Hello Dean;NEWSRELEASE
Now we may have a legal play on our hands??........hmmm should be interesting??
Idaho Cons Metals confirms validity of Pin Picket claims
Idaho Consolidated Metals Corp IDO
Shares issued 9,434,650 Sep 7 close $0.32
Tue 7 Sept 99 News Release
Mr. Del Steiner reports
On April 22, 1999, the company acquired the Picket Pin platinum and
palladium horizon in the Stillwater complex in Montana by staking 119
claims. Since then, the company has increased its position along the Picket
Pin zone to 214 claims incorporating 3,725 acres. Although the Picket Pin
zone has not been extensively explored, it is considered to be the most
important platinum and palladium horizon in the Stillwater complex after
the JM Reef which hosts the highest grade platinum and palladium deposit in
commercial production in the world. The JM reef is mined as the Stillwater
mine by the Stillwater Mining Company.
The known mineralization along the Picket Pin zone extends for
approximately 12 miles in a northwest direction from Picket Pin Creek to
Contact Creek. After a thorough claim status review and analysis, Idaho
Consolidated concluded that the Picket Pin zone was open for mineral entry.
The company then staked the entire 12-mile strike length (except for a
small area of private ground on the Boulder River) of the favourable
geologic horizon.
During subsequent review of data filed by Stillwater Mining Company for its
current expansion, which includes the East Boulder project, Idaho
Consolidated became aware of a potential title discrepancy over a portion
of the strike length of the Picket Pin zone. Several SR claims staked by
Idaho Consolidated along the Picket Pin mineralization cover the ground
through which Stillwater Mining Company is tunnelling its twin East Boulder
development adits.
These adits are important components of the expansion as they provide
access to the western portion of the JM Reef in the area of the Frog Pond
development. The twin development adits are 15 feet in diameter and are
collared on the east fork of the Boulder River. They are being driven
18,500 feet to the southwest by tunnel-boring machines to access the JM
Reef. The East Boulder expansion is projected to increase Stillwater Mining
Company's yearly production of platinum and palladium by 500,000 ounces to
a total of 1.2 million ounces.
After comprehensive research by Idaho Consolidated Metals, its independent
land consultant, and its legal counsel, it has been concluded that its SR
claims are valid and superior to any claim by Stillwater Mining Company as
to the area of the Picket Pin zone in question. The area in question covers
approximately 3,000 feet of strike length along the Picket Pin
mineralization and about 2,800 feet of the East Boulder development adits.
Idaho Consolidated has started dialog with Stillwater Mining Company
regarding this issue.
Idaho Consolidated Metals is currently conducting a reconnaissance level
mapping and sampling program of the Picket Pin zone. Preliminary results of
five to nine grams per tonne combined platinum and palladiwn are consistent
with historical results of six grams per tonne combined platinum and
palladium. The mineralization is associated with a troctolite band at the
contact between the middle and upper banded series, and although the zone
is recessive it appears to be more continuous than previously thought.
Idaho Consolidated Metals will continue to evaluate the zone and plan for a
drilling program once permitting is completed.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
With regards,Frank |
