Aurora to advance footwall project
Aurora Platinum Corp ARP
Shares issued 1,127,367 Feb 7 close $4.10
Thu 8 Feb 2001
Also Falconbridge Ltd (FL)
Mr. George Plewes reports
Falconbridge Limited, as operator, has informed Aurora Platinum that a UTEM
ground geophysical survey has commenced on the footwall project, in
preparation for a first-phase 4,000-metre drilling program. The footwall
project is adjacent to the Falconbridge and Falconbridge East mines,
located 15 kilometres northeast of Sudbury, Ont. Aurora and Falconbridge
recently completed an airborne magnetic/electromagnetic survey over the
property, and several significant magnetic and electromagnetic targets were
interpreted from the data.
A total of 63 line kilometres of a UTEM ground geophysical survey will be
conducted on the footwall project grid and it is anticipated that the
survey will be completed in the next few days. Once all the survey results
are compiled and interpreted, the drilling program will commence.
The footwall project, a joint venture between Aurora and Falconbridge,
covers an eight-kilometre strike length of Sudbury norite and sublayer
rocks adjacent to the Falconbridge and Falconbridge East mines. The
airborne magnetic/electromagnetic survey identified a number of strong
anomalies both in the sublayer and footwall. Several of these anomalies are
associated with coincident magnetic highs and electromagnetic conductors
suggesting possible sulphide bodies.
Under the terms of the previously disclosed formal option and joint venture
agreement with Falconbridge, Aurora has the option to earn a 60-per-cent
interest in both the footwall and Foy offset projects from Falconbridge 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 earns a
60-per-cent interest, the joint venture partners will contribute on a pro
rata basis. Falconbridge will have the option to increase its working
interest in any specific project to 70 per cent by financing a bankable
feasibility study and providing 100 per cent of the funds to put a deposit
into production. Falconbridge will then be entitled to recover mine
construction costs from 90 per cent 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 at a
price equal to the closing price for the 10 trading days prior to
Falconbridge's notice to purchase the shares.
Aurora Platinum is actively exploring in Ontario and Quebec for
nickel-copper-platinum-palladium deposits. The company has acquired a
100-per-cent interest in a number of nickel-copper-platinum-palladium
prospects and is presently conducting exploration work within the Lansdowne
House mafic and ultramafic complex in Northern Ontario and the
Midrim-Belleterre area in Quebec. For more information please see the
company's Web site at www.auroraplatinum.com. Upon the exercise of the
special warrants qualified under Aurora's prospectus dated Feb. 6, 2001,
Southwestern Gold Corporation will own 19 per cent of Aurora's outstanding
shares.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
