Hello to all; NEWSRELEASE
Idaho Consolidated conducts exploration program on Stillwater properties
Idaho Consolidated Metals Corp IDO
Shares issued 9,434,650 Aug 10 close $0.32
Wed 11 Aug 99 News Release
Mr. Del Steiner reports
The exploration for platinum and palladium on the company's properties on
the Stillwater complex is well under way. The program consists of detailed
mapping, sampling and geophysics, with an estimated budget of $500,000
(U.S.).
The exploration is being conducted on four project areas: Black Butte, east
of the Stillwater River, along the Banded Series, which hosts the JM Reef;
Picket Pin covering a 12-mile strike length along the Picket Pin sulphide
horizon which is stratigraphically higher and parallel to the JM Reef;
Chrome Mountain over the chromite horizons in the Frog Pond area, which is
currently the target of a substantial expansion (East Boulder project) by
Stillwater Mining Co.; Blakely Creek has a seven-mile strike length
parallel to the JM Reef and is stratigraphically lower.
Mapping and sampling has commenced in the Black Butte project area and has
been successful in locating the Troctolite (olivine-rich) horizon. The
horizon is host to the JM Reef, which is currently producing approximately
500,000 ounces of combined platinum and palladium from the Stillwater mine,
operated by the Stillwater Mining Co. The Troctolite zone projects under
glacial cover onto claims owned by Idaho Consolidated Metals. To trace the
zone beneath the cover, a magnetometer geophysical survey was conducted by
Gradient Geophysics of Missoula, Mont. The final report is expected soon,
although the preliminary results indicate that this program delineated the
zone under gravels to Fishtail Creek east of Black Butte. This is the best
indication to-date of an easterly extension of the JM Reef zone beyond
Black Butte.
The Picket Pin area is also a high-priority area and a mapping and sampling
program has commenced. This program is designed to determine the continuity
and grade of the zone, with initial assays returning values as high as
eight-gram combined platinum and palladium. The zone exhibits better
continuity than previously thought. A zone of sulphide-rich Troctolite has
been traced east of Picket Pin mountain and is up to 30 feet wide dipping
steeply (-70 degrees) to the northeast. The PGE's are generally associated
with the sulphides, but at less than a 100 per cent correlation and the
PGE's seem to occur in a recessive unit directly below the Troctolite. This
makes exploration challenging and the company is considering geophysics to
delineate the zone.
The additional areas, Chrome Mountain and Blakely Creek, adjoin each other
and the targets are structural offsets of the JM Reef in the Blakely Creek
area as well as followup work on the Pine claim near Chrome Mountain.
Historic results from the Pine claim returned values as high as one ounce
per ton platinum, and therefore this area is also a high priority.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
With regards,Frank |
