Idaho Consolidated Metals Corp -
Idaho Consolidated acquires 1,200 acres near
Stillwater
Idaho Consolidated Metals Corp
IDO
Shares issued 9,434,650
1999-05-12 close $0.4
Tuesday May 18 1999
Mr. Del Steiner reports
Idaho Consolidated Metals has acquired approximately 1,200 acres by staking 75
claims near Stillwater, Mont. The claims are 1.5 miles east of the main stem of the
Stillwater River in the Stillwater Complex, Mont. The claims are along a key
geologic feature mapped as the Upper Banded series over a four-mile strike
length.
The new property consists of three blocks of claims adjacent to the claims
patented by Stillwater Mining Company in the area of Black Butte Mountain. The
property adjoins Stillwater's patented ground and is within 1.5 miles of the
Stillwater mine. The claims cover up to 1,800 feet of the lower stratigraphic
section of the platinum and palladium-bearing Lower Banded Series. This horizon
is the host to the 26-mile-long J.M. Reef, which contains the most developed PGE
deposit. Based on review of previous geologic investigations, the area has some
structural complexities consisting of transverse faults perpendicular to the strike of
the J.M. Reef with lateral offsets that have shifted the mineralized horizon.
Stillwater Mining Company is currently expanding to an estimated annual
production of 1.3 million ounces of combined platinum/palladium by 2001.
With acquisition of this third block of claims ICMC is well positioned to conduct
exploration in the Stillwater Complex mining camp that hosts the only primary
producer of platinum and palladium in North America. This property will
complement ICMC's previously announced two major properties in the Stillwater
Complex, which are approximately 13 miles to the northwest along the strike of
the PGE mineralization.
To clarify previous news releases, the first property (NR9909) consists of claims
staked by ICMC and a property leased from Platinum Fox. These claims cover
the upper member of the ultramafic series composed of cumulates of olivine and
bronzite, as well as the contact between the ultramafic series and the banded
series. The property is parallel to the strike of the J.M. Reef and contiguous for
seven miles along the reef. The property adjoins a portion of Stillwater's patented
ground which is currently under development as the East Boulder project and is
within 1,500 feet of the Frog Pond adit, that was used to delineate the East
Boulder reserves. This expansion by Stillwater is a $270-million (U.S.) capital
project consisting of an 18,500 foot adit collared on the East Fork of the Boulder
River and ancillary facilities for the crushing and concentration of ore that will
develop the western portion of the J.M. Reef.
The second property (NR9910) consists of claims staked by ICMC along the
Picket Pin zone identified by the U.S. Bureau of Mines and is parallel to the
western portion of the J.M. Reef. Mineralization is reported (from work
conducted by Anaconda Mining Co.) along the entire exposed strike length of the
deposit and samples from the Picket Pin Creek area assayed 0.58 weight per cent
Cu, 0.21 weight per cent Ni, 2.3 parts per million Pt, 2.3 ppm Pd and 0.2 ppm
Au (A.E. Boudreau). These values are stated as typical for Picket Pin
mineralization. The majority of mineralization occurs within 10 to 20 metres at or
below the contact on an abrupt change in texture and mode in the anorthosite
rock.
The three properties are not contiguous, but were carefully selected based on
geologic criteria to the potential for PGE mineralization. The company continues to
aggressively acquire claims and fractions in the area.
WARNING: The company relies upon litigation protection for "forward-looking"
statements.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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