Feb 14..today..Another News Release
NovaWest acquires 507 additional Raglan claims
NovaWest Resources Inc NVE
Shares issued 18,378,450 Feb 14 close $0.33
Wed 14 Feb 2001 News Release
Mr. Patrick O'Brien reports
NovaWest has acquired approximately 507 additional claims in the Raglan
platinum group metal-nickel-cobalt-copper camp in Quebec. The Raglan (Cape
Smith) belt, long known for its large Ni-Cu-PGM deposits of magmatic
origin, is the focus by NovaWest for PGM-Ni mineralization in Canada. Due
to current high palladium and platinum prices, coupled with the Raglan camp
producing some of the industry's highest palladium, platinum and nickel
values, it can be anticipated that the Raglan will soon attract
considerable attention. Therefore, NovaWest has decided the time is
opportune for securing a considerable portion of the most favourable,
available exploration ground as evaluated in-house. The new claims
encompass approximately 220 square kilometres (55,000 acres) and
strategically adjoin the company's existing DeltaEast, DeltaWest, Sub, Lac
Nuvilik and EastBridge properties, as well as the company's recently
purchased Checkmate property. NovaWest's extensive Raglan camp permits and
claims are now contiguous (adjoining), with the exception of one permit,
the Kozmo. The company's extensive Raglan assemblage now encompasses
approximately 600 square kilometres (149,000 acres), plus the newly
staked/acquired 507 claims that add an additional 220 square kilometres
(55,000 acres).
NovaWest personnel staked 489 of the new claims and the remaining nine
claims were purchased. NovaWest purchased a 100-per-cent interest in the
nine claims by paying the vendor $1,000 and 50,000 NovaWest shares. No
royalties (net smelter return royalties) will be applicable. Terms of the
purchase agreement are subject to Canadian Venture Exchange approval and
all shares issued are subject to any hold periods that may apply under CDNX
or British Columbia Securities Commission policy.
Falconbridge Limited's Raglan camp holdings now appear to be clearly split
into two blocks with one block adjoining NovaWest's Raglan assemblage to
the east and the other block adjoining NovaWest's Raglan assemblage to the
west, with one exception being Falconbridge's Delta-Oasis property
containing the approximately one-million-ton Delta deposit (D-8 and D-9)
grading 3.08 per cent nickel, 1.26 per cent copper and 2.25 grams/tonne
PGMs. Falconbridge's Delta deposit property is situated approximately in
the centre of NovaWest's Raglan assemblage. All of Falconbridge's most
recent Raglan discoveries that have been publicized trend westward toward
NovaWest's Raglan assemblage.
NovaWest's Raglan exploration model and geological overview identify the
Raglan belt as part of the Circum-Superior mobile belt, which includes the
Thompson nickel belt (TNB). In order to estimate the economic potential of
the Raglan belt, NovaWest drew upon its knowledge and expertise in the TNB
in Manitoba. The TNB represents another approximately 340-kilometre-long
portion of the Circum-Superior belt, a virtual mirror image of the Raglan
(Cape Smith belt). A comparison of the Raglan with the TNB indicates that,
to date, only a fraction of the Ni-PGM-Cu sulphide deposits and tonnage
known to exist in the TNB has been discovered in the Raglan belt. The TNB
contains in the order of 800 million tons of Ni-PGM-Cu sulphide
mineralization in 37 mines (not all producers) with exploration down in
excess of 5,000 feet. In comparison, the Raglan belt is early into its
economic evaluation, with exploration to date being shallow, above 1,000
feet depth. By NovaWest's estimate, it is suggested that the Raglan belt
presently contains 40 to 100 million tons of Ni-PGM-Cu-Co mineralization in
approximately seven deposits with the potential to host much more.
Falconbridge's nearby Raglan (Katiniq) mine is presently an important world
source of nickel, palladium, platinum, cobalt, osmium and copper. Some of
Canada's most significant palladium and platinum values are from the Raglan
camp, with NovaWest itself reporting palladium values up to 26.76 g/t and
platinum values up to 9.3 g/t from 1997/1998 samples of hardrock surface
outcrops. In spring 2000, Amplats, the world's largest platinum producer,
tested a sample representative of an extensive outcropping area on
NovaWest's Raglan assemblage at its South Africa laboratory. Amplats
reported identifying three palladium-telluride (Pd-Te) phases in the
samples and confirmed that its chemical analysis gave a value of 20.4 g/t
platinum group elements plus gold. NovaWest is pleased to have had such a
recognized and respected independent third party report such an assay from
a NovaWest finding in a zone determined to be approximately 2,000 feet in
strike length. Other various samples from the Raglan camp area submitted to
Chemex for analysis returned notable assays of 21.8 g/t palladium, 16.5 g/t
palladium, 8.83 g/t palladium, 5.54 g/t palladium and 3.37 g/t palladium.
Other values worth noting from the Raglan camp are reported from a
Falconbridge property next to NovaWest's Raglan assemblage where drilling
on Falconbridge's D-8 and D-9 zones yielded values including 6.45 g/t
palladium, 6.42 g/t palladium, 5.8 g/t palladium, 3.9 g/t palladium, 2.7
g/t palladium, 5.48 g/t palladium and 2.26 g/t platinum. It is understood
that these holes were placed approximately 200 to 300 metres from
NovaWest's boundaries. Details of these findings are noted in NovaWest's
press releases in Stockwatch June 26, 2000, and Jan. 5, 2001.
It is anticipated that NovaWest will undertake exploration on these new
claims in conjunction with its planned 2001 Raglan drill program, expected
to be announced soon.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
