A rhodium stock.
Freewest Resources Canada Inc -
Royal Standard and Freewest to explore Nevada project
Freewest Resources Canada Inc FWR
Shares issued 33,102,190 2000-02-22 close $0.75
Wednesday Feb 23 2000
See Royal Standard Minerals Inc (RSM) News Release
Mr. Roland Larsen reports
In a continuing effort to advance its platinum-palladium program Royal Standard Inc. has completed an option agreement with Freewest Resources Canada Inc. This follows a recently completed option agreement with Falconbridge Exploration U.S., Inc. (Stockwatch Feb. 14, 2000) for its Bunkerville project, located in Clark county, Nevada. Falconbridge has contributed 60 square miles of AEM and magnetics coverage with a number of untested electromagnetic conductors and geochemical anomalies that need to be evaluated. The completion of a second option agreement with Freewest will help accelerate exploration and development potential if RSM's property position in the Bunkerville district. Freewest has an option to earn a 50-per-cent interest in RSM's interest in this project, Falconbridge's has an option to participate for up to a 49-per-cent interest in this project.
The terms of the Freewest agreement involve a two-year option to earn a 50-per-cent interest in RSM's interest in this project, subject to regulatory approval. The year one agreement includes a minimum expenditure of $100,000 (U.S.) in years one and two and cash payments of $25,000 per year for the first two years. Freewest has agreed to invest $250,000 (U.S.) as part of a drilling commitment to complete the joint venture earn in. Freewest will commit to a one-year program with an option for the second year. RSM will be the operator during the exploration stage.
The Bunkerville district includes several Cu-Ni-PGM showings and prospects with minor production in the early 1900s. Published reports of grades from these showings indicated 1.5 per cent Cu, 1.09 per cent Ni, 0.13 of an ounce per ton to 0.25 of an ounce per ton Pt plus Pd and 0.015 per cent Co. The mineralization indicates significant rhodium values of up to one gram in drill core and surface rock chip samples.
Mineralization in strongly fractured and faulted, mafic-ultramafic dikes is considered magmatic with a hydrothermal component. The near-surface showings and deposits are characterized by sulphide stock works containing disseminations, crosscutting veinlets, and net textured pyrite, chalcopyrite, and Ni-PGM-bearing pyrrhotite and magnetite. Sulphide minerals are associated with strong argillic alteration and silicification. Airbone magnetic and EM data suggest that a structural zone is the locus for several large, altered dikes and a source pluton which could host a Sudbury-type offset dike environment for magmatic and remobilized hydrothermal Cu-Ni-PGM mineralization.
The company has staked 80 unpatented mining claims within the Falconbridge airborne block. This ground controls most of the favourable structure and important structural intersections within the fault zone. Detailed ground follow-up work is expected to begin immediately. |
