled", "expected" and "could". Such statements are applicable specifically to the possible future completion of the Matagami Option, development and production from the Bracemac-McLeod Deposit, evaluation of inferred resources or potential future decisions and deliverables related to the PD1 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. "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 or future discovery potential. Further discussion of "forward looking statements" and "future oriented financial information" 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.


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.
David Patterson
(604) 683-0564 or Toll Free: 1-800-909-8311
Fax: (604) 602-9311
donner@bed-rock.com
www.donnermetals.com


Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

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$ (593 560 US$, 547 143 €).

La valeur de son action a atteint son plus haut niveau récent le 26 août 2016 à 0,14 CA$, et son plus bas niveau récent le 03 avril 2020 à 0,01 CA$.

Sphinx possède 83 870 000 actions en circulation.

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