Aurora Platinum Corp.: Recent Success On Foy Project, Sudbury Results In Expanding Winter Drill Program To 8,000 Metres
VANCOUVER, BRITISH COLUMBIA--AURORA PLATINUM CORP. (ARP-CDNX)
announced today that a recently completed detailed airborne
magnetic/electromagnetic survey over the Company's Foy Project has
defined a number of high profile magnetic and electromagnetic
targets. The Company also believes that a large embayment in the
footwall of the Sudbury Nickel Irruptive at Foy has been defined
by this airborne survey. Modelling suggests that the embayment
covers an area of 5 kilometers by 3.5 kilometres and is buried
approximately 200 metres below the present surface. Embayments in
the footwall along the basal Nickel Irruptive contact are prime
locations for hosting some of the largest and richest Cu-Ni-PGM
deposits in the Sudbury camp and the Foy Embayment offers
exceptional exploration targets.
On the basis of the positive geophysical results, the Company has
decided to contract a second drill rig in early January 2001 for
the Foy Project to test targets in the interpreted embayment area.
At present, one rig is operating on the Foy Project and is
drilling the second hole of a three hole program designed for a
downhole geophysical survey. The three holes which are collared
north of significant Cu-Ni-PGM mineralization discovered by Aurora
in the Foy Offset Dyke, are being drilled over a strike length of
500 metres and to a depth of 800 metres. Although the three
holes are strictly designed as part of a downhole geophysical
survey, a number of pods, lenses and vein of both disseminated and
massive sulphide have been intersected in both hole one and two.
These holes are currently being logged and sampled. Assay results
will be released when received.
The success of the first phase of exploration on the Foy Project
has resulted in an increase in the winter drilling program from
5,000 metres to 8,000 metres.
A detailed airborne magnetic/electromagnetic survey was also
completed on the Falconbridge Township Footwall Project. This
property is located between the Garson and Norduna Mines and is
adjacent to the Falconbridge and Falconbridge East mines. The
Property contains both sublayer and footwall targets. The
airborne survey has identified a number of strong anomalies within
both of these target environments, and a winter drilling program
on the Falconbridge Township Footwall Project is planned.
Under the terms of a Formal Agreement, Aurora Platinum has the
option to earn a 60% interest in both projects from Falconbridge
Limited by expending $6 million on exploration over three years.
During the first year of exploration, a minimum of $1 million must
be spent. Once Aurora Platinum earns its 60% interest, the joint
venture partners will contribute on a pro rata basis.
Falconbridge Limited will have the option to increase its working
interest in any specific project to 70% by funding a bankable
feasibility study and providing 100% of the funds to put a deposit
into production. Falconbridge will be entitled to recover mine
construction costs from 90% of net cash flow from a mine.
Within the three year option period, Falconbridge will have the
right to purchase by way of private placement up to 500,000 shares
of Aurora Platinum at a price equal to the closing price for the
10 trading days prior to Falconbridge Limited's notice to purchase
the shares.
Aurora Platinum Corp. is actively exploring in Ontario and Quebec
for copper-nickel-platinum-palladium deposits. The Company has
acquired a 100% interest in a number of platinum-palladium
prospects and is presently conducting exploration work within the
Landsdowne House Ultramafic Complex in Northern Ontario and the
Midrim-Belleterre Area in Quebec. For more information please see
our website at www.auroraplatinum.com.
Southwestern Gold Corporation (SWG-T) owns 25.55% of the
outstanding shares. |
