Sudbury Star PGM-PFN article Sat. Jan 13/01 pg3
Sudbury Star - Saturday Jan 13, 2001..pg.3
River Valley exporation program on track.
By Rob O'Flanagan
The Sudbury Star
A stepped up exploration program funded by the world's largest platinum producer will begin in February in the River Valley area north of the Town of Warren.
Pacific North West Capital's (PFN) drive to exploit the rich platinum group metal deposit in the area received a $2-million cash injection from Anglo Platinum of South Africa in December.
A large-scale drilling program, employing technicians and geologists, will produce 50-60 diamond drill holes by the end of June, said John Royall, senior geologist with PFN.
The majority of the drilling activity will focus on ground near Dana Lake, but a second drilling rig will roam over an eight-km claim that PFN believes will turn up rich deposits.
"Palladium is at $1,100 an ounce right now," said Royall from his Vancouver office. "By comparison, gold is about one quarter of that.
"Palladium is truly a precious metal."
The $2-million funding bonanza from Anglo Platinum is a significant amount of money to spend on a drilling program with a five-month duration, Royall added.
Onsite geologists will study the core samples, and determine the degree of mineralization they contain.
"When the weather gets better, we will do more prospecting, mapping and surface sampling," said Royall,who is hopeful that Anglo Platinum will fund a second exploration phase in 2001.
"At the end of this first phase, we will sit down with them and discuss further funding, and our future directions for the site." |
