Darnley explores on Arctic coast

Newly listed Darnley Bay Resources (DBRL-C) plans to drill-test the Darnley Bay anomaly, on the Arctic coast in the Northwest Territories.

The Toronto-based company has completed its initial public offering of 1.8 million shares at 85cents each, for gross proceeds of $1.5 million.

The company was formed in 1993 to acquire exploration rights over the anomaly, which covers 1.5 million acres. Of this total, 1 million acres are covered by an exploration agreement made with the government of Canada and the Inuvialuit settlement in the region.

The anomaly is viewed as prospective for nickel, copper and/or platinum group elements.

Scintrex recently completed an airborne geophysical survey over the anomaly, and the data are being processed to help define drill targets for the 1998 program.