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NEWS RELEASE
DNI METALS INC. - July 15, 2011
DNI REPORTS INITIAL WINTER DRILLING RESULTS AND UPGRADES POTENTIAL TONNAGES FOR THE BUCKTON AND ASPHALT ZONES*, POLYMETALLIC BLACK SHALE PROJECTS, ATHABASCA REGION, ALBERTA
DNI METALS INC. (DNI:TSX-Ven)( DG7:FSE)
is pleased to report initial results from the winter drilling program over the Asphalt and Buckton Mineralized Zones* at its Alberta polymetallic black shale Property.
The drilling program achieved its two principal objectives, namely: (i) to complete the necessary drilling over at least one of the two Zones*, the Buckton Mineralized Zone*, to classify an initial portion into an inferred mineral resource; and (ii) to collect sufficient drill core sample material for expanded leaching testwork which have so far relied on samples collected by surface trenching.
Detailed logging of the core was completed in May, and analytical results recently received for all intercepts of the Second White Speckled Shale intersected in the holes confirm continuity of mineralization over the areas drilled, demonstrating good uniformity of bulk grades over the intersections within the Buckton Zone* and also between bulk grades of drill intercepts from the Asphalt and the Buckton Zones* which are approximately 30km apart. The analytical results also indicate that previous estimates, based on historic data, of potential tonnages which might be hosted in the Asphalt and Buckton Mineralized Zones* are understated by 10%-20% and are revised below.
As previously announced (press Mar7/2011), eight vertical HQ diameter holes were cored during the 2010-2011 winter with an aggregate of approximately 650m, testing portions of the Asphalt and Buckton polymetallic Zones* which are partly exposed or are otherwise near surface. All, but one, of the holes successfully cored across the Second White Speckled Shale Formation which is the primary host to polymetallic mineralization at the Property. This is consistent with downhole logs from 591 oil/gas wells across the Property compiled by DNI indicating that this Formation extends under DNI’s entire 2,720 square kilometer Property. One of the holes was lost in overburden in bad ground.
The drilling program was implemented on behalf of the Company by Apex Geoscience Ltd, Edmonton, under the supervision of Mr.Michael Dufresne PGeo who also oversaw logging of the core, as the Qualified Person, and will be similarly responsible for preparation of the Buckton Mineralized Zone* resource study which is in progress. Plans are to continue advancing this Zone* toward a scoping study in 2012.
Particulars of the drilling over the two Zones* are outlined below.
Buckton Mineralized Zone* (formerly the Buckton Potential Mineral Deposit*):
Five of the holes drilled were localized over approximately 3 square kilometres of the Buckton Mineralized Zone* to enable completion of a resource study to classify an initial portion of the Zone* (previously named the Buckton Potential Mineral Deposit*) into an inferred resource compliant with National Instrument 43-101 (“NI-43-101”). The current drilling by DNI comprises in-fill drilling at a spacing ranging 240m-675m, to confirm mineralization in the vicinity of historic hole 7BK04 to begin in-filling the 2.5km distance toward historic hole 7BK05 to the north. Based on extrapolations from historic drilling and surface work, metallic mineralization is believed to continue for approximately 2km to the north of the area drilled by DNI, and an additional 5km to its south, both of which offer high priority locations for additional drilling to classify additional future resources.
As outlined in the technical report for the Property dated Oct28/2008 (the “SBH Technical Report”, announced Nov10/2008), the Buckton Potential Mineral Deposit* holds potential for hosting 1.2-1.3 billion short tons of polymetallic mineralization extending over 26 square kilometers and is open in three directions. The Buckton Potential Mineral Deposit* was recently renamed as the Buckton Mineralized Zone* to harmonize nomenclature with Jun30/2011 amendments to NI-43-101. Although based on drilling and nearby outcrop exposures, the Buckton Mineralized Zone*, as better outlined in the SBH Technical Report, is a target for further ongoing exploration, it is conceptual in nature as there has been insufficient drilling conducted over the Zone* to define a mineral resource, and it is uncertain whether further drilling will define a mineral resource over the Zone*.
DNI’s current drilling reinforces geological extrapolations made in the SBH Technical Report which suggest continuity of metallic mineralization within the Buckton Mineralized Zone* between widely spaced historic drilling. DNI intends to advance exploration of this Zone* through additional driling intended to capture additional mineraized volumes into classified resources. An initial resource study for a portion of
this Zone* is in progress.
Details of the drilling completed over the Buckton Mineralized Zone* (holes 11BK01-11BK05) are tabulated below, showing analytical results, as well as comparative grades from adjacent historic holes 7BK04 and 7BK05. (See also
www.dnimetals.com/images/black_shales/bmz_2011.pdf for drill hole locations).
DNI has to date focused mainly on Mo-Ni-U-V-Zn-Cu-Co-Ag as the metals of interest in the Speckled Shale over the Property. While none of these metals is present in the shale in high enough concentration to be a “pay” metal by itself, the metals collectively represent sufficient in-situ value on a combined basis to place the Zones* discovered in the shale within reach of viability as long term sources of metals provided the metals are collectively recovered. DNI’s leaching testwork over the past two years has confirmed collective recoverability of the group of metals, and indicated that additional metals of value are also incidentally extracted from shale as co-products which include rare earths. To that end, Li grades are also tabulated below given its incidental recovery during DNI’s leaching tests as a co-product which can also proxy for the similar recovery of several other rare earth elements from the shale. Rare earth element recoveries will be announced at a future date once their analytical data has been fully assessed.
|
Hole
|
Depth
|
Zone Width** (m)
|
Weighted Average Grade (ppm) ***
|
Specific
|
|
#
|
(m)
|
From-To
|
Width
|
Mo
|
Ni
|
U
|
V
|
Zn
|
Cu
|
Co
|
Ag
|
Li
|
Gravity
|
|
11BK01
|
80.5
|
46.6-66.9
|
20.3
|
77
|
162
|
33
|
771
|
302
|
77
|
25
|
0.7
|
56
|
2.44
|
|
11BK02
|
101.5
|
67.0-89.8
|
22.8
|
83
|
171
|
33
|
764
|
299
|
78
|
25
|
0.8
|
59
|
2.43
|
|
11BK03
|
86.0
|
41.2-61.0
|
19.9
|
71
|
138
|
23
|
709
|
258
|
68
|
23
|
0.7
|
56
|
2.47
|
|
11BK04
|
91.0
|
54.5-68.0
|
13.5
|
62
|
140
|
26
|
755
|
277
|
75
|
24
|
0.7
|
53
|
2.47
|
|
11BK05
|
98.5
|
61.9-74.5
|
12.6
|
53
|
124
|
22
|
696
|
253
|
70
|
22
|
0.6
|
58
|
2.48
|
|
7BK04
|
158.2
|
120.6-141.7
|
21.1
|
67
|
129
|
27
|
645
|
282
|
73
|
23
|
0.3
|
na
|
na
|
|
historic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7BK05
|
101.2
|
76.8-95.2
|
18.4
|
77
|
152
|
25
|
722
|
318
|
77
|
24
|
0.7
|
na
|
na
|
|
historic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hole
|
Depth
|
Zone Width** (m)
|
Weighted Average Grade (lb/st) ***
|
|
#
|
(m)
|
From-To
|
Width
|
Mo
|
Ni
|
U
|
V
|
Zn
|
Cu
|
Co
|
Li
|
|
|
|
|
|
[MoO3]
|
|
[U3O8]
|
[V2O5]
|
|
|
|
|
|
11BK01
|
80.5
|
46.6-66.9
|
20.3
|
0.15
|
0.32
|
0.07
|
1.54
|
0.60
|
0.15
|
0.05
|
0.11
|
|
|
|
|
|
[0.23]
|
|
[0.08]
|
[2.75]
|
|
|
|
|
|
11BK02
|
101.5
|
67.0-89.8
|
22.8
|
0.17
|
0.34
|
0.07
|
1.53
|
0.60
|
0.16
|
0.05
|
0.12
|
|
|
|
|
|
[0.25]
|
|
[0.08]
|
[2.72]
|
|
|
|
|
|
11BK03
|
86.0
|
41.2-61.0
|
19.9
|
0.14
|
0.28
|
0.05
|
1.42
|
0.52
|
0.14
|
0.05
|
0.11
|
|
|
|
|
|
[0.21]
|
|
[0.05]
|
[2.52]
|
|
|
|
|
|
11BK04
|
91.0
|
54.5-68.0
|
13.5
|
0.12
|
0.28
|
0.05
|
1.51
|
0.55
|
0.15
|
0.05
|
0.11
|
|
|
|
|
|
[0.19]
|
|
[0.06]
|
[2.69]
|
|
|
|
|
|
11BK05
|
98.5
|
61.9-74.5
|
12.6
|
0.11
|
0.25
|
0.04
|
1.39
|
0.51
|
0.14
|
0.04
|
0.12
|
|
|
|
|
|
[0.16]
|
|
[0.05]
|
[2.48]
|
|
|
|
|
|
7BK04
|
158.2
|
120.6-141.7
|
21.1
|
0.13
|
0.26
|
0.05
|
1.29
|
0.56
|
0.15
|
0.05
|
na
|
|
historic
|
|
|
|
[0.20]
|
|
[0.06]
|
[2.30]
|
|
|
|
|
|
7BK05
|
101.2
|
76.8-95.2
|
18.4
|
0.15
|
0.30
|
0.05
|
1.44
|
0.64
|
0.15
|
0.05
|
na
|
|
historic
|
|
|
|
[0.23]
|
|
[0.06]
|
[2.57]
|
|
|
|
|
**All
holes are vertical; Widths reported are true widths; m=metres; Drill
core sampled at a standard 0.5m interval; Data for historic holes
based on sampling under geologic control with sample lengths ranging
0.05m-1m averaging apprx 0.6m. See SBH Technical Report available
from DNI’s website for additional historic work details; Zone
width represents true thickness of the flat-lying Second White
Speckled Shale Formation which hosts the polymetallic mineralization
within its contacts.
***Analyses are weighted averages over the entire
intercept of the Second White Speckled Shale Formation based on
lithogeochemical characterization; Mo, U and V grades also restated
in equivalent oxide; lb/st=pounds per short ton; Analyses by
Activation Labs, Ancaster, ON; U and Li analyses by INA, all other
metals by ICP or ICP/MS following 4-acid digestion; Specific Gravity by Gravity methods; In addition to analytical blanks and
standards utilized by Actlabs as part of its analytical quality
assurance and quality control (“QA/QC”) protocols, DNI’s QA/QC
parameters consist of duplicate analyses as follows: one
matrix-matched analytical blank per 10 samples, one duplicate
analysis of pulverized pulp per 10 samples, and one duplicate
subsample from coarse fraction per 10 samples.
In addition to confirming good continuity of mineralization and uniformity of bulk grade over the portion of the Zone* tested, the recent drill results also indicate that tonnages previously estimated for the Buckton Mineralized Zone* in the SBH Technical Report, relying on historic information, are understated. While an estimated specific gravity of 2.1, per historic work records, was relied upon by the SBH Technical Report to estimate potential tonnages which might be hosted in the Buckton Mineralized Zone*, specific gravity of the Speckled Shale as measured from the above drill core samples averages approximately 2.45 and, accordingly, revises potential tonnages estimated for the Buckton Mineralized Zone* from 1.2-1.3 billion short tons of polymetallic mineralization to 1.4-1.5 billion short tons.
The above specific gravity figures are consistent with results from surface sampling completed by DNI during the past two years. These revisions will be incorporated into revisions to the SBH Technical Report which are in progress to also incorporate and consolidate other exploration results accumulated by the Company since 2008 which have to date been reported only in press releases.
Additional planned holes were necessarily deferred due to weather and logistical constraints, including holes intended to verify projected extensions of the Buckton Mineralized Zone* over at least 6km to its north and south, as suggested by oil/gas downhole well logs in the area which report sections of the Speckled Shale Formation over a large area extending well beyond the current boundaries of the Zone*. Additional drilling planned for the summer 2011 was also deferred due to extreme fire conditions in the area.
Asphalt Mineralized Zone* (formerly the Asphalt Potential Mineral Deposit*):
Three holes were drilled over the Asphalt Mineralized Zone*, located approximately 30 kilometres to the south of the Buckton Mineralized Zone*. A number of additional planned drill holes were deferred, including holes intended to upgrade a portion of the Asphalt Mineralized Zone* (previously named the Asphalt Potential Mineral Deposit*) into an inferred resource, and holes intended to verify projected extensions of the Zone* which is open in three directions.
As outlined in the SBH Technical Report, the Asphalt Potential Mineral Deposit* holds potential for hosting 109-132 million short tons of polymetallic mineralization extending over 4.5 square kilometers and is open in three directions. The Asphalt Potential Mineral Deposit* was recently renamed as the Asphalt Mineralized Zone* to harmonize nomenclature with Jun30/2011 amendments to NI-43-101. Although based on drilling and nearby outcrop exposures, the Asphalt Mineralized Zone*, as better outlined in the SBH Technical Report, is a target for further ongoing exploration, it is conceptual in nature as there has been insufficient drilling conducted over the Zone* to define a mineral resource, and it is uncertain whether further drilling will define a mineral resource over the Zone*.
DNI’s current drilling reinforces geological extrapolations which suggest good continuity of mineralization within the Asphalt Mineralized Zone*. DNI intends to advance exploration of this Zone* through additional future drilling intended to complete sufficient number of holes to enable definition of initial inferred resource. Some of the drilling planned for the summer 2011 was necessarily deferred due to extreme fire conditions in the area.
Details of the drilling completed over the Asphalt Mineralized Zone* (holes 11AS01-11AS03) are tabulated below, showing analytical results, as well as comparative grades from adjacent historic holes 7AS01 and 7AS02. (See
www.dnimetals.com/images/black_shales/amz_2011.pdf for drill hole locations).
DNI has to date focused mainly on Mo-Ni-U-V-Zn-Cu-Co-Ag as the metals of interest in the Speckled Shale over the Property. While none of these metals is present in the shale in high enough concentration to be a “pay” metal by itself, the metals collectively represent sufficient in-situ value on a combined basis to place the Zones* discovered in the shale within reach of viability as long term sources of metals provided the metals are collectively recovered. DNI’s leaching testwork over the past two years has confirmed collective recoverability of the group of metals, and indicated that additional metals of value are also incidentally extracted from shale as co-products which include rare earths. To that end, Li grades are also tabulated below given its incidental recovery during DNI’s leaching tests as a co-product which can also proxy for the similar recovery of several other rare earth elements from the shale. Rare earth element recoveries will be announced at a future date once their analytical data has been fully assessed.
|
Hole
|
Depth
|
Zone Width** (m)
|
Weighted Average Grade (ppm) ***
|
Specific
|
|
#
|
(m)
|
From-To
|
Width
|
Mo
|
Ni
|
U
|
V
|
Zn
|
Cu
|
Co
|
Ag
|
Li
|
Gravity
|
|
11AS01
|
51.0
|
26.8-37.9
|
11.1
|
116
|
203
|
47
|
786
|
352
|
88
|
30
|
1.0
|
75
|
2.38
|
|
11AS02
|
106.5
|
95.5-106.5
|
11.0
|
65
|
137
|
30
|
682
|
281
|
89
|
23
|
0.9
|
85
|
2.48
|
|
11AS03
|
32.5
|
Hole Lost in overburden in bad
ground @ 32.5m depth
|
|
7AS01
|
76.3
|
7.1-18.5
|
11.4
|
73
|
144
|
47
|
690
|
376
|
89
|
20
|
0.3
|
na
|
na
|
|
historic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7AS02
|
89.8
|
21.6-33.2
|
11.4
|
63
|
122
|
31
|
664
|
282
|
89
|
20
|
0.3
|
na
|
na
|
|
historic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hole
|
Depth
|
Zone Width** (m)
|
Weighted Average Grade (lb/st) ***
|
|
#
|
(m)
|
From-To
|
Width
|
Mo
|
Ni
|
U
|
V
|
Zn
|
Cu
|
Co
|
Li
|
|
|
|
|
|
[MoO3]
|
|
[U3O8]
|
[V2O5]
|
|
|
|
|
|
11AS01
|
51.0
|
26.8-37.9
|
11.1
|
0.23
|
0.41
|
0.09
|
1.57
|
0.70
|
0.18
|
0.06
|
0.15
|
|
|
|
|
|
[0.35]
|
|
[0.11]
|
[2.80]
|
|
|
|
|
|
11AS02
|
106.5
|
95.5-106.5
|
11.0
|
0.13
|
0.27
|
0.06
|
1.36
|
0.56
|
0.18
|
0.05
|
0.17
|
|
|
|
|
|
[0.20]
|
|
[0.07]
|
[2.43]
|
|
|
|
|
|
11AS03
|
32.5
|
Hole Lost in overburden in bad
ground @ 32.5m depth
|
|
7AS01
|
76.3
|
7.1-18.5
|
11.4
|
0.15
|
0.29
|
0.09
|
1.38
|
0.75
|
0.18
|
0.04
|
na
|
|
historic
|
|
|
|
[0.22]
|
|
[0.11]
|
[2.46]
|
|
|
|
|
|
7AS02
|
89.8
|
21.6-33.2
|
11.4
|
0.13
|
0.24
|
0.06
|
1.33
|
0.56
|
0.18
|
0.04
|
na
|
|
historic
|
|
|
|
[0.19]
|
|
[0.07]
|
[2.37]
|
|
|
|
|
Note: See
notes attached to information tabulated above for the Buckton
Mineralized Zone*.
The drilling over the Asphalt Mineralized Zone* serves to confirm historic drilling results. The results reiterate uniformity of grades between the Asphalt and Buckton Mineralized Zones* which are located some 30km apart, and continuity of bulk average grades over distances ranging 300m-760m between holes.
In addition, the recent drill results indicate that tonnages previously estimated for the Asphalt Mineralized Zone* in the SBH Technical Report, relying on historic information, are understated. While an estimated specific gravity of 2.1, per historic work records, was relied upon by the SBH Technical Report to estimate potential tonnages which might be hosted in the Asphalt Mineralized Zone*, specific gravity of the Speckled Shale as measured from the above drill core samples averages approximately 2.4 and, accordingly, revises potential tonnages estimated for the Asphalt Mineralized Zone* from 109-132 million short tons of polymetallic mineralization to 125-151 million short tons. The above specific gravity figures are consistent with results from surface sampling completed by DNI during the past two years. These revisions will be incorporated into revisions to the SBH Technical Report which are in progress to also incorporate and consolidate other exploration results accumulated by the Company since 2008 which have to date been reported only in press releases.
General Update of Work In Progress:
Bioleaching testwork has resumed relying on weighted composite drill core samples, with an anticipated completion later in the year. This work is being carried out by Alberta Innovates Technology Futures (previously, the Alberta Research Council) to laboratory specifications formulated by DNI and its bioleaching consultants. Additional testwork will also follow later in the year, at separate facilities, to scale up test conditions to advance toward column leaching tests and, ultimately, toward a small initial heap leach test in 2012.
Consideration is being given to complete additional drilling over the Asphalt and Buckton Mineralized Zones* during late fall 2011 to complete planned drilling which was recently deferred due to extreme fire conditions. Consideration will also be given to completing initial test holes over the Buckton South Zone which is intermittently exposed and located midway between the Asphalt and Buckton Mineralized Zones*. The Buckton South Zone has not previously been drill tested and holds potential for hosting mineralization of similar grade and dimensions as that reported form the Buckton and Asphalt Mineralized Zones.
Additional analytical as well as leaching results will be announced shortly, from work which was completed during the winter whose review is nearly completed.
*Section 2.3(2) of National Instrument 43-101 (“NI-43-101”), as amended Jun30/2011, provides for written disclosure of the potential quantity and grade, expressed as ranges, of a “target of further exploration”, provided the disclosure includes a statement that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource; and provided the disclosure also states, with equal prominence, the basis on which the disclosed potential quantity and grade has been determined. The SBH Technical Report predates amendments made to NI-43-101 on Jun30/2011 which include amendments to portions of Section 2.3(2) to omit prior reference to a “potential mineral deposit” as a target for further exploration. The Technical Report describes the metallic mineralization potentially hosted within the Asphalt and Buckton Zones as Potential Mineral Deposits and in terms which were consistent with NI-43-101 prior to its Jun30/2011 amendment, and per technical specifications consistent with the Instrument as amended. The Report‘s reference, however, to the foregoing mineralization as “Potential Mineral Deposits” is terminology which is not consistent with NI-43-101 as amended. The SBH Technical Report is currently being updated to incorporate and consolidate exploration results accumulated by the Company since 2008, and to harmonize miscellaneous nomenclature therein with NI-43-101 as amended.
DNI continues to focus its efforts on its polymetallic black shale Properties in Alberta, and on its carried interest in the diamond discovery on its Attawapiskat Property, Ontario.
The Qualified Person in connection with this press release is S.F.Sabag P.Geo, DNI’s president and CEO, who has reviewed analytical results and is responsible for preparation of this press release. The Qualified Person in connection with logging and physical parameters of the holes is M.Dufresne PGeo.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
DNI - TSX Venture
DG7 - Frankfurt
Issued: 60,100,284
For further information, contact:
DNI Metals Inc. - Shahe Sabag, President & CEO or Denis Clement, Chairman - 416-595-1195
email ir@dnimetals.com. Also visit www.dnimetals.com
We seek Safe Harbour. This announcement includes forward looking statements. While these statements represent DNI’s best current judgment, they are subject to risks and uncertainties that could cause actual results to vary, including risk factors listed in DNI’s Annual Information Form available from SEDAR and on its website.
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