TORONTO, ONTARIO – June 2, 2017 – Darnley Bay Resources Limited (TSX VENTURE:DBL) (the “Company” or “Darnley Bay“) is pleased to report assay results from the winter program at the Pine Point Project near Hay River, Northwest Territories. The results again have confirmed high grade zinc and lead mineralization with good continuity along with high grade gallium and germanium values. The drilling was conducted at the W85 deposit, which was included in the recently-reported Preliminary Economic Assessment (PEA) (see news release dated April 18, 2017), and was completed to obtain metallurgical samples as part of the planned feasibility study.
|Hole #||From (m)||To (m)||Length (m)**||Pb%*||Zn%*||Pb+Zn (%)||Ga (g/t)*||Ge (g/t)*|
|* weighted averages|
|** estimated true thickness due to core angles on vertical holes|
This is the second hole from Darnley Bay’s $5-million exploration program for 2017 at Pine Point. A further 28 holes have been drilled at L65 deposit, which was included in the mine plan in the PEA. The drilling is designed to confirm some of the historical drilling and to expand the size of the deposit. Assays will be released on an ongoing basis. Darnley Bay plans to add a second drill to the program by mid-June.
Darnley Bay has filed the PEA technical report on SEDAR and on the Darnley Bay website (www.darnleybay.com).
Darnley Bay’s chief geologist, Stanley Clemmer, PGeo, a qualified person for the purposes of National Instrument 43-101, has verified the data (including sampling and analytical data) and prepared the technical information contained in this news release. All samples from the project were sent from the project to Bureau Veritas Minerals in Vancouver, B.C., Canada, and analyzed with multi-element ICP ES/MS, multi-acid digestion with AA analysis and lead/zinc titration follow-up as required. A quality assurance/quality control program has been implemented to ensure all core and sample handling procedures are in accordance with the best possible practices. The assay protocol includes the insertion of standards, blanks and duplicates into the sample stream, and the results were confirmatory.
Readers are cautioned that the PEA is preliminary in nature and includes the use of Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA will be realized. There is no certainty that the Inferred Resources will be converted to the Indicated or Measured categories, or that the potential Measured or Indicated Resources would be converted to the Proven or Probable Mineral Reserve categories. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimates of Mineral Resources in the PEA and the Mineral Resource statement may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The PEA recommends that the Project be advanced to a feasibility level study in order to increase confidence in the estimates.
The PEA was prepared by JDS and is based on a Mineral Resource estimate for the Pine Point Project published as a NI 43-101 Technical Report with an effective date of April 18, 2017. JDS has a long and successful track record of delivering high-quality technical engineering and economic studies for a wide range of mineral resource companies, both in Canada and internationally. JDS is a specialized, private mineral engineering, consulting and construction company focused on adding value to mineral projects with fit-for-purpose designs and exceptional execution.
The following Qualified Persons have participated in the development of the PEA, or are responsible for specific inputs into the PEA:
- Garett Macdonald, P.Eng. – JDS Energy & Mining
- Dino Pilotto, P.Eng. – JDS Energy & Mining
- Kelly McLeod, P.Eng. – JDS Energy & Mining
- Ken Embree, P.Eng. – Knight Piésold
- Albert Daniel Siega, P.Eng.
- Paul Gann, P.Geo.
For further information please contact:
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that Darnley Bay expects are forward-looking statements. Although Darnley Bay believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Darnley Bay, investors should review registered filings at www.sedar.com.
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 release.