EXPLORATION NEWS Dynatec, FNX Report Sudbury Drill Results

Surface and underground drilling at the McCreedy West property has extended the nickel-bearing Inter Main deposit a...


Surface and underground drilling at the McCreedy West property has extended the nickel-bearing Inter Main deposit and intersected significant copper-nickel-platinum-palladium-gold values as well. The drill program is part of the Sudbury Joint Venture conducted by FNX MINING and DYNATEC on properties obtained from Inco Ltd.

The joint venture reports spending $2 million per month on drilling near Sudbury. A total of 54,000 ft of core was drilled in October by 15 rigs. The drills included five surface and two underground rigs at McCreedy West, four surface rigs at Norman, two surface rigs at Victoria, and one each at Levack and the North Range Footwall project. The partners will meet their required $14-million spending target in December, six months ahead of schedule. Furthermore, the total $30 million needed to exercise the Inco option and to earn a 100% interest in all five properties will be spent by the end of 2003, 2 years ahead of the original schedule.

The Inter Main deposit is typical of the Sudbury Basin contact-type deposits. Mineralization occurs within a broad, 2,500-ft-long mineralized envelope controlled by a series of southeasterly plunging embayments with strike lengths of up to 1,000 ft. Three subparallel embayments with widths of 25 to 55 ft and grades of up to 4.0% Ni have been identified. A fourth embayment may exist to the east. Surface and underground drilling at Inter Main continues.

Other important drill targets lie in the 700 and 950 zones, previously unmined portions of the McCreedy West footwall. They are believed to contain high-grade, copper-platinum-palladium-gold mineralization within the of Sudbury Breccia extending from surface to below the 3000 level. Dynatec is driving five exploration raises in the 700 zone (which produced 41,000 tons averaging 5.35% Cu, 0.56% Ni, and 4.04 g/t total precious metals) to test its continuity and grade. The 950 zone contains massive sulphide veins, blebs and disseminations similar to those in the 700 zone. The 950 zone has not previously been mined, but drilling has intersected significant high-grade copper and precious metals values.

Extensive information on the Sudbury Joint Venture's projects and geology are available at www.fnxmining.com


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