Someone mentioned Meo, here is the NR, and yes it is in the Sudbury play..a new one already..excellent
Montello Resources Ltd MEO
Shares issued 38,674,936 2000-03-28 close $0.35
Wednesday Mar 29 2000
See Consolidated Excellerated Resources Inc (CRR) News Release
Mr. Patrick Power of Montello Resources reports
Consolidate Excellerated Resources and Montell Resources have reached an agreement whereby Montell will acquire a 100-per-cent interest in five claim blocks and a 30-per-cent interest in one claim block which includes a commitment of $300,000 in exploration expenditures over two years by Adventure Minerals Inc.
The consideration for the acquisition will be the payment of $50,000 cash and issuance of 200,000 shares in stages in accordance with the policies of the Canadian Venture Exchange. Montello Resources and Consolidated Exellerated Resources will pay a finders fee in accordance with CDNX policies.
These properties are known as the Kukagami Lake -- Sudbury PGM properties located near Sudbury, Ont.
The claims are road-accessible, which will assist with year-round exploration. Geologically, the claims are largely covered by the lower contact of the Nipissing diabase, a potential host for platinum, palladium and PGMs associated with copper-nickel mineralization. In more recent exploration, Falconbridge, BP minerals and others have identified a general relationship between copper-nickel sulphides and PGM values in the basal part of the Nipissing diabase.
In December, 1998, Pacific North-West Capital announced assays from three grab samples from one outcrop, which averaged 4.5 grams per tonne (g/t) of palladium, 5.1 g/t platinum and 3.5 g/t gold. Consolidated Excellerated's claim is approximately 100 to 200 metres north of this discovery. Since then a number of companies have become active in this area, which has rapidly developed into a platinum metals camp. The world's leading platinum producer, Amplats (American Platinum Corporation) has committed to spending $4.3-million over five years in the area. South African-based Amplats, processes, refines and markets platinum and other platinum group metals. The presence of the world's leading platinum producer adds a strong endorsement to the Sudbury area. As well, analysts and newsletter writers are diligently following developments in the area, which has focused industry and investor interest on this PGM play.
The proximity of these claims to Sudbury means a local infrastructure can aid both the research and the development of a potential deposit.
Montello continues to evaluate and is negotiating to acquire interests in additional properties, details of which will be reported as agreements are concluded.
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