Idaho Consolidated Metals Corp IDO
Shares issued 9,434,650 Oct 7 close $0.40
Tue 12 Oct 99 News Release
Mr. Del Steiner reports
Idaho Consolidated Metals Corp.'s mapping and sampling program on its
recently acquired 54-claim-block Platinum Fox property in the Stillwater
complex has returned significant gold and PGE values. Among the values that
ranged from anomalous to high-grade, one highlight was an outcrop sample
assaying 0.506 oz. per ton gold, 0.15 oz. platinum and 0.694 oz. palladium.
Several significant assays from surface chip and grab samples are listed in
the following table:
----------------------------------------------------------------
SAMPLE*
NUMBER TYPE SAMPLE Gold Plat- Palla- Rhod- Pt+Pd+ Ratio
inum dium ium Rh
oz/ton oz/ton oz/ton oz/ton oz/ton Pd/Pt
---------------------------------------------------------------
CW090399-4 Outcrop 0.506 0.15 0.694 0.026 0.87 4.63
CW081099-1 outcrop <0.006 0.112 0.24 0.036 0.388 2.14
CW081199-2 CHIP <0.006 0.088 0.176 0.026 0.29 2.00
CW090399-5 CHIP 0.006 0.054 0.138 0.015 0.207 2.56
CW081099-2 outcrop <0.006 0.044 0.154 0.006 0.204 3.50
CW090399-3 outcrop 0.006 0.03 0.144 0.006 0.18 4.80
CWO81099-3 CHIP <0.006 0.044 0.116 0.012 0.172 2.64
CW090399-6 N/A <0.003 0.036 0.108 0.012 0.156 3.00
CW090399-1 SUBCROP <0.003 0.03 0.108 0.009 0.147 3.60
CW081499-7 Float <0.002 0.018 0.114 <0.002 0.132 6.33
CW081499-3 Float <0.006 0.028 0.1 <0.006 0.128 3.57
CWO81199-3 GRAB <0.006 0.018 0.076 <0.006 0.094 4.22
CW090399-2 outcrop <0.015 0.03 0.06 <0.015 0.09 2.00
CW081399-7 CHIP <0.006 0.012 0.054 <0.006 0.066 4.50
CWO81199-4 GRAB <0.002 0.016 0.038 0.002 0.056 2.38
CW081399-3 SUBCROP 0.003 0.002 0.03 <0.001 0.032 15.00
CW081399-6 SUBCROP <0.006 <0.012 0.024 <0.006 0.024 N/A
CW081199-8 Float <0.001 0.004 0.012 <0.001 0.016 3.00
CW081399-2 SUBCROP <0.001 0.006 0.004 <0.001 0.01 0.67
CW081499-6 Float <0.002 <0.004 0.01 <0.002 0.01 N/A
---------------------------------------------------------------
* Samples are prepped at the Chemex facility in Butte, MT and assayed at
Chemex laboratories in Vancouver, BC, using standard fire assay procedures.
The current Platinum Fox mapping and sampling program is primarily focused
on a block known as the Pine Claim. A number of parallel bands of chromite
were identified during previous exploration on the Pine claim. Two specific
bands, labeled the A and B chromites, bear similarities to the UG2 Chromite
in South Africa, a major structure that hosts several large mines and is a
world-class contributor to global palladium/platinum production. The
company recently mapped and sampled the A and B Chromite horizons on the
Pine claim, confirming historic numbers and validating the new geological
model.
Due to the talus and overburden, it was difficult to obtain a stratigraphic
thickness of the two zones, but the B-horizon is up to 10 feet in thickness
in one exposure. The palladium-to- platinum ratio of a number of the
samples is close to 4:1 which is consistent with the ratio of the JM
Reef.The company continues to evaluate the zone and expects to drill once
permits are in hand.
The Platinum Fox property is parallel to and 2.7 miles southwest of the
company's previously announced Picket Pin project and immediately adjacent
to the Blakely Creek project. One of four properties in the Stillwater
complex being explored by the company, the claims are located a hal-mile
west of the Stillwater Mining Company's patented claims in the area of the
Frog Pond adit. The JM Reef in the area of the Frog Pond adit is being
developed by Stillwater as the East Boulder project. The East Boulder
expansion is projected to increase Stillwater's annual production of
platinum and palladium by 500,000 ounces to a total of 1.2 million ounces.
The company is a precious metals exploration company. The Picket Pin and
Platinum Fox properties are in the Stillwater complex of Montana. Picket
Pin has not been extensively explored but is known to host a
platinum/palladium horizon 12 miles long, second in importance only to the
JM Reef being mined by Stillwater Mining Company. In addition to the Picket
Pin, the company holds three other properties in the Stillwater complex,
including the Black Butte, which according to preliminary mapping, sampling
and geophysical programs hosts a continuation of the JM Reef. The company
is also involved with Stillwater Mining over disputed mining claims. In
Idaho, the company is in a joint venture with Kinross Gold on the Petsite
project. The current geologic inventory based on drilling is 16.73 million
tons grading 0.032 ounces per ton gold with 531,900 contained ounces of
gold. Kinross is the successor to Cyprus Amax in the venture. Petsite is
one of four projects with significant anomalous gold values or
proven/probable resources in central Idaho held by Idaho Consolidated
Metals.
Current updates can be found on the company's web site:
www.montanaplatinum.com.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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