Altoro Acquires Palladium – Platinum Property at Rincon del
Tigre in Bolivia.
Vancouver, British Columbia…….Altoro Gold Corp. (VSE:ATG) is pleased to
announce that it has entered into an agreement giving it the right to acquire a
100% interest in a palladium – platinum (PGE) occurrence at Rincon del Tigre
in Bolivia.
The PGE mineralization occurs within the Rincon del Tigre Magmatic Complex,
the largest known layered mafic intrusion in South America, in a discrete zone
up to 125 kilometres in strike length. The PGE mineralization occurs with
elevated copper, vanadium and titanium in an interval of up to 100 metres thick
which outcrops, in part at surface, and has the potential to be mined by open
pit.
Previous widely spaced drilling (minimum 4 km hole spacing) seven years ago
by Rio Tinto defined the PGE enriched zone, but did not fully explore the
palladium potential due to the prevailing low price of the metal at that time (less
than one third of today's price). A total of seven holes were drilled along the
125 kilometre strike length of the prospective horizon. Altoro's agreement
covers 12,500 hectares comprising tens of kilometres of the favourable zone
and contains four of Rio Tinto's previous drill holes including those with the
highest PGE values.
The data set available to Altoro is incomplete. Drill intersections from two of the
previous holes include 1.27 g/t PGE over 10 metres in hole PA-1 and 1.16 g/t
over 8 metres in hole SI-1. Altoro's first task will be to re-assay the drill core
which has been made available to the company. Altoro will concentrate on soil
sampling, ground magnetics and power augering to define zones of higher grade
PGE's for shallow diamond drilling.
Under the terms of the agreement, subject to Vancouver Stock Exchange
approval, Altoro can acquire a 100% interest in the property by expending US
$1.05 million on exploration over the next four years, including US $100,000 to
April 2000; and issuing 400,000 shares in six stages, including 25,000 shares
on signing. Altoro has the right to withdraw from the agreement at any time
following the expenditure of its initial commitment of US $30,000. A retained
royalty of 2% of net smelter returns can be purchased by the company for US
$2 million at any time.
This exciting new PGE exploration project will complement the Company's
Birch Lake PGE project in enhancing Altoro's new focus on platinum-palladium
exploration.
ON BEHALF OF THE BOARD
David O'Connor
President |
