ProAm Explorations Corporation -
ProAm to acquire claim units in Agnew Lake intrusion
ProAm Explorations Corporation PMX
Shares issued 13,032,024 1999-12-30 close $0.11
Friday Dec 31 1999
Mr. Donald MacDonald reports
ProAm Explorations has, subject to approval by the Canadian Venture Exchange, entered into an agreement to acquire 42 claim units in the Agnew Lake intrusion, 70 kilometres west of Sudbury, Ont.
The property is located on the south side of the Agnew intrusive, described by New Millenium Metals as being a layered mafic to ultramafic body with numerous showings of mineralization. The platinum group metals property surrounds the property acquired by ProAm. Significant values of platinum group metals associated with disseminated copper and nickel mineralization are reported. Previous work on the intrusive returned values up to 8.5 grams per tonne combined platinum and palladium in units close to the base of the system. This geometry suggests potential for a Stillwater type of mineralization. The Stillwater mine in Montana is the largest North American producer of platinum group metals, planning to yield between 525,000 and 575,000 ounces of platinum group metals in 2000.
The area around Sudbury which includes the Agnew intrusion is the focus of a strong exploration effort for platinum group metals at this time. Companies carrying out the work include Impala Platinum Holdings and Amplats, the world's first and second largest producers, and several of the junior exploration companies who focused early onto the potential for platinum group metals in the area.
The vendor will receive option payments totalling $7,500 over a two-year period and reimbursement of the staking cost. The vendor will also receive 50,000 shares of ProAm within 10 days of approval by the regulatory authorities and will carry out first phase exploration with a cost of at least $50,000 within two years of approval. ProAm will issue a further 50,000 shares if ProAm decides to proceed with a second phase of exploration. The vendor will retain a royalty of 2.5 per cent of which 1.5 per cent can be bought by ProAm for $1.5-million.
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