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2010 Mining Explorers: Darnley Bay Resources Ltd.

 

Last updated 10/31/2010 at Noon



DBL: TSX-V

Chairman and Director: Leon F. La Prairie, B.Sc., P. Eng.

President and CEO: Stephen W. Reford, B.A.Sc., P. Eng.

Chief Financial Officer: Patricia G. Mannard, B.A.

Formed in 1993, Darnley Bay Resources Ltd. is focused on exploring for and developing base metal deposits related to the 50-kilometer-by -80-kilometer, or 31-mile-by-50-mile, Darnley Bay gravity anomaly near Paulatuk, Northwest Territories.

The company has discovered six diamondiferous kimberlite pipes in the same region.

Darnley Bay is currently exploring and drilling for base metals on its 4,600-square-kilometer, or 1,776-square-mile, land holding.

It also has a 50/50 joint venture with Diadem Resources Ltd. on 33 claims that encompass 10 kimberlite pipes.

During the six months that ended June 30, Darnley Bay spent nearly C$1.4 million on 2010 exploration.

The company's current funding objective is to support its metal exploration program and fulfill agreed upon obligations to the Inuvialuit Regional Corp. In August, the junior told regulators that its current funding would allow for an exploration program including geophysical analysis and drilling.

Darnley Bay Sept. 1 reported that contractor Northtech Drilling Ltd. began drilling the explorer's first 2010 base metals target Aug. 28.

Target EM-8, an electromagnetic anomaly with coincident magnetic response interpreted from a 2010 VTEM survey will be followed by target M-7, a magnetic anomaly with coincident electromagnetic response.

Both holes are to be drilled at 65 degrees from the horizontal with a length of 300 meters.

Concurrently, other targets are being investigated on the ground with gravity and magnetic surveys, and geological prospecting, to prioritize targets for the ongoing drill program.

The drill was mobilized from the Parry Peninsula 90 kilometers, or 55 miles, to the northwest where the first phase of drilling for kimberlite pipes under the joint venture with Diadem was completed a week earlier.

Darnley Bay and Diadem Sept. 8 reported the discovery of three kimberlite pipes during the first phase of 2010 drilling on the 33 claims in the Parry Peninsula JV project. The discoveries bring to 13 the number kimberlite pipes found on the property. Ten kimberlite pipes were discovered in 2000, of which six have proven diamondiferous. The companies said the results of this first phase are being incorporated in planning for a second phase of 2010 drilling, as well as determining targets that are better suited for drilling from frozen lakes in February through April of 2011. Diadem is funding the 2010 program.

Cash and short-term deposits: C$1.93 million (at June 30, 2010)

Working capital: C$1.32 million (at June 30, 2010)

Market capitalization: C$35.22 million (at Sept. 13, 2010)

4 King St. West, Suite 1103 • Toronto, Ont. Canada M5H 1B6

Tel: (416) 862-7885 • Fax: (416) 862-7889

http://www.darnleybay.com

 

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