Anglo has just posted their annual report and it included the following re: PFN.T.
PFN seems VERY cheap right now.
Canada
River Valley
The River Valley PGM-Cu-Ni project represents one of North America's premier exploration projects and is certainly one of the newest and most exciting platinum-palladium discoveries in recent years. By the end of 2003, joint venture partners Pacific North West Capital Corporation and Anglo Platinum spent nearly CDN$12 million on mineral exploration at the River Valley property. Six phases of diamond drilling (2000 to 2003) primarily tested targets developed from surface exploration, with drilling designed to test the down-dip and strike extensions of known surface mineralization. More than 83000 metres of drilling in 410 drill holes have been completed on the property. The River Valley intrusion, a Paleoproterozoic (~2,5 billion years) rift-related layered mafic intrusion, is located about 100 road kilometres (60 kilometres direct) northeast of the city of Greater Sudbury, Ontario, Canada. Work, since it started in June 1999, has revealed the presence of potentially commercial base metal sulphide-associated PGM deposits along the northern contact of the intrusion. The River Valley property covers over 5184 hectares (52 square kilometres) and includes eight main areas of contact-type PGM-Cu-Ni sulphide mineralization (northwest to southeast): Dana Lake (North and South), Banshee Lake, Lismer's Ridge (North and South), MacDonald, Varley, Azen Creek, Jackson's Flats, and Razor. An independent evaluation (October 2002) reports in-situ Measured and Indicated Resources of 825900 ounces of platinum, palladium, and gold (3E) with Inferred Resources of 200600 ounces, totalling 1026500 ounces in 23,44 million tons.
Exploration for reef-type PGM targets has not yet begun on the property; almost all of the work to date has focused on the contact environment, where the igneous complex comes into contact with the wall rocks and represents a steeply dipping contact zone. However, there are indications that reef-type mineralization may be present, adding an entirely new dimension to the potential of the property and the intrusion.
The exploration drilling programme has completed in-fill drilling of the known Mineral Resource and is now focusing on new target areas along the southeast contact of the intrusion; a more than 6-kilometre strike length with potential for further Resources. Results from the deeper drilling at the Dana Lake South deposit were extremely encouraging: drill hole DL-154 returned 3,7 grams of platinum and palladium per ton over 68 metres, including 5,0 grams of platinum and palladium per ton over 47 metres, 9,7 grams of platinum and palladium per ton over 13 metres, and 19,0 grams of platinum and palladium per ton over 3 metres; this represents the highest grade and width diamond-drill intersection to date.
Early results from drilling in the southeastern part of the property are encouraging, and drilling is expected to continue late into 2004. An updated Mineral Resource study is currently underway. It must be noted that River Valley is a palladium-dominant deposit and that future exploration decisions will be affected by the palladium price.
Agnew Lake
The Agnew Lake property, located about 60 kilometres west of Sudbury, Ontario, Canada, covers the Agnew Lake intrusion, which is known to host anomalous and potentially economic concentrations of PGMs. The Agnew Lake intrusion is similar in age and composition to the River Valley intrusion: both contain contact-type sulphide-associated PGMs that are primarily hosted in fragment bearing rocks occurring proximal or at the margins of the intrusions.
In July 2001, Anglo Platinum entered into an agreement with Pacific North West Capital Corporation and Platinum Group Metals Ltd, whereby Anglo Platinum may earn a 49,5% interest in the Agnew Lake Project by making certain cash payments and reimbursements (which have been made) and by completing CDN$6,0 million in exploration expenditure by 31 December 2004. Anglo Platinum can increase its interest in the property to 57% by completing a feasibility study, and to 60% by arranging 100% financing of the project to commercial production. To date, Anglo Platinum has financed approximately CDN$2,5 million in exploration at Agnew Lake.
By entering into this agreement, Pacific North West Capital Corporation and Anglo Platinum have substantial interests in two of the three largest layered intrusions in the immediate Sudbury area. Most exploration activities, (diamond drilling, induced-polarization and magnetometer geophysical surveys, geological surveys, and prospecting) have concentrated on the contact region of the intrusion. Exploration activities at Agnew Lake in 2003 included diamond drilling, geological mapping, prospecting, and airborne geophysical surveying using the Spectrem Air multi-spectral AEM system. A diamond-drilling programme, aimed at following up some of the targets produced from the Spectrem survey, is planned for 2004.
Surface grab samples from the prospective 15-kilometre intrusive contact region have assayed up to 8,4 grams of platinum and palladium per ton and diamond drilling has returned anomalous intersections of PGMs, including a 1-metre intersection of 5,1 grams of platinum and palladium per ton |
