NovaWest receives Raglan results
NovaWest Resources Inc NVE
Shares issued 17,831,865 Jun 22 close $0.26
Mon 26 Jun 2000
Mr. Frank Puskas reports
NovaWest Resources has reached a favourable agreement with 2973090 Canada
Inc. which now concludes the company's legal challenge regarding various
matters pertaining to terms of property acquisition option agreements at
Raglan as outlined in the company's June 17, 1999, press release.
Under the revised terms of agreement, NovaWest can now freely move forward
with regard to the exploration and development of its 100-per-cent interest
in nine-permit Raglan Assemblage which encompasses approximately 500 square
kilometres (124,046 acres). NovaWest's immediate plan is to bring a joint
venture partner to jointly undertake its first diamond drill program on the
permits.
Over two field seasons of exploration at Raglan, NovaWest's team has now
identified 57 nickel PGM sourced, bedrock geochemical anomalies.
Representative assays previously released Oct. 2, 1997, from NovaWest's
Raglan exploration included 26.76 grams per tonne palladium, 9.3 g/t
platinum, 3.5 g/t gold and 26.7 g/t silver. It is anticipated that the
drilling of the prioritized targets will follow surface geophysics over the
specific targets.
NovaWest advises that at the request of AMPLATS, the world's largest
platinum producer, the company submitted a sample representative of an
extensive outcropping area on NovaWest's Raglan assemblage. The sample was
forwarded by AMPLATS divisional consulting geologist to Johannesburg, S.A.,
for analysis. AMPLATS has advised NovaWest that from the sample provided,
AMPLATS laboratory has identified three Pd-Te (palladium-telluride) phases
and that chemical analysis results provided by AMPLATS' chief mineralogist
gave a value of 20.4 g/t PGE+Au (platinum group elements + gold). NovaWest
is pleased to have an independent third party such as AMPLATS report such
an assay from a NovaWest Raglan project sample from a zone determined to be
2,000 feet in strike length. Over all, the results indicate that at Raglan
the PGM inground credit value effectively doubles the value of the nickel
ore.
In building its database of the Raglan Ni-Cu-PGM belt, NovaWest submitted
other various random samples from the Raglan camp to Chemex Labs for
analysis. These particular samples were from areas outside of NovaWest's
permits. However, the results are considered important as they contribute
to an understanding as to the Raglan's merits and the region's capacity to
represent a significant PGM repository. These samples are presented in the
following chart:
Sample Pd Pt Ni Cu
No. (g/t) (g/t) (%) (%)
N-6001 - - - 1.04
N-6002 21.80 - - 9.73
N-6003 16.50 - - 8.90
N-600324 5.54 0.42 10.65 3.65
N-600325 1.26 1.36 6.53 2.09
N-600326 0.56 0.14* 0.23 7.27
N-600327 1.46 0.88 2.27 0.42
N-600329 0.092 - - 2.04
N-600330 3.38 1.46 8.86 2.07
N-600331 0.77 1.56 5.03 1.72
N-600334 8.83 0.375 7.52 4.81
N-600335 1.44 0.38 0.68 0.88
N-600337 1.34 0.675 1.97 2.39
N-600338 1.80 1.665 5.29 0.98
N-600339 3.70 0.645 24.5 1.78
N-600340 2.44 0.89 4.85 0.55
Sample IR-NiS Os-NiS Rh-NiS
No. (ppb) (ppb) (ppb)
N-6001 - - -
N-6002 - - -
N-6003 - - -
N-600324 325.0 455.0 747.0
N-600325 - - -
N-600326 - - -
N-600327 - - -
N-600329 - - -
N-600330 153.0 205.0 474.0
N-600331 - - -
N-600334 11.0 60.0* 74.0
N-600335 - - -
N-600337 - - -
N-600338 - - -
N-600339 - - -
N-600340 - - -
*Less than.
Numerous individuals have alerted the company to the fact that, for various
reasons, data on the Raglan belt is difficult to acquire and not easily
accessible. Thus, it has requested an update of the historical results that
have been published from the Delta-Oasis D-8 and D-9 zones on the Raglan
property that is surrounded by NovaWest's Delta and DeltaWest permits. The
Delta-Oasis property is presently controlled by Falconbridge Limited and
contains approximately one million tons grading 2.62 per cent Ni, 1.1 per
cent Cu and 2.3 g/t PGMs. For the individuals who are interested, the
results that have been published by the Quebec government are outlined in
the following two charts:
Zone D-8:
forage dist. Ni Cu
77-29 pieds (%) (%)
77-29-1 218.0 0.221 0.029
77-29-2 222.4 0.145 0.190
77-29-3** 224.0 5.787 0.600
77-29-6** 229.4 7.500 0.990
77-29-9** 236.0 6.824 1.325
77-29-13** 242.3 5.728 0.600
77-29-16** 246.8 7.190 0.600
77-29-18** 249.8 6.970 1.838
77-29-21** 254.6 6.203 1.480
77-29-22 256.1 2.353 1.038
77-29-24 260.5 0.712 0.800
77-29-26 265.5 0.818 1.920
77-29-28 270.5 0.985 1.070
Zone D-8:
forage dist. Pd Pt
77-29 pieds (g/t) (g/t)
77-29-1 218.0 0.115 0.091
77-29-2 222.4 0.173 0.059
77-29-3** 224.0 1.064 0.792
77-29-6** 229.4 0.746 1.251
77-29-9** 236.0 0.251 0.762
77-29-13** 242.3 0.098 1.204
77-29-16** 246.8 0.105 1.816
77-29-18** 249.8 0.286 1.172
77-29-21** 254.6 2.741 0.794
77-29-22 256.1 3.905 0.480
77-29-24 260.5 0.482 0.293
77-29-26 265.5 0.879 0.566
77-29-28 270.5 5.808 0.400
Zone D-9:
forage dist. Ni Cu
77-24 pieds (%) (%)
77-24-1 340.8 0.096 0.09
77-24-3** 343.0 4.069 0.75
77-24-6** 346.3 5.098 0.25
77-24-7** 347.5 2.524 0.975
77-24-9** 349.5 7.409 0.538
77-24-10** 351.5 2.686 3.18
77-24-12** 353.8 3.906 2.44
77-24-14** 356.5 6.093 0.963
77-24-15** 358.0 5.474 2.188
77-24-17 362.0 0.209 0.073
77-24-18 364.8 0.102 0.01
Zone D-9:
forage dist. Pd Pt
77-24 pieds (g/t) (g/t)
77-24-1 340.8 0.532 0.107
77-24-3** 343.0 6.452 2.386
77-24-6** 346.3 6.425 2.466
77-24-7** 347.5 2.975 1.201
77-24-9** 349.5 0.747 0.651
77-24-10** 351.5 3.981 5.480
77-24-12** 353.8 1.823 0.597
77-24-14** 356.5 0.369 0.081
77-24-15** 358.0 1.013 1.081
77-24-17 362.0 1.477 0.244
77-24-18 364.8 0.018 0.037
**Ni-PGM sourced massives sulphides.
The Raglan (Cape Smith) belt, traditionally known for its large
nickel-copper deposits of magmatic origin, is unquestionably an important
exploration target for platinum group elements (PGMs).
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