Darnley Bay Options Zinc-Lead-Silver Deposit in Yukon

Darnley Bay Resources (TSXV:DBL) has announced that it has entered into an option agreement to acquire a 100 percent interest, subject to a two percent net smelter royalty, in the Clear Lake zinc-lead-silver deposit in the Yukon Territory from Bernie Kreft.
As quoted in the press release:

The Clear Lake project, consisting of 121 contiguous claims covering approximately 2,479 hectares, is located 65 km east of Pelly Crossing, 90 km northeast of Carmacks and 225 km north of Whitehorse. A dirt airstrip approximately 1,000 metres long was used during previous drilling programs but is now overgrown. A winter road links the property to the all-weather North Klondike Highway at Pelly Crossing, approximately 65 km to the west.
Extensive exploration work by several operators since the 1970s has included 18,219 metres of diamond drilling in 71 holes. The Yukon Geological Survey database reports a “geological reserve” of 5,570,114 tonnes grading 11.4% zinc, 2.0% lead and 38.01 grams of silver per tonne. In 2010, a previous operator reported that SRK Consulting prepared a report in accordance with National Instrument 43-101 (“NI 43-101“), estimating that the deposit contains an inferred mineral resource of 7.65 million tonnes grading 7.65% zinc, 1.08% lead and 22 g/t silver, based upon 63 drill holes totaling 13,168 metres of drilling, using a 4% (Pb+Zn) cut-off. Pb grades were capped to 1.5% and Ag grades were capped at 60 g/t.The best drill intersections assayed 16.06% zinc, 1.91% lead and 51.91 g/t silver over a core length of 14.6 meters (DDH 79-19) and 14.13% zinc, 2.24% lead and 36.45 g/t silver over 29.0 meters (DDH 83-46). The deposit consists of three elongate-shaped lenses, 5 to 30 m thick and 450 m in length that extend at least 300 m down dip, and additional mineralization in the hanging wall. It has potential for expansion at depth and along strike (SRK, 2010).
Clear Lake is a SEDEX massive sulphide deposit occurring in Devonian- to Mississippian-aged Earn Group shale. SEDEX deposits often occur in clusters at a specific geological time horizon and are a major source of zinc and lead, accounting for more than 50% and 60% of the world’s reserves of these elements respectively. In 2008-2009 a previous operator carried out helicopter-borne VTEM and magnetic surveys, followed by a ground program of induced polarization and gravity surveys, in three target areas. Analysis by Condor Consulting Inc. and Aurora Geosciences Ltd. revealed coincident/complementary gravity, EM and IP anomalies, characterized as possible massive sulphide bodies with similarities to the Clear Lake deposit itself. One is associated with a zinc-rich gossan. The other two are modelled at depths of 150 m-300 m. No work has been conducted on the property since that time and therefore these targets remain untested.

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