One of PFN's partners in the Agnew lake claims New Millenium V.PGM released news this morning.
It re-inforces my opinion that a person would be well advised to "cover the spectrum" of players.
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New Millennium lively with detection of three anomalies
New Millennium Metals Corporation PGM
Shares issued 5,350,240 Jan 15 close $0.64
Tue 16 Jan 2001 News Release
Mr. Frank Hallam reports
New Millennium Metals Corporation has reported that three discrete I.P.
anomalies have been detected within an intrusion which is a part of the Lac
Des Iles Ring Structure. Approximately one-half of a planned 65-kilometre
I.P. survey of the company's Lac Des Iles River property has now been
completed and analyzed. New Millennium has an option to earn a 60-per-cent
interest in the Lac Des Iles River property from Maple Minerals and East
West Resources.
The Lac Des Iles River property is located approximately 13 kilometres
southeast of the Lac Des Iles mine (North American Palladium Limited -- 117
mt @ 1.82 gm/t Pt+Pd). Both the Lac Des Iles mine and the aforementioned
intrusion are located on the eastern portion of the Lac Des Iles Ring
Structure, a roughly circular assemblage of magmatic intrusions measuring
approximately 30 kilometres in diameter. New Millennium owns extensive
mineral rights (51,515 acres), covering more than one-half of the Lac Des
Iles Ring Structure.
Discussion of results
A 700-metre by 250-metre chargeability anomaly was detected beneath an
overburden cover. The anomaly flanks the Powder Hill showing where previous
sampling by the company from limited outcrop returned grades of up to 1.81
gm/t palladium, 0.33 gm/t platinum, 0.3 per cent copper and 0.65 gm/t Au
(2.8 gm/t combined Pt+Pd+Au). The anomaly occurs along the margin of a
prominent magnetic high and displays a magnetic and resistivity profile
consistent with that obtained over the Powder Hill showing.
To the west of Powder Hill, a second zone of anomalously high chargeability
was detected beneath an area completely covered by overburden. This I.P.
anomaly is locally associated with a prominent magnetic low/high contact.
The anomaly extends for over 500 metres, and is open to the west, outside
the area surveyed to date.
The third chargeability anomaly identified occurs in proximity to a series
of pyroxene gabbro and pryoxenite outcrops. This anomaly extends for over
1000 metres, and reaches widths of up to 300 metres. Preliminary
prospecting in this area identified a number of low level Pd-Pt anomalies
located outside the main anomalous trend.
Interpretation of results
The discovery of three discrete I.P. anomalies within the target zone, two
of which are associated with known platinum and palladium mineralization,
is extremely encouraging. The anomalies are within a geological setting
that is known to host one of only two primary producing PGM mines in North
America. They are also of a size and nature similar to that of the Roby
Zone at the Lac Des Iles mine.
Action plan
New Millennium's technical staff is currently reviewing this promising new
data before making a decision on how to proceed. In light of the
encouraging I.P. results to date, the company is considering the early
initiation of a drilling program, prior to the completion of further I.P.
and magnetic surveying. A decision in this regard will be taken by company
management within the next few days.
Additional I.P. and magnetic surveying is already planned and will be
conducted, when weather permits, to extend the Powder Hill Grid and in the
vicinity of a discovery (the Stocker Zone) where numerous chalcopyrite
mineralized boulders have returned grades of up to 2.2 gm/t Pt+Pd+Au.
Examination of the boulders by experts has determined that they are locally
derived. There is no outcrop in the immediate vicinity of the boulders. The
Stocker Zone is located four kilometres northeast of the Powder Hill Zone
and is within the same intrusion.
Other news -- Agnew Lake update
The company confirms that New Millennium and partner Pacific Northwest
Capital are in an advanced stage of negotiation with a major mining company
with respect to the Agnew Lake property. Substantial agreement on key terms
has been reached. A formal agreement is being drafted. A deal will be
completed only upon the execution of a formal agreement. The Agnew Lake
property is located about 65 kilometres west of Sudbury, Ont., and overlies
a large mafic/ultramafic layered intrusion known to host several promising
zones of PGM mineralization. Samples taken from the marginal series of the
intrusion have returned values of up to 8.5 gm/t Pt+Pd.
The company will provide further updates on all of its projects as results
become available.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
