Darnley Bay explores anomaly

Privately owned Darnley Bay Resources plans to raise $7 million to explore a coincident magnetitic and gravity anomaly on Darnley Bay, N.W.T.

The anomaly is 70 km in diameter and was likely caused by an intrusive body, similiar to those found at the Sudbury Basin, South Africa’s Bushveld Complex and Norilsk, Russia. These structures are major sources of copper, nickel and platinum.

Darnley holds prospecting permits for about 60% (or 1 million acres) of anomaly; the remaining mineral rights are held by the Inuvialuit Regional Corp. (IRC).

Darnley and the IRC will jointly develop the mineral and/or oil and gas potential of the anomaly. The former will define drill targets by conducting geophysical surveys.

The $7 million will be raised partly through a public offering.