Newss out on Foy
Aurora Platinum Corp.: Recent Success On Foy
Project, Sudbury Results In Expanding Winter Drill
Program To 8,000 Metres
VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 21, 2000--Aurora Platinum Corp. (CDNX:ARP. - news) 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. |
