|By Marketwired .||
|August 6, 2013 04:18 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/06/13 -- Darnley Bay Resources Limited (TSX VENTURE:DBL) (the "Company" or "Darnley Bay") is pleased to announce the receipt of a land use permit from the Inuvialuit Land Administration (the "Land Use Permit") which will allow the Company to perform geological and geophysical surveys as well as rock sampling on the Company's Paulatuk property (the "Property"). The Company received the Land Use Permit on Aug 5th, 2013 and expects to commence its on field exploration work immediately.
The Company is pleased to have the expertise of EMpulse Geophysics Ltd. ("EMpulse") which is led by David Goldak, P.Eng to supervise and conduct the on field exploration program. Empulse's proprietary SFERIC II instrumentation and Adaptive Polarization Stacking algorithm are the result of many years of research and development and the Company's intends to use EMpulse's new approach of transient magneto-tellurics, which provides several advantages over conventional auto-magneto-tellurics, including improved signal-to-noise. The magneto-telluric surveys will hopefully better define drilling targets by locating conductive material at a range of depths.
Magneto-tellurics is a geophysical method of imaging the earth's subsurface by measuring natural variations of electrical and magnetic fields at the earth's surface. In the 1990s, magneto-telluric was successfully used to locate mineral deposits as deep at 1,750 metres in the Sudbury nickel camp. In the last 10 years, this technique has seen a number of improvements, particularly with the development of modern 3-D inversion. It is now routinely used in the oil industry to better define deep drilling targets. Past gravity and magnetic surveys have outlined 22 targets on the Company's Property and the magneto-telluric results are expected to assist the Company in prioritizing these targets for an upcoming drill program.
We are also excited to have the experience of Jacquelin Gauthier, P. Eng, P.Geo. along with two other geologists to survey parts of the Property where the probability of finding outcrops is greater, for example on cliffs, canyons and rivers beds. The objective of the survey is to find alteration zones and dikes/sills with indicators of mineralization at depth.
The Company would like to thank the Inuvialuit Regional Corporation ("IRC") and Inuvialuit Land Administration for allowing the company to perform such work and the Company would like to extend their gratitude to have such professional partners. This program would also not be successful without the help of the Paulatuk community.
The Company's Property hosts North America's, and possibly the worlds, strongest isolated gravity anomaly, which has been favorably compared by the Geological Survey of Canada ("GSC") with other prominent gravity anomalies such as those at the prolific mining camps of Noril'sk in Russia and Sudbury Basin in Ontario. It is located near Paulatuk, Northwest Territories, on the Arctic coast. The Darnley Bay anomaly is larger and stronger than any of these comparatives by a wide margin, measuring 100 kilometres long north to south and about 80 kilometres wide. The GSC discovered the anomaly in 1969 and its source has never been explained. The Company has 100% control of its exploration and potential development subject to certain back-in and other rights of the IRC, which holds the land on which the anomaly occurs.
Stephen Reford, B.A.Sc., P. Eng, is a "qualified person" for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties and the Company's Chief Technical Officer and Director. He has prepared or supervised the preparation of the information contained in this news release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that Darnley Bay expects are forward-looking statements. Although Darnley Bay believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Darnley Bay, investors should review registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.