11 May 2017

Dunnedin Announces Gold Exploration Plans and Spinout Record Date

Dunnedin Announces Gold Exploration Plans and Spinout Record Date

 

May 11, 2017 – Vancouver, BC, Canada. – Dunnedin Ventures Inc. (the “Company” or “Dunnedin”) (TSX-V: DVI) today reported that the date of record for a Plan of Arrangement to spin out rights to gold mineralization at its Kahuna project, Nunavut, will be June 30, 2017.

 

The Company also announces its exploration plans to define drill targets across its Kannuqa gold belt, an approximately 300 square kilometre folded greenstone belt that has sourced widespread gold-in-tills, gold-in-bedrock, and gold in drill core, and is surrounded by Agnico Eagle Mines Ltd.’s (TSE: AEM; “Agnico”) Meliadine project to the north, west and south.

 

 

Figure 1: Exploration blocks at the Kannuqa belt, one of four gold belts at Kahuna.  Adjacent gold projects shown in inset; Agnico’s Meliadine project and NxGold Ltd.’s (TSX-V: NXN) Kuulu project.

The Kannuqa belt is one of four gold-bearing metasediment belts have been explored at Kahuna.  Details of the other gold belts will be made available as results of last summer’s exploration are received. The Kannuqa belt covers approximately 300 km2 (30,000 Ha), and has been divided for exploration purposes into 11 blocks averaging 25 square kilometres each.  All blocks contain gold occurrences as follows.

 

Table 1: Kannuqa Gold Belt sample results combined from historic data and Dunnedin’s 2015 till survey.

Block  

Approx.

Area

(km2)

Number of Till Samples Total Gold Grains Avg. Grains Per Sample Total Pristine Grains Bedrock

Has Been Sampled for Gold

Has Been Drilled for Gold
1 22 10 61 6 6 Yes Yes
2 25 8 70 9 7 Yes Yes
3 33 12 97 8 9 No No
4 33 9 136 15 12 No No
5 21 11 348 32 59 No No
6 20 4 96 24 17 No No
7 15 2 29 15 4 No No
8 25 13 296 23 56 No No
9 30 22 522 24 68 No No
10 25 12 179 15 19 No No
11 20 2 50 25 6 No No
TOTAL 269 105 1884 18 263

 

“We’ve identified more than 50 areas with concentrated gold-in-tills that include pristine, locally derived gold grains.  These were deposited down-ice from nearby bedrock sources that appear to lie within the Kannuqa gold belt,” said Chris Taylor, CEO of Dunnedin. “While gold is widespread in tills throughout the belt, it is concentrated near bedrock fold hinges in a pattern similar to that published at Meliadine.  As the Kannuqa belt begins less than 15 kilometres from the Meliadine mine site, it is a near-term priority for Dunnedin’s exploration efforts and has excellent potential to host new gold discoveries.”

 

Dunnedin confirmed historical gold-in-till results through recovery of proximally-sourced gold grains from Block 1 as disclosed on October 17, 2016.  Dunnedin expects to soon receive gold results from till samples collected across the Kahuna project in 2016.  These will include new results from the Kannuqa gold belt, which will direct upcoming exploration.

 

Field crews are expected to mobilize in early June 2017, when ground conditions allow.  The Company will expand its gold-in-till sampling grid across each of the 11 defined exploration blocks, including higher density sampling around high historical grain counts, and will undertake a geological prospecting and mapping program that will define drill targets at each block.  Drilling will be planned and implemented based on results received from this work.

 

As previously disclosed, a property-wide diamond exploration program will be concurrently undertaken, including drill testing of a number of high priority diamond indicator mineral sources, and collection of diamondiferous kimberlite bulk samples for diamond valuation purposes.  All till sampling conducted across the property will be screened for both indicator mineral and gold content, as Dunnedin has observed gold grains and kimberlite indicator minerals occur together in the majority of samples.

 

As disclosed on May 1 2017, Dunnedin has accelerated its 100 percent earn-in of the Kahuna project and is proceeding with its intention to spin out rights to gold mineralization at the Kahuna project.  The project and rights will be spun out into a wholly-owned subsidiary pursuant to a Plan of Arrangement under the Business Corporations Act (British Columbia).  The Arrangement will also include an agreed upon working capital amount to facilitate exploration activities at these projects.

Shareholders of record on June 30 2017 will be entitled to receive a distribution of shares in a new gold entity that will be listed on a Canadian stock exchange.  Additional details regarding the Arrangement will be provided as they become available.

Mr. R. Bob Singh, P.Geo, Exploration Manager, is the qualified person responsible for the technical content of this news release.

For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360.

 

On behalf of the Board of Directors

Dunnedin Ventures Inc.

 

Chris Taylor

Chief Executive Officer

 

About the Kahuna Project

Kahuna is an advanced stage high grade diamond project located near Rankin Inlet, Nunavut.  Dunnedin is now recovering diamonds and indicator minerals from a series of kimberlite and till samples collected in from two seasons of field work.  An Inferred Resource released by Dunnedin showed over 4 million carats of macrodiamonds (+0.85 mm) at a grade of 1.01 carats per tonne had been defined along the partial strike length of the Kahuna and Notch kimberlite dikes through shallow drilling.  The largest diamond recovered was a 5.43 carat stone from the Kahuna dike which was a piece of a larger diamond that had been broken during the sample preparation process and was reconstructed as having an original size of 13.42 carats.  Recent results include a 0.82 tonne sample of the PST kimberlite dike which returned 96 macrodiamonds totalling 5.34 carats (+0.85 mm) and a 2.36 tonne sample of the Notch kimberlite which returned 89 macrodiamonds totalling 2.38 carats (+0.85 mm).

 

The Kahuna project is located adjacent to the development-stage Meliadine gold project of Agnico Eagle Mines Ltd. Meliadine has approximately 14.5 million tonnes of Proven and Probable Reserves grading 7.32 g/t gold, containing 3.4 million ounces of gold as of December 31, 2015.   There is an additional Indicated Resource of 20.7 million tonnes grading 4.95 g/t gold containing 3.3 million ounces of gold, and an additional Inferred Resource of 14.7 million tonnes grading 7.51 g/t gold containing 3.5 million ounces of gold (source: www.agnicoeagle.com).

 

 

Neither 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.

 

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”.  Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

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04 Aug 2016

Dunnedin Adds Strategic Advisors and Announces Private Placement

August 4, 2016 – Vancouver, BC, Canada. – Dunnedin Ventures Inc. (the “Company” or “Dunnedin”) (TSX-V: DVI) is pleased to announce the appointment of Mr. John Robins, P.Geo., and Mr. Jim Paterson as Strategic Advisors to the Company.  The Company also announces a CDN$1.3 million non-brokered private placement.

Chris Taylor, Dunnedin’s CEO said, “We are thrilled to welcome Mr. Robins and Mr. Paterson as Advisors.  Hunter Exploration Group, a private company co-founded by Mr. Robins, was the original mineral tenure holder at the Kahuna project during the early 2000’s, when over thirty million dollars in exploration were undertaken in the area.  Mr. Robins’ history with the project and access to a proprietary database of historic results give him a unique perspective on the full potential of the property.”

Mr. Robins stated, “We are excited by the opportunity to get back to work in this area of exceptional discovery potential.  Our previous work resulted in the discovery of diamond-bearing kimberlites, however additional high quality diamond indicator mineral trains remain unresolved, including new targets identified by Dunnedin.  In addition, several gold-in-till anomalies were also identified.  Given the proximity to Agnico Eagle’s three million ounce Meliadine gold deposit, both the gold and diamond potential of this project cannot be overlooked.”

Mr. Robins is a Professional Geologist with over 30 years’ experience in the mining industry, and recently oversaw the successful sale of Kaminak Gold Corp. as that company’s Executive Chairman.  Kaminak was acquired by Goldcorp Inc. in July 2016 for in excess of $500 million.  He remains a director of Kivalliq Energy Corp., Northern Empire Resources Corp., and West Melville Minerals Inc., and is also a Strategic Advisor to Great Bear Resources Ltd.  He has been a driving force within the Vancouver mining sector as co-founder of Hunter Exploration, Stornoway Diamond Corp., Kivalliq Energy Corp., North Country Gold Corp. and Kaminak Gold Corp. Mr. Robins was also involved in the successful sale/merger of several public companies including Grayd Resources Corp. (Agnico Eagle), Troon Resources (Grenville Strategic Royalty), Arauco Minerals (Kinross), Creston Moly Corp. (Mercator) and Northair Silver Corp. (Kootenay Silver).

Mr. Paterson is a director and CEO of Kivalliq Energy Corp., which is actively exploring the Angilak uranium project in the same region of Nunavut as the Kahuna project, and until recently served as director of Kaminak Gold Corp.  Mr. Paterson is also a director of Northern Empire Resources Corp. and a Strategic Advisor to Great Bear Resources Ltd.  Mr. Paterson has 19 years of corporate experience with North American publicly traded companies, participating in acquisitions, joint-ventures, spin-outs, reverse transactions and IPO’s. Since January 2010, Mr. Paterson has been involved as an executive or as an active director of companies which have raised in excess of $175 million in equity financings.

Private Placement

Dunnedin also announces that, subject to regulatory approval, it will undertake a non-brokered private placement.  Each unit will be issued at a price of $0.10 and will consist of one common share and one common share purchase warrant entitling the holder to acquire one additional common share at a price $0.15 per share for a period of twenty-four (24) months.  The common share purchase warrants will be subject to acceleration at the Company’s discretion in the event the Company’s common shares trade on a volume weighted average price (VWAP) basis of $0.25 or more for a period of ten consecutive trading days.  The Company will issue up to 13,000,000 units for gross proceeds of up to $1,300,000. Finder’s fees may be paid in accordance with Exchange regulations.  Insiders may participate for a portion of the placement.  Proceeds will be used to advance the Company’s Kahuna project, and for general working capital purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The Company has also granted an aggregate of 200,000 stock options to directors of the Company, exercisable at $0.15 per share for a period of five years.

About the Kahuna Project

Kahuna is an advanced stage diamond project located near Rankin Inlet, Nunavut.  An Inferred Resource released by Dunnedin showed over 4 million carats of commercial-sized diamonds (+0.85 mm) at a grade of 1.01 carats per tonne had been defined along the partial strike length of the Kahuna and Notch kimberlite dikes through shallow drilling.  The largest diamond recovered was a 5.43 carat stone from the Kahuna dike that had been broken during sample processing and was reconstructed as having an original size of 13.42 carats.  Recent results include a 0.82 tonne sample of the PST kimberlite dike which returned 96 macrodiamonds totalling 5.34 carats (+0.85 mm) and a 1.02 tonne sample of the Notch kimberlite that returned 36 commercial-sized diamonds (+0.85 mm) totalling 0.66 carats (+0.85 mm).  The Kahuna project is located adjacent to the development-stage Meliadine gold project of Agnico Eagle Mines Ltd.

Mr. R. Bob Singh, P.Geo., Exploration Manager, is the qualified person responsible for the technical content of this news release.

For further information please contact Mr. Chris Taylor, M.Sc., P.Geo, CEO, at 778-327-5799.

On behalf of the Board of Directors

Dunnedin Ventures Inc.

 

Chris Taylor

Chief Executive Officer

Neither 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.

 

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”.  Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

 

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