DUMONT NICKEL INC. (DNI : TSX-Ven, DG7 : Frankfurt)
TORONTO, Sept. 26 /CNW/ - Dumont Nickel Inc. (DNI:TSX-Ven, DG7:FSE) is
pleased to announce progress updates from its uranium projects, Utah and
MARYSVALE URANIUM PROPERTY, MARYSVALE URANIUM DISTRICT, UTAH
Dumont announced on June 19, 2007, staking of a 20 square mile land
position over uranium showings and historic uranium mine workings in the
western part of the Marysvale Uranium District, in central Utah. Some of the
mineral showings also carry Gold. The staked land position was prioritized
after initial field verification based on geologic and logistical criteria to
retain an approximate 6 square mile land position held under 157 select lode
claims and one mineral lease.
Approximately 1.1 million pounds of U3O8 were produced from the Marysvale
District during the 1950's-1960's. Historic grades typically ranged 0.1% to
0.2% U3O8, with higher grades ranging 0.2% to 0.4% U3O8, to as high as 1.1%
U3O8 reported from an underground cut at the historic U-Beva Mine located on
Primary Uranium mineralization in the District occurs in steep epithermal
veins which were the focus of historic work. The potential for discovery of
re-distributed Uranium mineralization concentrated below surface in favourable
lateral units cut by the higher grade veins has not been adequately evaluated
and these units remain under-explored. Dumont's focus is to test a number of
targets for Uranium mineralization leached out from the higher grading veins
beneath known Uranium showings and historic mines.
Relying on historic records, approximately thirty uranium targets were
identified by Dumont on the Property. The targets typically represent well
defined zones of extreme clay alteration associated with structures related to
the rim of the Mount Belknap volcanic caldera. Many of the targets identified
also host Uranium showings, prospects or historic mine workings, and are
prospective areas for concentration of subsurface lateral uranium zones. Based
on July-August field work, eighteen high priority targets were selected to be
followed up with field work.
Mapping and sampling of two of the targets selected, the historic U-Beva
Mine area and the KO prospect, has been in progress since early August,
intermittently interrupted by an exceptionally bad fire season in Utah. Work
completed consists of mapping, rock and soil sampling programs in conjunction
with surface radiometric surveys. The two targets are described below.
Historic records describe the U-Beva uranium zone as a shoot in a fault
in altered volcanics just below the contact with overlying rhyolite. The
historic "pay" zone is reportedly a few feet wide traceable for 140 feet, with
underground grades ranging 0.4% to 1.1% U3O8 over widths ranging 0.8ft to 3ft.
Historic surface samples over the zone are reported to have averaged less than
0.05% U3O8. The U-Beva historic mine comprises 90 feet of underground workings
surrounded by several hundred feet of bulldozer trenches and pits. There are
no detailed historic records of production and related grades, beyond
fragmented references in geologic literature to approximately 5,000 tons
having been extracted from material grading 0.2% U3O8.
Dumont's work over the U-Beva target has so far identified and traced the
principal mineralized fault over a 700ft strike length, and has defined an
approximate 50ft-120ft wide corridor reporting anomalous gamma ray radiometric
grades upward to 0.03% eU3O8. The U-Beva fault is "open" along strike in both
directions. Examination of an excavation on the U-Beva target indicates that
uranium mineralization extends laterally from the main fault zone beneath a
gently dipping volcanic contact. This observation reinforces the potential of
the area to host laterally distributed uranium zones beneath the historic
Samples of rock and soil have been sent for assay and many more will
follow. Further work to be completed over the U-Beva target before the onset
of winter snow includes additional surface sampling to extend the mineralized
fault, in conjunction with geochemical and geophysical work toward identifying
drill targets for 2008 drilling. A NI-43-101 property report is being prepared
and will shortly be available from Dumont's website and from www.sedar.com.
The KO prospect is, like many others on the Property, a uranium prospect
in altered zones along faulting in Bullion Canyon volcanics. Historic
references to the prospect in geologic literature report grades ranging 0.1%
to 0.23% U3O8.
Dumont's work over the KO prospect has identified several potential
shallow dipping redox horizons possibly at the contact between two volcanic
cycles. These horizons report anomalous uranium from radiometric surveying.
Mapping and sampling are in progress.
In addition to the U-Beva and KO targets, three other prospective
selected uranium targets are slated for reconnaissance field work to commence
REDWALL URANIUM PROPERTY, ARIZONA STRIP, ARIZONA
Dumont announced on July 11, 2007, its acquisition of the Redwall
Property, a 4.7 square mile Property in the Arizona Strip, located in
northwestern Arizona near the Utah border. The Arizona Strip region is a well
known corridor across northwest Arizona hosting uranium-bearing
solution-collapse "breccia pipes".
Acquisition of the Redwall Property was concluded during early August.
Following initial reconnaissance field work portions of the Property were
prioritized to retain a 4.3 square mile land position comprising 132 lode
Over 20 million pounds of U3O8 were mined from the area during the
1970's-1980's from high grade breccia pipes ranging 0.5%-0.8% U3O8,
representing some of the highest grading uranium deposits in the US. The area
is under active exploration by several companies and hosts a number of uranium
deposits awaiting production.
Known breccia pipes in the Arizona Strip region typically manifest as
subtle circular surface features, or depressions, with variable degrees of
related geologic and geophysical disturbance. Based on its initial work and
field inspection, Dumont has identified eighteen circular photo-anomalies on
the Redwall Property which are possible manifestations of buried breccia
pipes. These provide good first-order targets for follow-up. Field work has
started on two of the targets identified including mapping, initial sampling
and orientation surface geophysical work. Additional field work is slated for
late Fall and winter.
OTHER URANIUM PROJECTS, CANADA AND USA
Dumont continues to review a number of other properties and opportunities
in established mining districts for future acquisition.
The Qualified Person in connection with this press release is S.F.Sabag
P.Geo, President and CEO of Dumont. Uranium concentrations reported herein as
eU or eU3O8 are estimates obtained from field measurements using a hand-held
gamma ray spectrometer. The estimates rely on the measurement of 214Bi and
214Pb isotope abundances which may or may not be not be in equilibrium with
uranium, hence the estimates may be higher or lower than actual concentrations
of uranium in the sample material. The estimates are indirect measurements
based on the assumption of equilibrium conditions and are, accordingly,
reported as "equivalent" uranium (eU) or "equivalent" oxide (eU3O8). To
establish equilibrium corrections, if any, comparison of the gamma ray
measurements with direct geochemical analyses of the mineralized sample
material is required. There are no geochemical data in hand at this time to
afford a "calibrative" comparison.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Dumont is a mineral exploration company with operations in Ontario, Utah,
Nevada and Arizona. Dumont is Operator of the Utah Joint Venture which
controls approximately 15 square miles of mineral properties across the
historic Clifton-Gold Hill gold-silver-copper Mining District. Dumont is
assembling a portfolio of uranium exploration projects across established US
historic mining districts. Dumont holds one of the most prospective land
positions in the Attawapiskat diamond area in the James Bay Lowlands, Ontario,
with a carried interest in the Dumont Joint Venture exploring the area through
Metalex Ventures Limited and others under the direction of Mr.Charles Fipke.
All of Dumont's properties are being actively explored either directly by
Dumont or via joint venture.
DNI - TSX Venture
DG7 - Frankfurt
For further information:
For further information: Dumont Nickel Inc. - Shahe Sabag, President &
CEO or Denis Clement, Chairman, (416) 595-1195, email email@example.com,
also visit www.dumontnickel.com