The only hitch is it's not certain what's there yet, or how deep or accessible it is from the surface.

"We have estimates of 300 feet (100 metres) to 5,000 feet (1.4 kilometres) below the surface. It's the offshoots we're looking for," said La Prairie.

"We believe there's nickel, copper and platinum."

"Airborne surveys should determine the depth of the target and that should be known in 30 days (after the start of exploration)," La Prairie told a group of potential investors in Yellowknife.

Exploration of what is considered the strongest gravity anomaly in North America -- four times stronger that the one in Sudbury, Ont. that holds one of the world's largest nickel deposits -- is planned in stages.

Phase 1 involves $414,000 worth of airborne surveys and phase 2 calls for ground geophysical lines at a cost of $3.1 million.

"Another $1.6 million would be set aside for a seismic survey, but I don't think we'll need it," La Prairie said.

The company expects to spend $5 million by the end of January. La Prairie hopes to have 24 to 40 drill targets by then, but initially, it will be 12 holes with two drills on site.

"We'll be in the park to do further sampling," he explained.

The anomaly is in the area of the designated Tuktut Nogait National Park.

Wayne Bryant of Environmental Consultants Ltd. of Yellowknife said the welfare of the Bluenose caribou herd won't be ignored. "We're starting a caribou-tracking survey program to ensure the aeromagnetic survey doesn't impact the caribou."

"I think we're about 95 per cent toward getting all regulatory requirements in place," said La Prairie.

"We've had major companies approach us for joint ventures, but initially we're going the public share route." The company is still waiting to hear if it can be listed with a stock exchange.

It plans to offer a minimum of six million and a maximum of seven million common shares in its initial public offering.

The cost would be 85 cents a share.

"We withdrew shares offered for $2 ... the feeling we got (from the public) was that 85 cents would be more acceptable and there were certain regulations we had to comply with," La Prairie told xxxNews/North.

La Prairie said his company still has to prove the mineral potential. "We have accessibility and we have power sources of gas, oil, coal and potential for hydro."

Darnley Bay Resources was formed in November 1983.