Darnley Bay Resources Limited (TSX VENTURE:DBL) (“Darnley Bay” or the “Company”) is pleased to announce several developments regarding it’s 100% owned Pine Point lead-zinc project near Hay River, Northwest Territories. The Company has received the land-use permit which will allow drilling to begin. Simultaneously the Company has signed a drilling contract with a local aboriginally-registered company. The first phase is a 3,500 metre drilling program which is scheduled to commence shortly and will be followed by at least two additional phases of drilling throughout the year.
As quoted in the press release:
Exploration by past operators totalled approximately 1.3 million metres of core drilling in an estimated 18,406 drill holes, and there are 54 undeveloped lead-zinc deposits on property held by Darnley Bay. These are in addition to the 52 deposits historically mined out by former owner Pine Point Mines Ltd and Cominco (now Teck Resources) between 1964-1987, which totalled 64 million tonnes grading 7.0% zinc and 3.1% lead. Of these 54 deposits, 15 were included in the National Instrument 43-101 (“NI 43-101”) resource report as detailed in a press release March 3, 2017, while the rest are classified as historical resources.