LMX options to acquire claims near River Valley project
LMX Resources Ltd LMX
Shares issued 11,024,552 Mar 29 close $0.32
Wed 29 Mar 2000 News Release
Mr. Colin Campbell reports
LMX has entered into several agreements whereby it may acquire a
100-per-cent interest, subject to a 3-per-cent net smelter returns royalty,
in four non-contiguous mineral claim blocks in the area of the River Valley
intrusive, Sudbury mining division, Ont.
The largest claim block, the Henry block, consists of 106 mineral claims
units approximately six to seven miles southwest of Pacific Northwest
Capital Corp.'s River Valley platinum group metal project. Pacific
Northwest Capital recently completed a 13-hole phase I drill program on its
property. Results are pending.
The Henry block is underlain by the River Valley intrusive, an early
Proterozoic-aged layered gabbro-anorthosite pluton. The claim block
straddles what may be a regional fold nose in the intrusion.
Another claim block, the Loughrin (30 claims units) is approximately three
to four miles directly west of the Henry block and on the River Valley
intrusive. The remaining claim blocks, the Street (34 claims units) and the
Cleland A (18 claims units), are west and southwest of the Henry block and
are on or adjacent to the intrusive.
During the 2000 field season, LMX intends to conduct a preliminary work
program on the River Valley claims with a view to locating mineralized
and/or anomalous platinum group metal, copper and nickel samples in outcrop
that warrant stripping and detailed sampling. This will be accomplished
through prospecting, basic mapping and soil geochemical profiling where
appropriate.
Pursuant to the terms of the agreements, LMX may acquire a 100-per-cent
interest in the River Valley claims by issuing a total of 340,000 common
shares in its capital stock to the optionors, making cash payments
totalling $29,000 and financing exploration on the properties totalling
$119,000 over the next year. Thereafter, LMX must make annual advance net
smelter returns royalty payments of $29,000. LMX may purchase up to
two-thirds of the optionors' 3-per-cent net smelter return royalty for a
one time payment of $1.5-million per claim block.
The River Valley Claims agreements are subject to Canadian Venture Exchange
acceptance for filing. |
