Drilling on the South Voisey’s Bay property in Labrador has returned three separate narrow zones of massive sulphide mineralization for equal partners Northern Abitibi Mining (NAI-A) and Donner Resources (DRZ-V).
Supervising the drilling is Teck (TEK-T), which is earning a 25% interest in the property from Donner.
Hole 67 intersected the three zones between a depth of 176.2 and 180.4 metres downhole. The zones lie in a wider, 22.5-metre zone of disseminated mineralization, which exhibits textures similar to those found at the Voisey’s Bay deposit.
The first 0.3-metre interval averaged 1.73% nickel, 1.64% copper and 0.23% cobalt; the second, 1.93% nickel, 1.07% copper and 0.26% cobalt over 0.6 metre; and the third, 1.35% nickel, 0.64% copper and 0.17% cobalt over 0.1 metre.
On the basis of the new results, Northern Abitibi and Donner are expanding the drill program to beyond 10,000 metres. The $1.1-million cost of the expansion will be shared by both companies.
Northern Abitibi will finance its portion of the program from proceeds generated by a private placement with parent company Golden Rule Resources (GNU-T). The placement, which is still subject to regulatory approval, will consist of 2.8 million units priced at 40 cents each. A unit consists of one share and one share purchase warrant, with each warrant exercisable for an additional share at 50 cents for a period of two years after the closing date.
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