Phoenix Gold Resources (V.PHO) Message Board

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Gold/Mining/Energy : Phoenix Gold Resources (V.PHO)

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To: Richard Mazzarella who wrote (27)	6/10/1997 12:19:00 AM
From: Ron Struthers	of 285

Richard finally some good news. I originally thought PHO would get $$ last year to get on the property butas you know that didn't happen in time. Perhaps a blessing considering the platinum market. I just spoke with Dick Lonsdale on June 7th last Friday. Mr. Lonsdale expects they will be on the Grasshopper Mountain Platinum property drilling in about 10 days.With the platinum market getting red hot in the past week and news gets out in Vancouver about a junior drilling a platinum property this stock could finally come to life. The platinum market could even be higher by the time assay results come out and I expect some good results. If this happens who knows where this stock may go to. It still has only about 5 million shares out and is tightly held by management and insiders which means a small float. PHO has a new silver property. I have an update on my website sentex.net click on platinum Here is a bit of rehash on the platinum property The Carlisle platinum-palladium-gold property is at Grasshopper Mountain in the Tulameen area of South central British Columbia. Placer platinum was first located in the Tulameen District in the 1860s and is still being recovered at this time. Numerous reports on the platinum in this district can be found in the Geological Survey of Canada, B.C. Ministry of Mines and the Dept. of Technical Surveys of Canada. The native platinum occurs in, or near the chromite at a platinum/palladium ratio of 9 to 1. In the event the platinum is contained in the pure chromite, values could run as high as 5 to 8 ozs/ton in high grade areas. Dick Lonsdale aquired the property many years ago, originating from Newmont Mining. Newmont changed corporate strategy at the time and decided to give up all their Canadian properties, regardless of their potential, including Carlisle. Mr Lonsdale vendered the property into Phoenix in 1996 to raise exploration funds. In the mid 1980s Newmont concluded that enhanced dunite values were usually associated with enomalous concentrations of chromium. Five areas of dunite core were identified, clustered around discrete zones displaying visible chromite. Metallurgy work conducted at Newmont's Denbury Conn. research facility had no problem seperating the PGEs from the chromite. In addition to Newmonts work a drill program was initiated by the property owners in 1988 under the supervision of J.J. McDougal P. Eng. A road was constructed and 32 holes, totalling 6,000 feet were laid out to test widespread targets within the dunitic host rocks. It was concluded that a zone several miles in length exists, containing platinum bearing chromite veins and lenses, possibly geologically similiar to the Merensky Reef, located in South Africa. Assays from the core drilling program in the late 1980s returned values up to 0.138 oz/ton platinum and 0.171 oz/t gold. The 1988 program returned an assay of 5 feet grading 0.18 oz/ton platinum and also contained a relatively anomalous 12 ppb rhodium. Work to date has basically been wide spread initial drill testing and no intensive exploration has taken place. Dick Lonsdale is runnuing the platinum project and has managed to hire one of western Canada's most sought after consultants Jim McDonald to supervise the exploration. Jim has about 40 years experience with mining giant Falconbridge. Falconbridge is a nickel miner and these people have all the Platinum experience in Canada (platinum mined as a by product of nickel). With the platinum market roaring ahead there is no telling what this stock might do when news of drilling and the results come out. PHO did not have to post a bond for drilling and the property is only about 8 miles from a village so no camp is necessary. For more info Call Dick Lonsdale direct at 604-689-9960

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