(DNI: TSX-Ven, DG7: Frankfurt)
TORONTO, June 19 /CNW/ - Dumont Nickel Inc. (DNI:TSX-Ven, DG7:FSE) is pleased to announce that it has completed staking of a 20 square mile land position in the West Marysvale (Newton) Historic Mining District, in central Utah. DUMONT holds a 100% interest in the claims which will be held by Red Butte Uranium Inc., DUMONT's wholly owned Uranium subsidiary. The claims are located on the rim of the Mount Belknap volcanic caldera, and include many Uranium showings and historic mine workings. Some of the mineral showings staked also carry Gold.
The historic Marysvale Mining District, located approximately 300 kilometres south of Salt Lake City, is situated at the western margin of the Colorado Plateau, in the transition between the Colorado Plateau and the Basin and the Range geological provinces. The Mining District lies within the Marysvale Volcanic Field, a complex suite of Tertiary volcanic rocks and calderas which formed during multiple extrusive events. Mineralization and mineral deposits in the District are associated with distinct volcanic events and related calderas. The most notable of these is uranium mineralization and deposits associated with the Mount Belknap and Red Hills calderas. In addition to historic Uranium production, the District has also produced base metals and Gold.
Approximately 1.1 million pounds of U(3)O(8) were produced from the Marysvale Mining District, during the 1950's-1960's, from various mines located mostly in its eastern portion (the Central Mining Area). Historic grades typically range 0.1% to 0.2% U(3)O(8), with higher grades ranging 0.2% to 0.4% U(3)O(8), to as high as 1.1% U(3)O(8) reported from an underground cut at the historic U-Beva Mine located on DUMONT's claims. Documented Uranium mineralization extends westward from the Central Mining Area, nearly to the Nevada border. DUMONT's Properties are located in the western part of the District, approximately 30 miles to the west of the Central Mining Area, in a similar prospective geological setting.
Primary Uranium mineralization in the District occurs in steep epithermal veins, cutting through a complex sequence of intrusive and volcanic horizons. Historic work has focused mostly on these veins with little attention paid to secondary, or re-distributed, Uranium mineralization potentially concentrated below surface in favourable lateral units cut by the higher grade veins. The potential for discovery of new Uranium deposits hosted in favourable lateral units has not been adequately evaluated as these units remain under-explored.
Relying on historic records, approximately thirty targets have been identified by DUMONT on the newly acquired claims. The targets typically represent well defined zones of advanced clay alteration associated with a number of structures related to the rim of the Mount Belknap volcanic caldera. Many of the targets identified also host historic Uranium showings or mine workings, and can be considered to be very prospective areas for concentration of subsurface lateral uranium zones.
Dumont has commenced work to prioritize the areas staked, in preparation for broader field programs to follow. Additional details will be announced once plans are finalized.
Shahe F. Sabag, Dumont's President and CEO, stated, "we are excited by this first step toward consolidation of an active Uranium Property portfolio in historic mining districts in the western US."
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
The Qualified Person in connection with this press release is
S.F.Sabag P.Geo, President and CEO of Dumont.
Dumont is a mineral exploration company with operations in Ontario, Utah and Nevada. DUMONT is Operator of the Utah Joint Venture which controls approximately 18 square miles of mineral properties across the historic Clifton-Gold Hill gold-silver-copper Mining District. 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.
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