Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Platinum Group Metals (PGMs) -- Ignore unavailable to you. Want to Upgrade?

To: Just G who wrote (126)	8/15/1999 6:19:00 PM
From: geoffreycs	Read Replies (1) \| Respond to of 529

May 26, 1999 Altoro Joint Ventures Platinum – Palladium Property at Pedra Branca, Ceara State, Brazil.P Vancouver, British Columbia…Altoro Gold Corp. (VSE:ATG) has signed a Letter of Intent with Eldorado Gold Corporation giving Altoro the right to acquire a 70% interest in a large platinum – palladium (PGE) occurrence at Pedra Branca in Ceara State, Brazil. The chromite and PGE mineralization occurs in the Pedra Branca ultramafic complex. Previous exploration was carried out by Gencor which completed eight drill holes in 1987. The PGEs are associated with elevated chromite levels and with elevated levels of disseminated sulphides. The chromites contain values of up to 57 ppm Pt + Pd in rock samples and the sulphides have grades of 2 – 10 g/t PGEs associated with elevated copper – nickel and cobalt values. The sulphide zones appear to have greater strike continuity and potential for economic reserves. Gencor completed a program of trenching and drilling over anomalous PGE zones discovered with soil sampling. The mineralized intercepts are tabulated below: TRENCHING TRAPIA 1 ZONE 116.9 meters at 1.07 ppm PGE's 30.4 meters at 1.02 ppm PGE's 97.1 meters at 1.14 ppm PGE's 51.65 meters at 0.81 ppm PGE's 129.45 meters at 1.76 ppm PGE's 16.46 meters at 3.31 ppm PGE's 3.07 meters at 5.43 ppm PGE's 17.76 meters at 2.07 ppm PGE's TRAPIA 2 ZONE 27.73 meters at 1.21 ppm PGE's 22.04 meters at 1.27 ppm PGE'S DRILLING HOLE NO. BR18 3.29 meters at 9.78 ppm PGE's 11.13 meters at 4.37 ppm PGE's 13.28 meters at 2.26 ppm PGE's 0.27 meters at 9.90 ppm PGE's HOLE NO. BR20 6.19 meters at 2.67 ppm PGE's 1.01 meters at 5.87 ppm PGE's HOLE NO. BR21 0.70 meters at 2.73 ppm PGE's 13.58 meters at 1.29 ppm PGE's HOLE NO. BR24 19.48 meters at 0.66 ppm PGE's 13.42 meters at 0.61 ppm PGE's The drilling was shallow and all the mineralized intercepts encountered are less than 100 meters deep. Access to the project is very good with the known mineralization being located close to a highway and 250 kilometer from the state capital, Fortaleza. The climate is semi-arid and the terrain is poor quality grazing land where a mining development would likely be very welcome. Altoro will concentrate initially on surface exploration to define additional shallow drill targets with the main objective being open pittable PGE mineralization. Under the terms of the agreement with Eldorado Gold Corporation, subject to Vancouver Stock Exchange approval, Altoro can acquire a 70% interest by spending a total of US $2 million in 3 years including US $50,000 in the first 6 months. If Eldorado elects not to contribute when Altoro has earned its 70% interest then Altoro may earn an extra 20% (total 90%) by spending an extra US $1 million. At this stage Eldorado may elect to convert its 10% remaining interest to a 2% NSR. This is Altoro's third palladium – platinum project and highlights the company's continued new focus on PGE exploration, with emphasis on Brazil and Bolivia where the Company's technical management is based. On Behalf of the Board David O'Connor, President - Phone: (011-591) 277-0958