New zone uncovered at River Valley
Aquiline outlines anomalies
08/23/2000
Vancouver -- A surface-stripping and rock-sampling program by Pacific North West Capital (PFN-V) over the River Valley platinum-palladium property has uncovered mineralized breccias southeast of the main drilling area at Dana Lake.
Located 60 km northeast of Sudbury, the ongoing program is exposing the favourable intrusive contact, southeast of the Dana Lake zone, where two rounds of drilling have cut encouraging low-grade mineralization over bulk-minable widths. The junior has exposed magmatic breccias, over at least 20-metre widths, adjacent to the basal intrusive contact. Initial rock chip samples returned up to 6.9 grams combined platinum-palladium.
According to Pacific North West, the stripping-and-sampling program is continuing to the southeast.
Earlier this year, at the northern portion of the Dana Lake property, drilling intersected promising mineralization over a 500-metre area.
Mineralization on the 43.5-sq.-km River Valley property occurs at the margin of the River Valley Intrusion. It consists of 1-5% chalcopyrite, pyrrhotite, pentlandite and minor pyrite. It is hosted in a coarse heterolithic breccia containing gabbro, pyroxenite and anorthosite fragments in a gabbro-pyroxenite matrix.
Drilling is expected to resume in early September.
The total exploration budget, approximately $1.5 million, will be funded by South Africa-based Anglo American Platinum, which is earning a half-interest in the property by paying $300,000 in cash and spending $4 million on exploration over five years. Anglo-American is the world's largest platinum producer.
Meanwhile, 5 km to the southwest, at its River Valley property, Aquiline Resources (AQI-V) has identified six strong geophysical anomalies. A magnetometer and spectral induced-polarization geophysical surveys identified a series of narrow, north-south-striking anomalies on the northern and eastern portion of the property. Aquiline, which is earning a 70% interest in the ground from Mustang Minerals (MMIN-V), hopes to drill-test the targets later this year. |
