DVV newsDunsmuir Ventures suspends Nanuq drilling
2004-06-01 18:27 ET - News Release
Mr. Art Ettlinger reports
DUNSMUIR VENTURES LTD. -- NANUQ PROJECT PHASE 1 DRILLING SUSPENDED
Dunsmuir Ventures Ltd. has suspended its drilling activities on its Nanuq project in the Western Churchill province of Nunavut. Drilling, which began in early May, encountered repeated weather delays resulting in decreased drilling efficiencies. The decision to suspend drilling was made when it was determined that significant additional costs would be incurred to continue drilling at this time, and it became evident that current till sampling density and geophysical coverage was insufficient to isolate the location of buried kimberlite.
Five geophysical targets at the head of the main Nanuq indicator mineral train were drilled and no kimberlite was intersected. The primary cluster of geophysical targets at the head of the train was explained by the intersection of pyrrhotitic iron formation and magnetic phases of granite.
The company remains convinced that the two kimberlite indicator mineral trains identified on the Nanuq property result from the presence of buried kimberlite in the Nanuq area. The company believes, however, that prior to resumption of drilling, additional close-spaced till sampling and enhanced geophysical surveys are warranted. In this regard, Dunsmuir is currently in discussions with BHP Billiton Diamonds Inc. with respect to an appropriate program and budget covering additional sampling and geophysics.
The Nanuq property falls under the diamond alliance with BHP Billiton Diamonds Inc. Dr. Jennifer Pell, PGeo, vice-president of exploration for the company, is the acting qualified person under National Instrument 43-101 for this project.