Das hier gibts zu Discovery:
Discovery Harbour Resources Enters an Option Agreement With
Northern Shield Resources Inc. for the Wabassi Ni-Cu-PGE Property,
Ring Of Fire Area, Ontario
Vancouver (March 19, 2010) – Discovery Harbour Resources Corp. ("Discovery") is pleased to
announce that it has entered into an option agreement with Northern Shield Resources Inc.
("Northern Shield") [TSX-V: NRN] respecting its 100% owned Wabassi property (the "Property")
being explored for Nickel (Ni), Copper (Cu), Cobalt (Co) and Platinum Group Elements (PGE)
south of the "Ring of Fire" area in northern Ontario.
Discovery is a private mineral exploration investment company founded by the principals of
Western Potash Corp. [TSX-V: WPX] and Zimtu Capital Corp. [TSX-V: ZC]. The President of
Discovery is Ian Graham, an accomplished mining professional with over 20 years of experience
in the discovery, evaluation and development of mineral deposits. Mr. Graham joined Discovery
from Rio Tinto, where he was the Chief Geologist with Rio Tinto's Project Generation Group.
Throughout Mr. Graham's career, he has been involved in the evaluation, exploration and
development of numerous advanced stage projects in North America and abroad. Furthermore,
Discovery’s Executive VP, Michael J. Senn, is an experienced explorer with a track record of
discovery. During his tenure with Kennecott / Rio Tinto (1980 – ’97) Michael lead teams
involved with the discoveries at the Diavik Diamond (NWT) and Eagle Deposits (MI) following a
role as Regional & Project Exploration Manager for Kennecott’s Flambeau Mining Group. He
joined the Discovery team in November, 2009.
Under the option agreement with Northern Shield, Discovery is able to earn a 51% interest in the
Property by: (i) making an immediate cash payment to Northern Shield of $50,000, (ii)
purchasing 800,000 Northern Shield shares at $0.25 per share for proceeds to Northern Shield of
$200,000 (iii) funding $1,250,000 of exploration expenditures on the Property and issuing to
Northern Shield 100,000 common shares of Discovery on or before March 31, 2011; and (iv)
funding an additional $2,150,000 million of exploration expenditures on the Property and issuing
to Northern Shield an additional 150,000 common shares of Discovery on or before March 31,
2012. Upon Discovery earning a 51% interest a 51/49 joint venture to develop the Property will
be formed between Northern Shield and Discovery. From inception Northern Shield and
Discovery will work together to develop the exploration and scoping programs for the Property,
for which the operator will be paid a fee of 10% of the exploration funds (or 5% of the
development funds) paid or advanced. Northern Shield will operate the project prior to Discovery
earn-in. This option agreement is subject to the approval of the TSX Venture Exchange.
The Property covers a large layered intrusion with geology ideally suited to host both reef-type
PGE and magmatic Ni-Cu-PGE deposits (http://www.northern-shield.com/wabassi.html). Layers
within the intrusion can be traced from outcrop and airborne magnetics for up to 8 kilometres.
The drill program on the Property that was announced on March 1 has now mobilized and, as a
result of the option agreement with Discovery, has been expanded from 1,300 metres (5-6 holes)
to 2,300 metres (8-10 holes). The drill program will focus on four separate clusters of airborne
electro-magnetic (EM) anomalies (Wabassi “A-1 thru 3”, “B”, “C” and “D”) with signatures
typical of other known magmatic nickel-copper-cobalt-PGE occurrences worldwide. The most
compelling EM anomalies occur intermittently along a linear magnetic feature that has a strike
length of 2 kilometres (Wabassi “A”-1 thru 3). This feature may represent a feeder conduit into
the main portion of the Wabassi Intrusive Complex and as such, is an ideal location for Nickel,
Copper and PGE bearing sulphides to form. Drilling of one of these VTEM targets, Wabassi A-2,
in the Fall of 2008 intersected net-textured magmatic sulphides adjacent to the VTEM airborne
magnetic-electromagnetic target, but did not test the main anomaly as was shown from recent
modelling of these airborne data. In conjunction with this drilling program, deep-penetrating
Pulse ElectroMagnetic (PEM) surveys are being conducted on surface over each of the priority
targets. Also, downhole EM has been contracted for and will begin with the 2008 drill hole that
intersected the magmatic sulphide mineralization. These PEM surveys, both ground and
downhole, will provide the venture’s exploration team with three dimensional views of the
conductors.
Mr. Ian Graham, President and CEO of Discovery, stated: "The Wabassi Project fits perfectly with
our business strategy of acquiring high quality exploration prospects in which we can leverage
our technical expertise. We are thrilled with the opportunity to work with Northen Shield’s team
to advance this project.”
The drill program at Wabassi will be overseen by Christine Vaillancourt, Chief Geologist for
Northern Shield and a Qualified Person under National Instrument 43-101. The drilling will be
conducted by Morecore Diamond Drilling Ltd. of Kelowna, British Columbia.
Discovery is a new acquisitions and investment company. Its mission is to create shareholder
value through successful acquisitions of exceptional mineral properties through the employment
of its technical expertise during the selection and exploration processes, through a thorough
evaluation of the potential economics of these quality acquisitions, through assistance in the
program’s technical management and ultimately through the evolution new technical successes
into economically viable projects by employing its development experience. In addition to this
new venture with the Northern Shield group, Discovery is currently in advanced stages of
negotiations for additional projects of merit for steel-strategic mineral commodities and gold.
For further information on Discovery and its properties, please contact:
Discovery Harbour Resource Corp.
Ian Graham
President and CEO
Tel.: (604) 689-9378
Fax: (604) 689-8199
ian@discoveryharbour.com |
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