Summary Points on Recent Drill Program
PFN's 3-page press release may have been a little too technical to excite the market, but a number of analysts, newsletter writers, and major mining companies are showing great interest.
The following is a summary of salient points that may help to clarify a few things.
1. PFN is currently looking at 2 models for PGM deposits:
a) large layered intrusions, ie the River Valley property which returned sample values up to 12 g/t Palladium, Rhodium, and Platinum, and
b) PGMs found at the lower contact of thick gabbro sills - the Nipissing Diabase.
2. Current drilling tested only the first of 20-30 known copper-nickel showings on PFN properties overlying Nippising Diabase.
3. Drilling has shown that significant widths (up to 53ft) of mineralization occur, with grades consistently in the 2-5 gm PGM, 1.15% Cu-Ni range. This mineralized rock is currently worth approximately $55/ton (0.9% Cu, 0.5% Ni, 3 gms PGMs) to $80/ton (1% Cu, 0.5% Ni, 4 gms PGMs).
4. Much higher grades are possible - refer to holes 2 (5% Cu-Ni, 5.25 g/t PGMs) and hole 3 (2.11% Cu-Ni, 9.03 g/t PGMs).
5. The Jackie Rastall showing is open to depth and to the south; however, PFN intends to test several other Cu-Ni showings as well as concentrate on the current project.
6. This is the first time PGMs of this grade and thickness have been found in the Nipissing Diabase - and the very first target PFN looked at.
7. Metallurgical studies indicate the PGMs are recoverable.
8. The 1999 program to qualify and test other Nipissing targets is in progress. Expect further drill programs to follow.
9. The River Valley programs starts shortly, and will definitely delineate interesting drill targets.
Robert Douglas Hickey
PFN Director |
