Here is one to keep a close eye on
Solitaire to acquire shares of Goldwright; drill results
Pacific North West Capital Corp PFN
Shares issued 8,492,000 Apr 27 close $2.55
Thu 27 Apr 2000 News Release
See Solitaire Minerals Corp (SLT) News Release
Mr. Dave Hodge reports
Solitaire Minerals has entered into an agreement to purchase a minimum of
51 per cent and a maximum of 100 per cent of the shares of Goldwright
Exploration Inc., a privately owned Ontario company. The shareholders of
Goldwright and its management are at arm's-length to the company. A lockup
agreement has been signed by holders of 51 per cent of the shares of
Goldwright and Solitaire anticipates receiving a minimum of 75 per cent of
the shares in due course. The agreement requires Solitaire to issue up to
two million special warrants of the company for all of the currently issued
and outstanding shares of Goldwright. Solitaire has also agreed to offer
existing warrant holders of Goldwright up to an additional one million
warrants to purchase shares of Solitaire for a period of six months at an
exercise price of 50 cents per share in exchange for the cancellation of
their warrants in Goldwright. The number of special warrants or warrants
issued will be reduced pro rata in the event less than all of the shares or
warrants are purchased. There is a finder's fee payable in accordance with
Canadian Venture Exchange policy.
Solitaire has agreed to use its best efforts to file, forthwith after the
approval of the CDNX to this transaction, a prospectus in the provinces of
British Columbia and Ontario, to qualify the distribution of the shares to
be issued upon the exercise of the special warrants, and to become a
reporting issuer in the province of Ontario. In the event a receipt for
such prospectus is not received on or before the date that is 120 days from
the date of issuance of the special warrants, any holders of the special
warrants shall be entitled to receive, without further payment, 1.1 shares
in lieu of one share for each special warrant held.
Goldwright is one of the largest holders of mining claims in the
Sudbury-River Valley platinum/palladium strike with approximately 25,160
acres of mineral claims, extending over six townships, into the Kelly,
Davis, Janes, McNish, Clement and Nairn townships. Goldwright has granted
property options and joint venture agreements with interests varying from
50 per cent to 70 per cent on various of its properties to Pacific North
West Capital (CDNX: PFN) which subsequently granted an option to Anglo
American Platinum Corporation (Amplats); and with Minera Minerals of
Toronto, a privately held company.
Chiniguchi River -- Janes property
In Janes township, Goldwright has optioned the right to Pacific North West
Capital to earn up to 70 per cent of its 100-per-cent-owned Chiniguchi
River (Janes) property (128 claim units) by bringing the property to
production. Subsequently, PFN granted Kaymin Resources Limited, a fully
owned subsidiary of Anglo American Platinum Corporation Ltd (Amplats), an
option on the property.
The Chiniguchi River (Janes) property is immediately west of PFN's River
Valley property and covers gabbroic rocks of the Nipissing diabase. Prior
exploration at the property has led to the discovery of extensive Ni, Cu,
Pt, Pd, and Au mineralization proximal to the lower contact of a Nipissing
diabase intrusive. The known mineralization occurs within sediment, gabbro,
and/or sulphide breccias, which have been identified in several trenches
and drill holes over approximately 500 metres along strike up to 140 metres
down-dip from surface showings. Select drill and trench results as
previously reported by PFN follow:
Inter-
val PGMs
Length Cu Ni Pd Pt Au
m % % g/t g/t g/t
Trench 1
13.34 1.04 0.42 3.52 0.54 0.40
Trench 4 (sample A)
2.74 0.51 0.36 2.92 0.62 0.18
Trench 4 (sample B)
4.97 0.55 0.24 3.42 0.73 0.27
Trench 4 (sample C)
0.53 3.41 0.40 31.20 17.20 1.30
Trench 4 (sample D)
2.83 0.61 0.24 13.40 6.20 2.20
Trench 4 (sample E)
2.63 - - Pd+Pt+Au 5.20
Trench 10
4.87 0.33 0.10 1.07 0.19 0.18
Interval (m) Cu Ni PGMs (g/t)
>From To Length % % Pd+Pt+Au
Hole JR99-01
35.00 50.05 15.05 1.08 0.27 3.10
Hole JR99-02
7.78 11.00 3.22 1.34 0.65 2.49
Hole JR99-03
0.00 8.68 8.68 0.69 0.44 4.45
Hole JR99-06
9.90 23.91 14.01 0.84 0.35 2.07
Hole JR99-08
35.83 37.37 1.55 0.35 1.10 6.71
Hole JR99-09
- - 5.39 0.53 0.21 0.60
Hole JR99-11
32.52 48.68 16.16 0.53 0.27 2.15
Hole 99-14
48.20 78.20 30.00 0.35 0.16 0.77
includes
68.45 78.20 9.75 0.40 0.19 1.56
Hole 99-16
25.60 37.50 11.90 0.48 0.22 1.22
includes
35.85 37.50 1.65 0.53 0.28 4.21
Hole 99-19
105.25 133.45 28.20 0.81 0.10 0.31
Mineralization remains open to the southwest along the western
sediment-gabbro contact. This is demonstrated by holes JR99-09 and JR99-16
near the southern end of the known mineralization. Higher-grade Ni, Cu, PGE
mineralization in hole JR99-16 is about 22 metres down-dip from an
intersection in JR99-09, which may indicate a zone of PGE-enrichment below
surface showings within the southern part of the property.
Joint venture partners, PFN and Amplats, intend to conduct additional
prospecting, sampling and reconnaissance geological mapping along the
possible southern extension of known mineralization on the Chiniguchi River
(Janes) property (to begin in spring 2000). A phase 3 drill program is also
planned to extend the known mineralization to the south and further
down-dip.
Janes -- McNish properties
Goldwright and PFN have a 50/50 interest in an additional 128 units
covering nine claims within Janes and McNish townships. PFN must spend an
equal amount of money as Goldwright and a dilution clause applies.
Kelly property
In addition, Goldwright has granted PFN an option to earn up to a
70-per-cent interest in 22 claims (1,824 hectares) within Kelly township
(Kelly property) by bringing the property to production. PFN subsequently
granted an option to Amplats under their agreement. During 1998-99,
Goldwright collected surface grab samples with up to eight to nine grams
per tonne PGMs. Subsequent work by PFN included detailed grab sample
collection at the main showing, exploration grid, grid mapping and
prospecting, blasting, trenching, and clearing of main showing. Several
grab samples taken from the main showing have assayed as high as 5.1 grams
per tonne PGMs with up to 0.81 per cent Cu and 0.46 per cent Ni.
Janes - Davis properties
In Janes and Davis townships, Goldwright has granted Minera Minerals an
option to acquire up to a 50-per-cent interest in 70 units comprising six
claims.
Clement township properties
Goldwright owns a 100-per-cent interest in 110 claim units in Clement
township. The property is underlain metavolcanic and intrusive rocks of the
Archean Superior province, rocks of the Huronian Supergroup, and gabbroic
rocks of the Nipissing Diabase. Previous exploration of the property has
produced impressive gold, silver and copper results. Up to 3.9 ounces per
ton gold has been reported from silicified rocks and magnetite-chert iron
formation. Recommended work includes additional geologic mapping, sampling
and ground geophysics to better define the extent of the auriferous iron
formation. In addition, reconnaissance geologic mapping and sampling is
recommended for gabbroic rocks of the nipissing Diabase to test its Cu, Ni,
PGM potential.
Nairn township properties
In Nairn township, Goldwright owns 100-per-cent interest in 16 claim units.
Results from previous work includes up to 0.71 per cent Cu, 8.45 per cent
Ni and 3.15 per cent Co from surface grab samples. Follow-up exploration is
warranted.
The company has arranged, subject to regulatory approval, a part and parcel
private placement of 1.25 million units at a price of 40 cents per unit for
proceeds to the company of $500,000. Each unit shall consist of one common
share without part value in the capital stock of the company and one
non-transferable share purchase warrant, each warrant entitling the holder
thereof to purchase an additional common share in the capital stock of the
company for a period of two years at a price of 80 cents per share. The
proceeds from the placement will be used for general working capital of the
company and further exploration/acquisition and staking in the
Sudbury-River Valley platinum/palladium area. Two-thirds of the units will
be issued on a flow-through basis. There may be a finder's fee payable in
accordance with Canadian Venture Exchange policy.
The board of directors, including Ernest Peters, John Mirko and Mohan
Vulimiri have agreed to step down in favour of a new board of directors.
The new board of directors will comprise David Hodge as director and
president; and Patrick Power, William Iny and Jody Dahrouge, BSc, SpC,
PGeo, as directors. Brian Wright, founder of Goldwright, will be added to
the management team and will provide local expertise and co-ordination
toward exploration and further staking. The current escrow shareholders
have agreed to transfer 750,000 escrowed shares to the new board of
directors.
The company has entered into agreement for the provision of corporate
communications services with Tower Pacific Capital Corporation of
Vancouver, B.C., for a three-month period. The beneficial owners of Tower
are Jim King, Bing Jung and Michael Waggett. Tower Pacific Capital
Corporation will be paid $15,000 per month and will be compensated for any
out-of-pocket expenses incurred on behalf of the company. The agreement is
subject to the approval of the Canadian Venture Exchange.
John Fraser, PGeo (B.C.), has been hired as a consultant to assess current
work on the properties and to recommend further work and programs.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
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