From the Northern Miner......
Pacific NW Capital kicks off next exploration phase
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By THOMAS SCHUSTER
Surface-stripping and rock-sampling by Pacific North West Capital (PFN-V) at the River Valley platinum-palladium property, near Sudbury, Ont., have uncovered mineralized breccias.
The program is focused southeast of the Dana Lake zone, where two rounds of drilling have cut encouraging low-grade mineralization over bulk-minable widths.
Magmatic breccias have been exposed over widths of at least 20 metres in an area adjacent to the basal intrusive contact. The area, known as Lismer's Ridge, is in the Hen Lake zone. Initial chip samples returned up to 6.9 grams combined platinum-palladium.
Stripping and sampling will continue to test the induced-polarization (IP) geophysical anomalies that extend for an additional 3 km to the southeast.
Beginning in September, a third phase of drilling will attempt to establish a mineral resource in the Dana Lake area, as well as test targets to the south, such as the Hen Lake zone and possibly the Azen Creek area. Pacific North West (PNW) will also conduct down-hole IP geophysics near the Main zone.
Anglo American Platinum (Amplats), a traded subsidiary of the South African major, stands to earn a half-interest in various properties owned by PNW in return for spending $4 million on exploration. On the River Valley project, the major was required to spend a minimum of $1 million. Amplats has now decided to increase the budget and spend an extra $500,000 on the third phase of drilling.
Earlier this year, in the northern portion of the Dana Lake property, drilling intersected promising mineralization over a 500-metre area. In the first phase of drilling, completed in July, every hole in the 13-hole program cut platinum group metal (PGM) values over a portion of an IP anomaly outlined last year.
In the recently completed second phase, 14 holes (2,820 metres) were drilled in an attempt to test the dip, width and depth extent of PGM mineralization.
In the latest round of drilling, nine holes were collared over the main body of mineralization to determine its size and shape. Seven of the holes cut significant grades, including the following results:
- Hole 15 intersected 39.1 metres averaging 0.28 gram platinum, 0.77 gram palladium, 0.04 gram rhodium and 0.06 gram gold per tonne, plus 0.1% copper and 0.03% nickel, starting at a down-hole depth of 111.50 metres. Included in this interval was a higher-grade section running 1.4 grams platinum, 4.1 grams palladium, 0.19 gram rhodium, 0.2 gram gold, 0.18% copper and 0.05% nickel.
- Hole 18 cut 15 metres averaging 0.78 gram platinum, 2.1 grams palladium, 0.07 gram rhodium, 0.15 gram gold, 0.12% copper and 0.02% nickel, starting at 265 metres down-hole. Included in this interval were three higher-grade sections running up to 1.7 grams platinum, 4.8 grams palladium, 0.15 gram rhodium, 0.35 gram gold, 0.26% copper and 0.03% nickel over 3.2 metres.
- Hole 22 intersected 49.5 metres grading 0.53 gram platinum, 1.55 grams palladium and 0.1 gram gold, starting at 173.5 metres down-hole. Included in this interval were four higher-grade sections running up to 0.86 gram platinum, 3.3 grams palladium and 0.18 gram gold over 4.25 metres. This hole's assay results for rhodium, copper and nickel are still pending.
The remaining five holes were drilled 50-150 metres north of the Main zone, where surface samples returned an average grade of 1.38 grams combined platinum-palladium-rhodium-gold. All of the holes cut either narrow intervals grading 1-2 grams combined platinum-palladium-gold or broader intervals of lower-grade material.
Highlights include holes 14 and 16. Hole 14 intersected 1.2 metres grading 1.08 grams platinum, 1.5 grams palladium, 0.04 gram rhodium and 0.48 gram gold, starting 133.5 metres down-hole. Hole 16 cut 1.75 metres grading 0.64 gram platinum, 0.75 gram palladium, 0.04 gram rhodium and 0.05 gram gold, starting 184.55 metres down-hole. This was followed by a 0.5-metre section that assayed 1.3 grams platinum, 1.2 grams palladium, 0.05 gram rhodium and 0.06 gram gold.
Mineralization in this area is affected by post-mineral faults, and the structural complexity is believed to be a result of the increasing proximity to the Grenville Front and associated with east-dipping thrust faults.
Mineralization on the 43.5-sq.-km River Valley property occurs at the margin of the River Valley Intrusion. It consists of 1-5% chalcopyrite, pyrrhotite, pentlandite and minor pyrite. The mineralization is hosted in a coarse, heterolithic breccia containing gabbro, pyroxenite and anorthosite fragments in a gabbro-pyroxenite matrix.
In other news, PNW has agreed to acquire half of New Millennium Minerals' (PGM-V) interest in the Shakespeare-Dunlop platinum-palladium property, some 60 km west of Sudbury. To earn its stake, the junior will make cash payments totalling $200,000 and spend $500,000 on exploration.
Mustang Minerals (MMIN-C) is exploring over 550 claims covering the River Valley intrusion, just south of PNW's ground. Johannesburg-based Impala Platinum stands to earn up to a 60% interest in the property by paying $215,000 in cash and spending $6 million on exploration over five years. Implats is the world's second-largest producer and refiner of PGMs.
The junior reports that a 100-metre-wide zone of sulphide mineralization, dubbed the North Sulphide zone, has been detected by the sampling and IP surveys. Mineralization exists in an inclusion-bearing zone that strikes parallel to the intrusion's contact over 4.5 km. The highest grab sample assay was 5.9 grams palladium and 4.2 grams platinum per tonne. Most of the samples ranged from trace to 5.6 grams combined platinum, palladium and gold.
Nearby, Aquiline Resources (AQI-V) has identified six strong geophysical anomalies at its River Valley property, on the southwestern margin of PNW's property. Magnetometer and spectral IP surveys identified a series of narrow, north-striking anomalies on the northern and eastern portion of the property. Aquiline, which is earning a 70% interest in the ground from Mustang Minerals, hopes to drill-test the targets later this year.
Meanwhile, junior Vital Pacific Resources (VPR-V) has inked a deal to acquire a 75% stake in four grassroots properties in the prolific Sudbury district.
The 22-sq.-km Pardo North and the 20-sq.-km Dana East properties lie immediately northeast and east, respectively, of PNW's Dana Lake platinum-palladium discovery in River Valley. According to Vital Pacific, the favourable contact zone that hosts mineralization at Dana Lake may extend on to its new ground. The 52.5-sq.-km Satellite and the 15-sq.-km B-Blob claims are 25 km to the east and have never been explored.
The junior stands to earn a 51% stake in the properties by spending $1 million on exploration before Oct 31, 2003, issuing 2.6 million shares, and making cash payments of $185,000. Vital Pacific can then increase its stake to 75% by spending another $3 million on exploration, issuing 1.5 million additional shares and completing a prefeasibility study.
International Freegold Mineral Development (ITF-T), and CanAlaska Ventures (CVV-V) also hold ground near PNW's River Valley property.
International FreeGold currently holds about 12,568 ha that cover both mafic intrusive rocks of the River Valley intrusion, southwest of PNW's property, as well as the Nipissing Diabase, to the northeast. The junior can earn a 100% interest in the properties by paying $406,300 and issuing 1 million shares. A further 300,000 shares will be issued upon completion of a bankable feasibility study. The properties are subject to a 3% net smelter royalty (NSR) with a buy-back provision for up to 2%.
Freegold has budgeted $1 million for exploration this year. Exploration will include geological mapping, prospecting, sampling, trenching, geophysics and drilling.
North of PNW's ground, CanAlaska's holds five properties that cover a portion of the River Valley intrusion, as well as the Nipissing Diabase. CanAlaska is conducting a first-phase program of prospecting and regional mapping on its PD-1 property and expects to form a joint venture in the near future.
Solitaire Minerals (SLT-V) has acquired new ground in the Wanapitei Lake area, also near Sudbury. The 10 claims cover 2,256 ha in MacBeth Twp., and Solitaire stands to earn a 100% interest in consideration for $10,000 and 30,000 shares. The property is subject to a 1% NSR.
The junior has also acquired 336 ha in the Rathbun Lake area, in Rathbun Twp., in exchange for $5,000 and 30,000 shares plus a 1% NSR.
This brings Solitaire's total land holdings to 10,400 ha, with properties in each of Scadding, Davis, Kelly McNish, Rathbun, McWilliams, Gibbons and MacBeth twps.
Solitaire is in the midst of a first phase of exploration on those of its properties that are associated with the Nipissing Diabase intrusive suite. The work includes geological mapping, prospecting and sampling. |
