East West acquires platinum-palladium property
East West Resource Corp EWR
Shares issued 25,494,421 1999-02-19 close $0.13
Monday Feb 22 1999
Mr. A.K. Crossley reports
The company has purchased a second property consisting of 112
claim units in the Lake Nipigon region of Northern Ontario,
approximately 20 miles northeast of the Lac des Iles
platinum-palladium mine near Thunder Bay. The property covers
a five-kilometre-long magnetic feature that is interpreted to
reflect a large zoned ultramafic body which is the favourable
host for nickel-copper-platinum-palladium deposits. A number
of other ultramafic bodies occur in the region containing
significant PGE values which are now being actively explored
by other companies.
The only producing platinum-palladium mine in Canada, located
at Lac des Iles, is hosted in a zoned ultramafic-gabbro
intrusion near the boundary of the Quetico fault, but is also
on the fringe of the Nipigon plate where a number of
favourable structures occur that create an ideal setting for
PGE bearing host rocks.
The claims were purchased for $15,000 and 25,000 shares with
three more equal share instalments every six months totalling
100,000 shares over 1.5 years. A 1 per cent net smelter
royalty which may be purchased for $500,000 has been retained
by the vendor.
Exploration using ground magnetics and IP is planned for
March 1999, followed by drilling.
(c) Copyright 1999 Canjex Publishing Ltd.
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