Looks like an area play around NAP [=Lac des Iles Mines Ltd; T.PDL] to me:
"Since the approval of the 1998 Exploration program (the "Program") by the members of the Board, LDI has effectively increased its property position by 231%, bring the total acreage to approximately 28,401, all within a fifty (50) mile radius of the existing mine. Included in the above-mentioned land position, LDI has staked or purchased claims in four separate properties that are underlain with similar rock type which contains PGE mineralization. The majority of the properties have had geophysical surveys and limited amounts of diamond drilling."
napalladium.ca
A 231% increase in property, and here's their map to prove it:
napalladium.ca
Now more activity in the area:
AVALON AND STARCORE OPTION PLATINUM-PALLADIUM PROSPECT NEAR LAC DES ILES PGE MINE, THUNDER BAY, ONTARIO
Avalon Ventures Ltd. ("Avalon") and Starcore Resources Ltd. ("Starcore") are pleased to announce the signing of an option agreement giving each company the right to acquire a 50% interest (combined 100% interest) in the Legris Lake platinum-palladium-gold ("PGE") property which is located just 8 km southeast of the Lac des Iles mine of North American Palladium Ltd., north of Thunder Bay, Ontario.
The Legris Lake property consists of ten claims totalling 5,440 acres covering the 4 x 8 km Legris Lake mafic-ultramafic intrusive complex. Recent prospecting work on the property to investigate a 300 m long EM-anomaly defined by previous workers, resulted in a new discovery of platinum-palladium-gold mineralization assaying in the order of 3 g/t PGE, which was subsequently confirmed in check sampling carried out by Avalon. Three select grab samples and one composite grab sample collected by Avalon from the showing, over an area measuring 5 x 10 m, averaged 3.22 g/t PGE along with 0.33% Cu and 0.10% Ni detailed as follows:
Pd g/t
2.73
2.13
2.77
2.28
Pt g/t
0.44
0.43
0.33
0.41
Au g/t
0.31
0.36
0.28
0.41
Pd+Pt+Au g/t
3.48
2.91
3.38
3.10
Cu %
0.42
0.46
0.15
0.31
Ni %
0.13
0.13
0.06
0.09
--------------------------------------------------------------------------------
Average: 2.48 0.40 0.34 3.22 0.33 0.10
The PGE mineralization at Legris Lake is associated with 2-3% disseminated pyrite-pyrrhotite-chalcopyrite in a medium grained gabbroic rock that is very similar in appearance to the host rock of the Roby Zone at Lac des Iles. Heterolithic gabbro breccias and pegmatitic gabbro, which are also characteristic of the Roby Zone, have been recognized in the Legris Lake intrusion. North American Palladium Ltd. announced on November 16, 1999 that the Roby Zone hosts total resources of 94.1 million tonnes averaging 1.98 g/t PGE, representing 5.9 million contained ounces of palladium, platinum and gold, making it one of the largest PGE deposits in the world.
To earn their interests in the property, Avalon and Starcore must make cash payments totalling $155,000, spend $500,000 on exploration and development work in stages over 5 years and issue 100,000 shares of Starcore and 80,000 shares of Avalon. The vendors would retain a 3.0% NSR royalty interest of which 1.5% can be re-purchased at any time for $1.5 million cash. Starcore is responsible for making the first $75,000 in cash payments and the first $250,000 in exploration expenditures, after which all future costs would be shared on a 50/50 basis. Avalon will be the operator of all work programs. The initial commitments are a $15,000 cash payment, a $50,000 work program and the issuance of 100,000 shares of Starcore and 40,000 shares of Avalon.
Recent prices for palladium have exceeded US $400/oz due to strong demand from the automobile catalytic converter market and limited stable sources of supply. North American Palladium Ltd. is considering a major expansion of its operation to process as much as 15,000 tonnes of ore per day, which would make it one of the largest metal mines in Canada.
Avalon and Starcore plan to proceed immediately with a work program of linecutting, trenching and induced polarization geophysical surveys to develop targets for a winter diamond drilling program.
For further information contact Donald S. Bubar at (416) 364-4938 (Avalon) or Ralph Brown at (604) 602-4935 (Starcore).
ON BEHALF OF THE BOARD
OF AVALON VENTURES LTD.
"Donald S. Bubar"
Donald S. Bubar, President
ON BEHALF OF THE BOARD
OF STARCORE RESOURCES LTD.
"Ralph Brown"
Ralph Brown, President
November 17, 1999
Symbol AVL:VSE
Shares Outstanding: 20,326,731
Symbol: SOE:VSE
Shares Outstanding: 13,383,192
*No stock exchange has either approved or disapproved the information contained herein*
Note: Analytical work was performed by Accurassay Laboratories, Thunder Bay, Ontario, using a fire assay procedure with atomic absorption finish for determining gold, platinum and palladium and an aqua regia digestion procedure with atomic absorption finish for copper and nickel.
AVALON VENTURES LTD.
111 Richmond St. W., Suite 1116 Toronto, Ontario M5H 2G4
Tel: (416) 364-4938 Fax: (416) 364-5162
E-Mail: info@avalonventures.com
Internet: avalonventures.com
STARCORE RESOURCES LTD.
Suite 304, 700 W. Pender Street
Vancouver, B.C. V6G 1G8
Tel: (604) 602-4935 Fax:(604) 602-4936
Internet: starcore.com
avalonventures.com |
