South Africans watch Ontario closely.-
"Pacific North West Capital Corp. has released the first drilling results from its platinum-palladium prospect in northern Ontario, promising assays that sent the shares of the Vancouver junior climbing 63%.
"The initial three holes from the company's River Valley property near Sudbury found a range
of concentrations of valuable platinum group metals (PGMs). The end March results show "a broad mineralized area that has mineable grades," said Scott Jobin-Bevans, the company's consulting geologist. PGM values meet and exceed those in the current economic model for the 10,000-acre property, he said. The results of an additional 10 drill holes are expected over the next three weeks.
----snip----
"Pacific North has found a mineral body open at depth with a width of about 40 metres. Copper and zinc counts are low, indicating the company is not simply drilling rich sulfides that host PGMs by chance. One 3.6-metre section of rock contains 6.78 grams per tonne of PGMs, nearly 10 times potentially mineable grades. In comparison, North American Palladium Ltd.'s Lac des Iles platinum-palladium mine near Thunder Bay, Ontario, has average grades of 1.64 grams per tonne.
----snip----
"Sudbury has quickly become the speculative play in Canadian exploration. Aquiline Resources Inc. (AQI/CDNX), a Vancouver junior that controls property north, south and east of Pacific North's River Valley find, hit a trading high of $1 this week. Meanwhile, Mustang Minerals Corp. (MMIN/ CDN), a Toronto junior with land in the region, climbed to a high of $1.45. Both Aquiline and Mustang hope to begin drilling in River Valley this summer.
"Major PGM producers have been closely following developments. Pacific North reached a $4.3-million exploration investment deal last August with South Africa's Anglo American Platinum Corp. Several weeks later, Mustang signed its own $6-million deal with Impala Platinum Holdings Ltd."
From "Platinum-palladium discovery in northern Ontario sends junior's shares soaring" by Keith Damsell, full article in Miningweb on Moneyweb
mny.co.za
|
