Subject to due diligence and the approval of the Inuvialuit people of the western Arctic, Falconbridge (FL-T) plans to participate in the ground evaluation program of the Darnley Bay anomaly at Paulatuk, N.W.T.
Leon La Prairie, president of Darnley Bay Resources (DBL-V), says Falconbridge was granted the right to earn up to a 51% interest in the project plus the right to treat any ores found and to market all metals from the joint-venture lands. The major also agreed to subscribe for $250,000 of Darnley Bay shares, and to provide half the cost of a drill program of at least 5,000 metres.
The planned ground program is aimed at following up an aeromagnetic survey conducted by Darnley Bay last fall, which revealed near-surface geological and structural features indicating potential bodies of nickel mineralization. These features contain fault zones and dyke systems with vertical and horizontal movements, numerous magnetic peaks and associated gravity peaks.
In addition to the nickel targets, the property has 14 discrete magnetic anomalies with geophysical signatures similar to
kimberlite pipes in the Lac de Gras region.
The Darnley Bay anomaly is on aboriginal lands. However, the Inuvialuit have granted Darnley Bay the exclusive right to explore the region and to develop any mineral deposits found.
The Inuvialuit are seeking a minor adjustment to the western boundary of a proposed nearby park so that all of the anomalies are excluded, an initiative opposed by Parks Canada. The native organization has asked a Senate committee to intercede on its behalf.
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