news
Cypress Development advised of targets selected
Donner Minerals Ltd
DML
Shares issued 56,313,874 Aug 29 close
$0.18
Fri 5 Sept 2003 News
Release
See (CYP) News Release
Mr. Jim Petit of Cypress Development reports
Three high priority target areas have been selected for drilling on
the
South Voisey's Bay project. The geophysical targets are located
in an
east-west-trending structure in an area predominated by
northwest-southeast
features. Cypress is part of the South Voisey's Bay nickel
consortium
(SVBN).
The ownership of SVBN is as follows: Donner Minerals 76.69 per
cent;
Cypress Development 11.36 per cent; NDT Ventures 6.55 per cent;
and UC
Resources 5.40 per cent. SVBN has a 75-per-cent interest in
the
SVBN/pallaum joint venture.
The targets areas were initially identified through an airborne
MegaTEM
electromagnetic (EM) survey flown in April/May, 2003, and further
confirmed
by recently completed AMT electromagnetic ground geophysics and large
loop
EM surveys. The targets also coincide with residual east-west gravity
and
magnetic features. The 2003 exploration program has been designed
to
identify nickel-bearing massive sulphides associated with known
olivine
gabbros and their related feeder systems.
All three target areas are located on the North Gabbro in the general
area
of the highest grades and nickel tenors intersected on the South
Voisey's
Bay project to date. Two of the target areas are located on
the
Donner/Commander joint venture property. One target area is located on
the
boundary of the Donner/Northern Abitibi joint venture property and the
SVBN
property.
The initial phase of drilling is expected to include approximately
1,200
metres of drilling. Drilling is expected to begin the week of
Sept. 8,
2003, and the program is expected to last three to six weeks. The
2003
program is being carried out by Falconbridge. Falconbridge can
earn a
50-per-cent interest in the entire South Voisey's Bay project by
spending
$23-million on exploration over a five-year period. Falconbridge has
spent
approximately $4-million to date on the project and has met
the
requirements up to the end of 2003 to maintain its option.
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