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Darnley Bay Resources Ltd.
Summary
| Project: | Davidson | |
|---|---|---|
| Deposit: | Davidson | |
| Location: | Canada | |
| Commodities: | Molybdenum-Tungsten | |
| Date: | 10/17/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing PEA | |
| Report details: | 17-10-2016: Darnley Bay Resources Ltd. announces a Resource Estimation report for its Davidson deposit at the Davidson project. Updated mineral resource estimate for recently acquired project. This report presents a data review and Mineral Resource Estima | |
| Resources: | (Resource, M+I): 90.08Mt @ 0.286% MoS2, 0.034% WO3 (0.20% MoS2 cut-off) | |
| CP/QP: | [Resources]: Gary Giroux (Giroux Consultants Ltd.) | |
| ABSTRACT: | This report presents a data review and Mineral Resource Estimate update for the Davidson Molybdenum Tungsten Property (the “Property”), located in central western British Columbia, Canada. It has been prepared by Jim Cuttle P.Geo. and Gary Giroux P.Eng., of Giroux Consultants Ltd. (“GCL”) at the request of Mr. Jamie Levy, President and CEO of Darnley Bay Resources Limited (“Darnley Bay). Darnley Bay is a public company on the TSX Venture Exchange under the symbol DBL with head offices in Toronto, Ontario. Darnley Bay has entered into an option agreement to acquire a 100% interest in the Property from Roda Holdings Inc. (“Roda”). Roda is a private company owned 100 percent by Don Davidson of Smithers, British Columbia. The Definite Agreement requires Darnley Bay to pay Roda $50,000 within 45 days of signing the Definite Agreement and a further payment by Darnley Bay to Roda of $100,000 on each anniversary of the Definite Agreement until Darnley Bay commences commercial production of at least 500,000 tonnes of ore in any 12-month period. Once commercial production is achieved, the option will be exercised and Darnley Bay will have earned 100 percent in the Property subject to a 3 percent net smelter royalty payable to Roda. Cuttle visited the Property on August 10, 2016 to examine drill core, collect digital data, review reports and generally verify previous geological activities. Gary Giroux of Giroux Consultants Ltd. was retained to produce a resource estimate on the Property. Giroux had previously visited the Property on November 22nd and 23rd, 2004 where at that time drill core was examined, check samples taken and information gathered from the site office. Giroux also completed resource estimates on this Property for Verdstone Gold Corporation in 1998 and for Patent Enforcement and Royalties in 2005. | |
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