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AfriOre releases drill results for hole ZF1 at Akanani
2005-03-01 15:55 ET - News Release
Mr. Alan Friedman reports
AFRIORE INTERSECTS MULTIPLE ZONES OF HIGH GRADE PLATINUM GROUP METAL MINERALIZATION AT THE AKANANI PROJECT, SOUTH AFRICA
AfriOre Ltd. has intersected major, wide zones of high-grade platinum group metal (PGM) mineralization within the Platreef in ZF1, the first drill hole it has completed on the Akanani platinum project in the northern limb of the Bushveld complex. ZF1 is part of an initial 13,000-metre drilling program being conducted by AfriOre in the project area.
The results of drill hole ZF1 are as follows.
From To Interval 3PGM+Au(a)
(m) (m) (m) (g/t)
1,013.71 1,070.00 56.29 4.11
Incl.
1,013.71 1,017.72 4.01 6.33
1,026.66 1,030.00 3.34 5.20
1,053.00 1,068.00 15.00 8.16
Incl.
1,055.00 1,062.00 7.00 11.62
1,093.31 1,099.85 6.54 19.83
1,111.72 1,122.40 10.68 5.22
Incl.
1,117.00 1,122.40 5.40 7.07
This is interesting...
http://www.platinum.matthey.com/media_room/1110376808.html
Implats has published new analysis on its website that emphasises the key areas likely to drive pgm demand in the coming years.
The platinum firm - the world's second largest - said that it expected the automotive market would prove one of the key areas in boosting demand.
"Strong growth from heavy duty vehicles and diesel cars could boost demand in [the platinum] segment close to 1 million ounces by the end of the decade," the firm said.
It also alluded to "strong Asian vehicle sales", which it predicted would serve the palladium market, with demand "set to exceed its previous peak of 5.5 million ounces".
It is also confident that "rest of world" vehicle sales are "set to grow strongly".
Meanwhile, the need for a heavier concentration of rhodium in catalysts - known as loadings - is likely to quicken as a result of stricter legislation.
Implats says that it expects this to result in demand reaching 900,000 ounces by 2010.
© 1998-2005 DeHavilland Information Services plc.
Beartooth Platinum Schedules Conference Call For 11:00
am EST On Thursday March 3, 2005
TORONTO, ONTARIO--(CCNMatthews - March 2, 2005) - BEARTOOTH PLATINUM
CORPORATION (TSX VENTURE:BTP) will hold a conference call on Thursday
March 3rd, 2005 to update investors on the exploration strategy for 2005.
/T/
Conference Call Details
-----------------------
Date : Thursday March 3, 2005
Time: 11:00 am EST
Local callers: 416-695-5261
North American callers: 1-877-888-4210
International callers: +1-416-695-5261
Presenters at Teleconference:
- Stan Bharti, President & Chief Executive Officer
- Jean Lafleur, Vice President, Exploration
- Prof. Reid Keays, Special Advisor to the Board
- John Andrews, Board Member
/T/
An archive recording of the call will be available following completion
of the call on the Beartooth website at www.beartoothplatinum.com.
About Beartooth:
Beartooth Platinum Corporation is a Platinum Group Metals Company that
has secured a large land position with advanced exploration targets in
the Stillwater Complex of Montana, U.S.A., and is well positioned for
responsible mineral development. The Company also holds a very promising
gold exploration project in Idaho, U.S.A., which was joint ventured with
Valencia Ventures Inc. Additional information about the Company and its
properties is available on the Company's website at
www.beartoothplatinum.com.
Statements in this release that are not historical facts are
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Readers are cautioned that any
such statements are not guarantees of future performance and that actual
developments or results may vary materially from those in these
"forward-looking statements. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release".
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Beartooth Platinum Corporation
Stan Bharti, P.Eng.
President and CEO
(416)861-5876
I'm hearing that there is pressure on Palladium - almost as if somebody is trying to corner it.
You might be right.
Beartooth is trading huge volume, and every house on the street is buying blocks of 50,000-100,000 shares.
Canaccord, Latimer, Golden, Global, BMO Nesbitt, Research Capital, RBC, CIBC, HSBC, Scotia, and more are in the feeding frenzy.
After building a nice base since the fall of 2002, the time is finally near. A big financing will probably occur first.
New to the TSX
http://www.elginresources.com/s/Home.asp
BTP has not had a major run or any promotion since 2001.
BTP has been accumulated for a reason, and it sure wasn't Idaho.
2005 should see some action. Montana has the stuff, but we need a bit of help with the palladium price.
Great long-term chart. MACD is useful primarily as a long term tool, and on a 3 or 5 year chart, the MACD will cross into positive territory early in the new year. Major buy signal.
Southern Platinum's Messina Platinum gains first profit
2004-12-02 10:16 ET - News Release
Mr. Patrick Evans reports
SOUTHERN PLATINUM'S SUBSIDIARY, MESSINA PLATINUM, REPORTS FIRST OPERATING PROFIT
Southern Platinum Corp. has returned its first operating profit from the Messina Platinum phase 1 (Voorspoed) mine in November following the milling of a record 90,256 tonnes in the month.
During an investor conference call hosted on Nov. 30, 2004, Southern Platinum president and chief executive officer, Patrick Evans, said, "This is a significant and very encouraging improvement in Messina's operating performance and reflects the improved skills and productivity of our work force, as well as the benefits flowing from the introduction of continuous 24-hour-a-day, seven-day-a-week operations last April." Messina Platinum is currently the only underground South African platinum mine operating continuously.
Mr. Evans also reported that the phase 1 mine's 90,000-tonne-per-month plant has continued to operate exceptionally well, achieving recoveries of approximately 88 per cent. Head grade for the month of November returned to approximately four grams per tonne, following a temporary decline in October. He added that the second 30,000-tonne-per-month plant has now been recommissioned to handle the increased production from the phase 1 mine. Full production of approximately 115,000 tonnes per month will be achieved during the course of 2005.
Commenting on the impact of the strength of the South African rand, Mr. Evans state, "While the rand strength is reducing our margins, the phase 1 is an efficient and shallow mine so will be able to withstand even further rand strength and continue to report operating profits."
The phase 1 mine was commissioned in October, 2002, and is the first of a projected three-phase development across the 23-kilometre-striking, 25.6-million-ounce resource at the Greater Messina platinum project. The phase 1 mine has a strike of 3.5 kilometres; a resource of 5.35 million ounces of five grams per tonne of platinum group metal plus gold; and a life of approximately 15 years.
Messina Platinum has recently completed a feasibility study across the 10.5-kilometre-striking, 17-million-ounce resource at phase 2 (Doornvlei and Dwaalkop sections). Investigations are currently under way to evaluate alternatives to commence the phase 2 project in the current strong rand environment. In a normal rand environment, the phase 2 mine is projected to produce 240,000 tonnes per month over a life of approximately 30 years.
Messina Platinum is also conducting a scoping study at the phase 3 project, which has a projected strike of approximately five kilometres and a resource of 3.17 million ounces.
As reported in the company's third quarter results released in Stockwatch on Nov. 15, Messina Platinum is continuing discussions with the RMB syndicate and another major South African bank to arrange restructuring of the outstanding $58-million project debt facility. As is normal business practice, and in parallel with these discussions, Southern Platinum is in discussions with various parties on a wide range of alternatives to support the restructuring, replacement or elimination of the project debt facility. During the investor conference call, Mr. Evans reported that in conjunction with these discussions encouraging progress is being made in discussions to restructure the outstanding project debt.
The competent persons in respect of the Greater Messina platinum project are Michael Cowell, professional geologist, and Dr. Anthony Martin, professional geologist.
oh my gawd...
PGM's sound good boss.
Jes enuff copper to be a PIA, but
lawdie lawdie lawdie miss claudie, deys platinums soun'
inaressin' don' they?
phone, write, email, or simply defame in print the poster of this message if you agree or disagree with he. This has not been posted as an incentive to buy stock, or otherwise lose what money you have. (you can't take it with you)
Marathon PGM Corporation Announces One of the Best PGM
Intersections on the Property
TORONTO, ONTARIO--(CCNMatthews - Dec. 2, 2004) - Marathon PGM
Corporation (TSX VENTURE:MAR)(Company) is pleased to announce the
results of the six holes in the BR Zone. One of the six holes drilled in
the zone had an exceptional intersection. Hole M-04-21 intersected 46 m
grading 3.11 g/t combined palladium, platinum and gold and grading 0.19
% Cu. This is the one of the best PGM intersection on the property to
date. M-04-21 was drilled 50 m south of Anaconda hole DH- 123 which
intersected 15.5 m grading 4.7 g/t combined PGMs and 0.20 % Cu. The
other drill holes to the north of M-04-21 show a pattern of better
intersections to the west and down dip of the volcanic contact. M-04-17
intersection was diluted by a syenite dike.
The know zone of mineralization extents for approximately 200 m and is
open down dip. The zone is also open along strike to the south for over
250 m with no drilling. The upper contact of the coarse grained gabbro
with the fine grained gabbro to the west of the BR Zone has not been
tested either. This zone will be a priority in 2005 drilling program.
The drilling program will focus on developing additional resources in
new zones.
---------------------------------------------------------------------
Est
Inter- True Total
From To section width Pd Pt Au PGM Cu
Hole (m) (m) (m) (m) (g/t) (g/t) (g/t) (g/t) (%)
---------------------------------------------------------------------
M-04-17 36.0 42.0 6.0 5.0 0.19 0.16 0.10 0.45 0.16
---------------------------------------------------------------------
M-04-18 26.0 42.0 16.0 15.0 1.03 0.39 0.06 1.48 0.08
---------------------------------------------------------------------
58.0 66.0 8.0 7.5 0.47 0.15 0.05 0.67 0.16
---------------------------------------------------------------------
74.0 78.0 4.0 3.7 1.12 0.36 0.18 1.66 0.31
---------------------------------------------------------------------
M-04-19 76.0 82.0 6.0 5.5 0.51 0.29 0.13 0.93 0.18
---------------------------------------------------------------------
M-04-20 36.0 44.0 8.0 8.0 0.82 0.20 0.04 1.06 0.04
---------------------------------------------------------------------
74.0 80.0 6.0 6.0 0.87 0.23 0.09 1.19 0.17
---------------------------------------------------------------------
98.0 102.0 4.0 4.0 0.81 0.26 0.10 1.16 0.31
---------------------------------------------------------------------
M-04-21 50.0 96.0 46.0 43.0 2.12 0.78 0.21 3.11 0.19
---------------------------------------------------------------------
Includes 50.0 84.0 34.0 32.5 2.64 0.99 0.25 3.87 0.21
---------------------------------------------------------------------
M-04-22 No significant intersections
---------------------------------------------------------------------
And what is more, big boy, you done asked for it. <---- joke, or facetious statement -- not meant to heart>
(see respondent's late message about Pt -- "well, slap my face")
And what is more, your mother wears army boots. <-- here I am stepping way out on a limb. With statements like these, you can run into real trouble. He may not have had a mother, or perhaps his mother died of cancer when he was young and he since he got out of jail he has kept a 5 ounce gold locket containing a picshur of this maw in her wedding dress and anyone dissing her will discover why he went to jail in the first place. Or worse still, she did wear army boots every day in her job as a captain in the marines. Still worse, she was a hand-to-hand combat instructor, and since TF was an only child she doted on him and taught the young lad everything the marines and five years in Vietnam had taught her about unarmed combat. TF is a good friend of the admin on this site and has your address. This can't be good. Kids, don't do this at home -->
And now back to the unlimited potential of Pt-Pd stocks in the new third world indsutrial and high tech revolution. (Never mind we are going to run out of all conceivable fuels three minutes after the third world finally completes its upgrades. Go cold fusion! )
EC<:-}
Southern Platinum continues talks about debt facility
2004-11-24 14:50 ET - News Release
Mr. Patrick Evans reports
SOUTHERN PLATINUM COMMENTS ON TRADING ACTIVITY
Southern Platinum Corp. has made the following comments on recent trading in the company's shares on the Toronto Stock Exchange.
As reported in the third quarter results release in Stockwatch Nov. 15, 2004, the company's subsidiary, Messina Platinum, is continuing discussions with the RMB syndicate and another major South African bank to arrange restructuring of the syndicated project debt facility.
As is normal business practice and in parallel with these discussions, Southern Platinum is in discussions with various parties on a wide range of alternatives to replace or eliminate the syndicated project debt facility. In recent months, Southern Platinum has been in discussions with platinum majors concerning possible transactions. While it is possible that these various discussions could lead to some transaction, there is no assurance that they will lead to a transaction, and there can be no assurance what form such a transaction may take. Shareholders will be kept informed of developments.
We seek Safe Harbour.
Thanks. I needed that.
Ker-Slappa Bong!
There. Yoh face red?
Who is Marathon?
Sounds like the Fleck stuff revisited. I worked briefly on that stuff for Johnny McGoran after he bought it off Anaconda Canada. It has lowish Cu-NI values and some Pt-Pd. McGoran found that by doing NAA a la Hoffman of Inco-Slowpoke fame, that Pt-Pd values could be booted up by 30% or more. One thing about these pits is that there are plenty of them and they have screw-all ( a scientific term for a very small amount) overburden and fair width (20 feet or more). Production is snap if you have a handy-dandy concentrator. Tonnage is fair.
EC<:-}
Marathon PGM adds 624 hectares to its Marathon property
2004-11-19 12:58 ET - News Release
Mr. James Frank reports
MARATHON PGM CORPORATION ADDS TO LANDHOLDINGS
Marathon PGM Corp. has added 624 hectares to its current 1,654 hectares on its 100-per-cent-owned Marathon platinum group metals and copper property, located near Marathon, Ont. The property consisted of two Crown leases and three additional unpatented mining claim blocks. The company purchased one unpatented mining claim block from Seafield Resources Ltd. and staked two new unpatented mining claim blocks.
The Seafield claim was purchased for $25,000 plus a 2-per-cent defined net smelter return to Seafield for ore or minerals extracted from this claim. This claim is to the south and west of the company's current land position. This claim block is made up of 12 units and covers approximately 192 hectares. Two drill holes, DH 93 and DH 96, completed by Anaconda Exploration Ltd., intersected platinum group metals and copper mineralization 300 metres north of the property boundary with the former Seafield property. These holes are in the same geological location as the Malachite zone along the contact of the augite syenite and the Two Duck Lake gabbro, but are one kilometre to the south of the Malachite zone. This opens up much more area for exploration on the main property. The contact appears to continue on to the newly purchased property. DH 93 had a reported intercept of 10.1 metres grading 1.6 grams per tonne combined palladium and platinum and 0.3 per cent copper. DH 96 intersected 6.9 metres grading 0.8 gram per tonne combined palladium and platinum and 0.3 per cent copper.
In addition to the purchase of the unpatented mining claim from Seafield, the company staked two new unpatented mining claims northwest of the Seafield claim and joining the southwest boundary of the company's current landholdings. These three claims increase the total holding to approximately 2,278 hectares
Hard Creek Nickel releases results from Turnagain
2004-11-17 14:43 ET - News Release
Mr. Mark Jarvis reports
HARD CREEK NICKEL RELEASES PLATINUM AND PALLADIUM DRILL RESULTS
Hard Creek Nickel Corp. has released the results of 17 diamond drill holes from the exploration program at the company's 100-per-cent-owned Turnagain property, located 70 kilometres east of Dease Lake in Northern British Columbia.
"These holes were drilled as an initial test of a platinum-palladium-copper soil anomaly in the DJ area," said Mark Jarvis, president of Hard Creek. "We also tested some anomalous copper-in-soil values located adjacent to our recently constructed road, which was built to access the DJ area. The drill results encourage our belief that we have a large and very interesting platinum-palladium prospect in the DJ zone, where there are a series of platinum and palladium soil anomalies along two kilometres of strike length."
A number of drill holes in the DJ area intersected strongly anomalous platinum-palladium concentrations. In particular, hole 04-58 intersected 460 parts per billion Pt plus Pd over 23.75 metres near surface, and hole 04-59 intersected 15.05 metres of 866 parts per billion Pt plus Pd, including two metres of 2,407 parts per billion (2.4 grams per tonne) Pt plus Pd. Both of these holes were drilled near the eastern margin of the largest platinum-palladium soil anomaly. The Pt:Pd ratio in the core is consistently close to 1:1, similar to the ratio in soil samples and surface rock samples.
The 17 holes were generally drilled on fences 200 to 400 metres apart, leaving most of the above anomaly, as well as the other anomalies in the DJ area, to be drill tested in 2005. The geochemical anomalies and drill hole locations can be viewed in plan maps at http://www.hardcreeknickel.com/drill.htm.
The drill holes intersected a sequence of hornblendites and magnetite-clinopyroxenites. Magmatic to hydrothermal breccias, pegmatitic biotite and interstitial feldspar were noted in several holes. Pyrite and minor chalcopyrite, occurring in veinlets and disseminated grains, locally exceed 1 per cent to 2 per cent. In contrast to the widespread pyrrhotite-pentlandite mineralization in the Horsetrail area 3.5 kilometres to the southeast, pyrrhotite is rare and pentlandite is not seen in the holes drilled to date in the DJ area.
The lithologies intersected in the DJ area are presently interpreted as having formed in a fluid-rich environment higher in the ultramafic magma chamber than the dunite-wehrlite sequence hosting the Horsetrail nickel mineralization. This environment is thought to be favourable for remobilization and concentration of platinum group metals.
"We look forward to getting back into the DJ zone and conducting extensive exploration in the 2005 field season," said Mr. Jarvis. "We have collected 39 float samples in this area, including six large boulders with grades ranging from 0.206 grams per tonne Pt plus Pd to 3.863 grams per tonne Pt plus Pd. Our geologists believe that we have yet to discover the areas of richest concentration in bedrock."
Analytical samples were collected over a maximum of two-metre intervals from split BQ core. Reference pulps with known platinum, palladium, nickel and copper values were inserted every 25 core samples, and rock blanks every 30 samples, to monitor the performance of the analytical laboratory. Platinum and palladium values were determined by ICP emission spectrometry following lead-collection fire assay fusion of a 30-gram pulp. Nickel, copper and cobalt values were determined by ICP emission spectrometry following a four-acid digestion of a representative pulp sample.
All analytical work was carried out by Acme Analytical Laboratories Ltd. of Vancouver, B.C. Ten per cent of the samples are being check analyzed for platinum, palladium, total nickel, copper and total sulphur by ALS-Chemex in Vancouver. Quality control/quality analysis procedures, as described above, have been applied consistently throughout the drill campaign and are subject to routine evaluations for precision and accuracy.
The company is awaiting results from an additional 13 holes drilled within or near the Horsetrail zone. This final drilling campaign of the 2004 season was focused on testing extensions to the inferred mineral resource to the northwest and southeast of the Horsetrail zone as well as complete sufficient infill drilling to upgrade a portion of the existing inferred resource to the category of indicated mineral resource. The new resource estimate is expected in the first quarter of 2005.
Hole Anomaly Total
ID depth
(m)
04-42 Copper 76.5
04-43 Copper 158.8
04-44 Copper 124.1
04-45 PGE 186.2
04-46 PGE 145.4
04-47 Copper 184.4
04-48 Copper 166.8
04-49 Copper 75.3
04-50 Copper 169.2
04-51 Copper 150.9
04-52 PGE 112.15
04-53 PGE 109.4
04-54 PGE 149.95
04-55 Copper 60.5
04-56 Copper 100.0
04-57 Copper 111.85
04-58 PGE 111.25
04-59 PGE 110.95
Hole From To Length Pt
ID (m) (m) (m) (ppb)
DDH 04-44 5.0 19.00 14.00 310
Incl. 7.0 9.15 2.15 807
25.3 27.00 1.70 524
DDH 04-48 35.0 39.00 4.00 182
77.0 81.00 4.00 276
87.0 105.00 18.00 156
115.0 130.00 15.00 182
162.0 166.75 4.75 189
DDH 04-49 13.0 17.00 4.00 156
DDH 04-52 11.7 31.00 19.30 156
35.0 39.00 4.00 154
79.0 83.00 4.00 131
DDH 04-53 16.0 20.00 4.00 287
DDH 04-54 10.0 44.00 34.00 155
DDH 04-56 13.0 25.00 12.00 147
DDH 04-58 3.0 26.80 23.75 217
Incl. 21.5 23.50 2.00 501
42.2 46.00 3.80 293
DDH 04-59 78.95 94.00 15.05 403
Incl. 88.0 90.00 2.00 1,064
106.0 110.00 4.00 139
Hole Pd Pt + Pd Cu
ID (ppb) (ppb) (%)
DDH 04-44 316 626 0.02
Incl. 838 1,645 0.03
498 1,022 0.02
DDH 04-48 179 361 0.03
284 560 0.04
157 313 0.03
197 379 0.09
180 369 0.07
DDH 04-49 165 321 0.03
DDH 04-52 169 325 0.06
122 276 0.01
146 277 0.00
DDH 04-53 300 587 0.01
DDH 04-54 158 313 0.02
DDH 04-56 151 298 0.03
DDH 04-58 243 460 0.01
Incl. 586 1,087 0.07
362 655 0.01
DDH 04-59 463 866 0.04
Incl. 1,343 2,407 0.11
128 267 0.04
I guess this decides it then... #msg-4486718
What caught my eye was the number of ozs they were talking about, then I saw it was in South Africa and I didn't look at it much further as I'm not sure what the situation is with the Rand right now. Ask Frank or Amarks maybe for timing as I would treat this just like one of the South African gold stocks, when its time to buy the SA golds it will be time to buy this.
Platinum Group JVs with Anglo American, Africa Wide
2004-10-27 11:10 ET - News Release
Mr. R. Michael Jones reports
PLATINUM GROUP METALS LTD, ANGLO PLATINUM, AND AFRICA WIDE FORM PLATINUM EXPLORATION JOINT VENTURE IN SOUTH AFRICA'S 'WESTERN BUSHVELD' REGION
Platinum Group Metals Ltd. has formed a joint venture with Anglo American Platinum Corporation Ltd. and Africa Wide Mineral Prospecting and Exploration Pty. Ltd. in compliance with South Africa's recently enacted minerals legislation. The joint venture will pursue platinum exploration and development on combined mineral rights covering 67 square kilometres on the platinum-rich Western Bushveld complex of South Africa.
"This joint venture is a logical consolidation of mineral rights for potential mining development, and creates one of the larger assembled land positions on the Western Bushveld complex, the source of most of the world's platinum," said R. Michael Jones, president of PTM.
The joint venture will immediately provide for a 26-per-cent black economic empowerment interest in satisfaction of the 10-year target set by the mining charter and newly enacted Minerals and Petroleum Resources Development Act. PTM and Anglo Platinum will each own an initial 37-per-cent working interest in the joint venture, while Africa Wide will own an initial 26-per-cent working interest. Africa Wide will work with local community groups in order to facilitate their inclusion in the economic benefits of the joint venture in areas such as training, job creation and procurement.
"North American venture capital companies with experience in mining are an ideal asset to assist black economic empowerment companies in capitalizing on mining opportunities in this time of transition," said Mlibo Mgudlwa, president of Africa Wide.
PTM will be required to operate and fully finance the joint venture's exploration program in the amount of 35 million rand (approximately $5.3-million (U.S), or $7-million) over the next five years. Minimum expenditures in the first year in the amount of five million rand are a firm commitment by PTM. Optional expenditures to maintain the joint venture in the second and third years are also five million rand, and in the fourth and fifth years amount to 10 million rand in each year. After 35 million rand in expenditures have been financed by PTM, the parties will finance their portion of further expenditures pro rata, based upon their working interest in the joint venture.
Once the joint venture completes a bankable feasibility study, the respective interests of the parties will be adjusted to reflect their relative contribution of measured, indicated and inferred ounces determined in accordance with the South African SAMREC code. Each party will have the opportunity to contribute capital necessary, if so desired, to maintain its respective initial working interest in the joint venture. The joint venture agreement also provides a mechanism whereby Anglo Platinum may elect to become a non-contributory participant to the joint venture and, by doing so, would be subject to dilution.
The targets for exploration on the joint venture properties will be the Merensky and UG2 reefs of the Bushveld complex. The potential to increase the size and confidence level of an estimated 3.72-million-ounce inferred resource (9.1 million tonnes grading 5.69 grams per tonne for platinum, palladium, rhodium and gold on the Merensky reef and 15 million tonnes grading 4.25 grams per tonne for platinum, palladium, rhodium and gold on the UG2 reef, SAMREC code, Anglo Platinum annual report 2003 -- to be confirmed by PTM under Canadian National Instrument 43-101) on the combined joint venture properties is considered excellent by all members of the joint venture. The inferred resource calculation already includes estimated 30-per-cent to 50-per-cent geological losses. The exploration areas on the joint venture properties are adjacent to the separate BRPM joint venture, which incorporates an existing mine, formerly Anglo Platinum's BRPM platinum mine, and the Styldrift property, contributed to the BRPM joint venture by the Royal Bafokeng Nation.
The Merensky and UG2 reefs have been intercepted on the joint venture properties in a number of drill holes outside of areas where resources have been defined to date. These areas require immediate follow-up drilling. Prospecting permits have been issued and drilling can commence immediately. The contributed properties offer areas likely to increase the size and confidence of the resource as they include the untested projected surface trace of the reefs.
PTM will contribute all of its interests in portions of the farms Onderstepoort 98JQ and Elandsfontein 102JQ. Anglo Platinum will contribute its interests in portions of the farms Koedoesfontein 94JQ, Elandsfontein 102JQ and Frischgewaagd 96JQ. A map of the new joint venture area is available on the PTM website at www.platinumgroupmetals.net.
The joint venture agreement described above has been approved by each of the parties, but remains subject to final due diligence by the parties and regulatory approval by stock exchange authorities in Canada and South Africa as well as the competition commissions of both South Africa and the European Union.
Qualified person
R. Michael Jones, PEng, is acting as the qualified person for Platinum Group Metals RSA Pty. Ltd., a wholly owned subsidiary of PTM. He is registered with the Professional Engineers of Ontario. The information included in this release is subject to due diligence and review for compliance with Canadian National Instrument 43-101 standards.
So what do you think of this merger kd?
ELR 1 yr chart...
ELR nice volume on this news...
Elgin, Jonpol to marry and take control of Spitzkop
2004-11-01 14:16 ET - News Release
Also JON Jonpol Explorations Ltd
Mr. Ian Rozier of Elgin Resources reports
ELGIN AND JONPOL TO AMALGAMATE TO ACQUIRE CONTROL OVER 14 MILLION OUNCES OF HIGH GRADE PLATINUM GROUP METALS
Elgin Resources Inc. and Jonpol Explorations Ltd. have entered into a series of agreements to merge Elgin and Jonpol and acquire a controlling interest to platinum group metals (PGMs) mineralization at the Spitzkop platinum project in Mpumalanga province, South Africa. A syndicate of investors had previously entered into an agreement with Impala Platinum Holdings Ltd., to acquire the PGM rights on Spitzkop.
The Spitzkop syndicate and its South African black economic empowerment (BEE) partners will hold the rights to Spitzkop in Spitzkop Platinum (Pty.) Ltd. (Spitzplats), a South African corporation. Elgin has entered into a 50:50 joint venture with Spitzplats to explore, develop and operate the Spitzkop PGM project. Jonpol has entered into a share purchase agreement whereby it will acquire a 74-per-cent shareholding in Spitzplats. Spitzplats will qualify fully under the South African empowerment regulations.
The agreements will culminate in the proposed amalgamation of Elgin and Jonpol, and the consolidation of the Spitzkop syndicate PGM rights on Spitzkop into the merged company (Amalco). Amalco will control Spitzkop (12.2 million ounces PGMs), as well as the Mareesburg PGM project (2.0 million ounces PGMs), both located on the eastern limb of the Bushveld igneous complex.
The Spitzkop PGM project
Spitzkop is a shallow platinum-rich PGM deposit located on the eastern limb of the Bushveld igneous complex in the Steelport Valley approximately 15 kilometres (km) southwest of the town of Steelport. Significantly, Spitzkop is only 12 km north of Elgin's defined PGM Mareesburg project (see news release in Stockwatch dated Feb. 12, 2004). The immediate area is well developed as a result of other PGM and chrome mining activities in the area and Spitzkop is adjacent to, and updip from, the Kennedy's Vale deposit which lies at its southwest boundary. It is immediately north of Angloplats's De Brochen, Angloplats/Xstrata Thorncliffe and Anglovaal's Two Rivers PGM projects.
Spitzkop has been subjected to previous well-documented drill campaigns by Angloplats and Implats that involved over 29,800 metres (m) of diamond drilling with 166 intersections of the UG2 platinum-bearing reef. An extensive technical database exists and was used to derive resource estimates for PGMs at Spitzkop. An independent National Instrument (NI) 43-101 technical report has been prepared by Maynard & Associates, that includes an updated estimate of the PGM resources at Spitzkop.
The resource estimates reported in the NI 43-101 report are as follows:
based on the 166 intersections of UG2 reef, it is estimated that Spitzkop contains a total resource in the UG2 of over 41.28 million tonnes at a grade of 6.4 grams per tonne (g/t) (five PGE plus gold (Au) for 8.5 million ounces. This total resource comprises 38.65 million tonnes at 6.45 g/t (five PGE plus Au) in the measured resource category (8.02 million ounces) and 2.64 million tonnes at 5.67 g/t (five PGE plus Au) in the indicated resource category (0.48 million ounce);
the average grade of the measured resource in the UG2 at Spitzkop comprises; platinum (Pt) at 2.96 g/t; palladium (Pd) at 1.79 g/t; rhutenium (Ru) at 0.88 g/t; rhodium (Rh) at 0.55 g/t; iridium (Ir) at 0.21 g/t and Au at 0.07 g/t, resulting in an average grade of 6.45 g/t (five PGE plus Au);
the average grade of the indicated resource in the UG2 at Spitzkop comprises Pt at 2.62 g/t; Pd at 1.53 g/t; Ru at 0.79 g/t; Rh at 0.47 g/t; Ir at 0.19 g/t and Au at 0.05 g/t, resulting in an average grade of 5.67 g/t five PGE plus Au;
the UG2 reef at Spitzkop has an average thickness of 1.4 m with an average dip of 11.5 degrees. The reef outcrops at surface, reaching a maximum depth of approximately 700 m on the property;
in the Merensky reef at Spitzkop there is an estimated indicated resource of 47.38 million tonnes at 2.443 g/t (five PGE plus Au) for 3.71 million ounces. The average grade of the indicated resource in the Merensky at Spitzkop comprises: Pt at 1.3 g/t; Pd at 0.7 g/t; Ru at 0.15 g/t; Rh at 0.07 g/t; Ir at 0.03 g/t and Au at 0.18 g/t; and
the Merensky reef is 2.3 m thick with the same dip as the UG2.
While metallurgical work has not yet been completed on the project it is expected that metal recoveries will be similar to those on adjacent PGM properties and mines currently in production, at approximately 85 per cent.
The company intends to focus primarily on developing the high-grade resources in the UG2 reef.
The transaction over the right to Spitzkop is subject to South African regulatory approval, the transfer of the prospecting permit to Spitzplats by the South African Department of Mineral and Energy Affairs and Jonpol complying with its obligations as detailed below.
Elgin's 50-per-cent joint venture interest in Spitzkop
Elgin has entered into an agreement to earn a 50-per-cent joint venture interest on Spitzkop with Spitzplats on the following terms and conditions:
(i) Elgin providing the initial deposit of 16 million rand (approximately $2.5-million (U.S.)) to Implats as agreed between Implats and the Spitzkop syndicate;
(ii) Elgin has to expend 30 million rand (approximately $4.6-million (U.S.)) on Spitzkop to advance the project through to a bankable feasibility study;
(iii) Elgin will be the operator of the joint venture; and
(iv) Elgin has equal representation on the board of directors of Spitzplats with the right to appoint one other director upon completion of the transaction.
Jonpol's interest in Spitzplats
Eastern Platinum Holdings Ltd. owns a 74-per-cent interest in Spitzplats, the joint venture company that will develop Spitzkop. Jonpol has reached an agreement with the shareholders of Eastplats to purchase a 100-per-cent interest in Eastplats.
The consideration to be paid by Jonpol to acquire Eastplats is as follows:
(i) an option fee of $750,000 (U.S.) to be paid to the shareholders of Eastplats;
(ii) payment of 95 million rand (approximately $14.6-million (U.S.)) to Implats upon completion of the acquisition of Spitzkop by Spitzplats, being the balance of the purchase price to acquire Spitzkop; and
(iii) the issuance of 75 million common shares of Jonpol to the shareholders of Eastplats.
The Elgin and Jonpol amalgamation
Elgin and Jonpol have agreed to amalgamate on the following basis:
(i) Jonpol must pay the option fee to the shareholders of Eastplats;
(ii) Jonpol must complete a capital raising of at least $25-million (Canadian) prior to closing of the definitive agreement between Implats and Spitzplats;
(iii) Jonpol and Elgin will amalgamate on the basis of four Jonpol shares for one Elgin share; and
(iv) Jonpol will be entitled to appoint two directors to the board of directors of Amalco.
The above transactions are subject to shareholder and regulatory approval.
"Having acquired control of Mareesburg earlier this year, Elgin has been focused on making other complementary PGM acquisitions on the eastern limb of the Bushveld. Like Mareesburg, Spitzkop is a near-surface, high-grade, platinum-rich, shallow-dipping deposit in the UG2 reef. The joint venture on Spitzkop and the acquisition of Jonpol's controlling interest in Spitzplats are excellent acquisitions for the company," stated Ian Rozier, president of Elgin. "The Spitzkop acquisition puts Elgin in a very strong position with sustainable, high-grade PGM deposits that can be brought into production in the near term."
"On completion of the transactions over Spitzkop and the Elgin/Jonpol merger, the new company will have control and operating rights over 10 million ounces of measured high-grade PGM resource in the UG2 in addition to an additional four million indicated ounces in the UG2 and Merensky. The new company will be positioned as a major player in the international PGM sector and will continue to grow with the development of Mareesburg and Spitzkop and by further acquisitions and joint ventures to consolidate additional PGM deposits on the eastern limb," stated Gordon Keep, president of Jonpol.
Ian Rozier, MSc, PEng, is the qualified person who has reviewed the contents of this news release on behalf of Elgin and Jonpol.
Marathon PGM releases additional Marathon results
2004-11-02 16:07 ET - News Release
Mr. Phillip Walford reports
MARATHON PGM CORPORATION ANNOUNCES ASSAY RESULTS FOR 3 MORE HOLES
Marathon PGM Corp. has received more assay results from its 100-per-cent-owned Marathon PGM-copper property located near Marathon, Ont. The company has received the assay results back on the next three holes from this program and additional trenching and channel cuttings.
Trenching and channel cutting have proceeded in the RD and BR zones as the drill program advanced. The results from trench No. 16 in the RD zone are now available. The trench is located approximately 50 metres to the south of trench No. 7 and runs east to west cutting across the geology. Trench No. 16 has been channel sampled over much of its length of 156 metres. There are only two gaps of one metre and 3.4 metres where bedrock could not be exposed. The samples were measured starting with the east end of the trench and moving west. Almost all of the rock exposed was the favourable coarse-grained gabbro and it was anomalous to well mineralized with PGMs and copper from 12.17 metres to the end at 156.26 metres. Some of the better intervals are in the table.
SELECTED TRENCH NO. 16 CHANNEL SAMPLES
-- WEIGHTED AVERAGES
Total
Interval Pd Pt Au PGM Cu
(g/t) (g/t) (g/t) (g/t) (%)
43.40 to
49.36 0.77 0.29 0.08 1.14 0.11
142.71 to
156.26 1.49 0.57 0.09 2.15 0.18
13.56 m
includes 3.47 1.12 0.54 5.12 0.72
Inter-
Hole From To section Pd
(m) (m) (m) (g/t)
M-04-09
no
significant
values
M-04-10 0.0 37.3 37.3 0.435
70.0 82.0 12.0 0.378
M-04-11 0.0 13.4 13.4 0.200
Total
Hole Pt Au PGM Cu
(g/t) (g/t) (g/t) (%)
M-04-09
no
significant
values
M-04-10 0.23 0.06 0.73 0.20
0.15 0.04 0.57 0.26
M-04-11 0.08 0.05 0.33 0.06
Wow. Marathon was a good buy when I posted that chart.
First Nickel Announces Gold and PGE Values From Hole
D04-29 on Dundonald Nickel Project
TORONTO, ONTARIO--(CCNMatthews - Nov. 4, 2004) - First Nickel Inc.
(FNI-TSX) today announced results for Gold and Platinum Group Elements
("PGE") from Hole D04-29. Results are as follows:
North sector Dundonald South Zone
-------------------------------------------------------------------------
Hole From To Core Ni % Cu% Au+Pt+Pd
No. (m) (m) Length (g/t)
-------------------------------------------------------------------------
D04-29 215 230.2 15.2 5.26(a) 0.20 1.77
-------------------------------------------------------------------------
Incl. 218.95 230.2 11.25 6.57(a) 0.25 2.13
-------------------------------------------------------------------------
Incl. 218.95 220.65 1.70 14.46(a) 0.49 4.22
-------------------------------------------------------------------------
Incl. 224.7 230.2 5.5 6.73 0.28 2.67
-------------------------------------------------------------------------
Incl. 224.7 228.5 3.8 8.15 0.34 3.24
-------------------------------------------------------------------------
Incl. 224.7 226.8 2.1 11.04 0.40 4.30
-------------------------------------------------------------------------
SPC Southern Platinum
Southern Platinum is an independent producer, developer and explorer of platinum group metals. The company now controls the following platinum assets:
91.5 per cent of Johannesburg-listed Messina Platinum;
50 per cent of the Dwaalkop joint venture;
85 per cent of the Millennium platinum project in South Africa;
100 per cent of the Paradise platinum project in South Africa; and
95 per cent of the Monts de Cristal platinum project in Gabon.
Ursa prefeasibility study gives Shakespeare thumbs up
2004-11-01 10:52 ET - News Release
Dr. Richard Sutcliffe reports
URSA MAJOR MINERALS RECEIVES POSITIVE PRE-FEASIBILITY STUDY FOR OPEN-PIT NICKEL MINE AT SHAKESPEARE PROJECT FROM MICON INTERNATIONAL
Ursa Major Minerals Inc. has completed a positive prefeasibility study at the company's Shakespeare nickel, copper, platinum group metal deposit, located 70 kilometres west of Sudbury, Ont. The study was conducted by Micon International Ltd. (Micon) of Toronto. In Micon's opinion, the technical feasibility of producing nickel, copper, cobalt, gold, platinum and palladium from the Shakespeare deposit has been demonstrated.
Micon evaluated a base case scenario of a 2,900-tonne-per-day open-pit operation at Shakespeare with truck haulage to the Strathcona mill at the preliminary feasibility level of accuracy, using estimates of current industry rates for processing, smelting and refining in the Sudbury area. This was chosen as the base case as it represents the most rapid development scenario for the project. The 2,900-tonne-per-day open pit operation has an after-tax internal rate of return (IRR) of 28 per cent. An expanded 3,500-tonne-per-day production rate with truck haulage was also evaluated and yields the highest IRR at 46 per cent. Both the 2,900-tonne-per-day and 3,500-tonne-per-day models have rapid payback of less than two years. An alternative case of constructing a processing plant on the Shakespeare property and transporting concentrate to a third party for further treatment was evaluated at a scoping study level. This latter case has the highest net present value (NPV) but is associated with a higher capital cost of $47.6-million.
Project cash flow parameters and results for the 2,900-tonne-per-day and 3,500-tonne-per-day truck haulage options and a 3,500-tonne-per-day option with mill are presented in the following table.
Jonpol Explorations Limited Quick Quote: JON 0.38 (+0.01)
Elgin and Jonpol to amalgamate to acquire control over 14 million ounces of high grade platinum group metals
11/1/04
Trading Symbol: ELR (TSX-V) Trading Symbol: JON (TSX)
VANCOUVER, Nov 01, 2004 (Canada NewsWire via COMTEX) --
Mr. Ian Rozier, President of Elgin Resources Inc ("Elgin") and Mr. Gordon Keep, President of Jonpol Explorations Ltd ("Jonpol") are pleased to report that they h
ave entered into a series of agreements to merge Elgin and Jonpol and acquire a controlling interest to Platinum Group Metals mineralization ("PGMs") at the Spitzkop Platinum project ("Spitzkop") in Mpumalanga Province, South Africa. A syndicate of investors (the "Spitzkop Syndicate") had previously entered into an agreement with Impala Platinum Holdings Ltd ("Implats") to acquire the PGM rights on Spitzkop.
The Spitzkop Syndicate and its South African Black Economic Empowerment ("BEE") partners will hold the rights to Spitzkop in Spitzkop Platinum (Pty) Ltd ("Spitzplats"), a South African Corporation. Elgin has entered into a 50:50 Joint Venture with Spitzplats to explore, develop and operate the Spitzkop PGM project. Jonpol has entered into a share purchase agreement whereby it will acquire a 74% shareholding in Spitzplats. Spitzplats will qualify fully under the South African empowerment regulations.
The agreements will culminate in the proposed amalgamation of Elgin and Jonpol and the consolidation of the Spitzkop Syndicate PGM rights on Spitzkop into the merged company ("Amalco"). Amalco will control Spitzkop (12.2 M ozs PGM's) as well as the Mareesburg PGM Project (2.0 M ozs PGM's), both located on the Eastern Limb of the Bushveld Igneous Complex.
The Spitzkop PGM Project
------------------------
Spitzkop is a shallow platinum rich PGM deposit located on the Eastern Limb of the Bushveld Igneous Complex in the Steelport Valley approximately 15km southwest of the town of Steelport. Significantly, Spitzkop is only 12km north of Elgin's defined PGM Mareesburg project, (see news release dated February 12th, 2004). The immediate area is well developed as a result of other PGM and chrome mining activities in the area and Spitzkop is adjacent to, and updip from, the Kennedy's Vale deposit which lies at its south-west boundary. It is immediately north of Angloplats's De Brochen, Angloplats/Xstrata Thorncliffe and Anglovaal's Two Rivers PGM projects.
Spitzkop has been subjected to previous well documented drill campaigns by Angloplats and Implats that involved over 29,800m of diamond drilling with 166 intersections of the UG2 platinum bearing reef. An extensive technical data base exists and was used to derive resource estimates for PGM's at Spitzkop. An independent National Instrument 43-101 Technical Report has been prepared by Maynard & Associates, that includes an updated estimate of the PGM Resources at Spitzkop.
The Resource estimates reported in the NI43-101 Report are as follows;
- Based on the 166 intersections of UG2 reef, it is estimated that Spitzkop contains a total resource in the UG2 of over 41.28 million tonnes at a grade of 6.4 g/t (5PGE + Au) for 8.5 million ounces. This total resource comprises 38.65 Mt at 6.45 g/t (5 PGE + Au) in the Measured Resource category (8.02 Mozs) and 2.64 Mt at 5.67 g/t (5PGE + Au) in the Indicated Resource category (0.48 Mozs).
- The average grade of the Measured Resource in the UG2 at Spitzkop comprises; Pt (at) 2.96 g/t; Pd (at) 1.79 g/t; Ru (at) 0.88 g/t; Rh (at) 0.55 g/t; Ir (at) 0.21 g/t and Au (at) 0.07 g/t, resulting in an average grade of 6.45 g/t (5PGE + Au).
- The average grade of the Indicated Resource in the UG2 at Spitzkop comprises Pt (at) 2.62 g/t; Pd (at) 1.53 g/t; Ru (at) 0.79 g/t; Rh (at) 0.47 g/t; Ir (at) 0.19 g/t and Au (at) 0.05 g/t resulting in an average grade of 5.67 g/t 5PGE + Au.
- The UG2 reef at Spitzkop has an average thickness of 1.4m with an average dip of 11.5 degrees. The reef outcrops at surface, reaching a maximum depth of approximately 700m on the property.
- In the Merensky Reef at Spitzkop there is an estimated Indicated Resource of 47.38 Mt at 2.443 g/t (5PGE + Au) for 3.71 million ounces. The average grade of the Indicated Resource in the Merensky at Spitzkop comprises; Pt (at) 1.3 g/t; Pd (at) 0.7 g/t; Ru (at) 0.15 g/t; Rh (at) 0.07 g/t; Ir (at) 0.03 g/t and Au (at) 0.18 g/t.
- The Merensky reef is 2.3m thick with the same dip as the UG2.
While metallurgical work has not yet been completed on the project it is expected that metal recoveries will be similar to those on adjacent PGM properties and mines currently in production, with approximately 85% recovery of the reported resources.
The Company intends to focus primarily on developing the high grade resources in the UG2 reef.
The transaction over the right to Spitzkop is subject to South African regulatory approval, the transfer of the Prospecting Permit to Spitzplats by the South African Department of Mineral and Energy Affairs, and Jonpol complying with its obligations as detailed below.
Elgin's 50% Joint Venture Interest in Spitzkop
----------------------------------------------
Elgin has entered into an agreement to earn a 50% joint venture interest (the "JV") on Spitzkop with Spitzplats on the following terms and conditions;
(i) Elgin providing the initial deposit of ZAR16,000,000 (approximately US$2.5 million) to Implats as agreed between Implats and the Spitzkop Syndicate.
(ii) Elgin has to expend ZAR30,000,000 (approximately US$4.6 million) on Spitzkop to advance the project through to a Bankable Feasibility Study.
(iii) Elgin will be the operator of the joint venture.
(iv) Elgin has equal representation on the Board of Directors of Spitzplats with the right to appoint one other director upon completion of the transaction.
Jonpol's Interest in Spitzplats -------------------------------
Eastern Platinum Holdings Ltd. ("Eastplats") owns a 74% interest in Spitzplats, the joint venture company that will develop Spitzkop. Jonpol has reached an agreement with the shareholders of Eastplats to purchase a 100% interest in Eastplats.
The consideration to be paid by Jonpol to acquire Eastplats is as follows;
(i) An Option Fee of US$750,000 to be paid to the shareholders of Eastplats.
(ii) Payment of ZAR95,000,000 (approximately US$14.6 million) to Implats upon completion of the acquisition of Spitzkop by Spitzplats, being the balance of the purchase price to acquire Spitzkop.
(iii) The issuance of 75 million common shares of Jonpol to the shareholders of Eastplats.
The Elgin and Jonpol Amalgamation ("Amalco") --------------------------------------------
Elgin and Jonpol have agreed to amalgamate on the following basis:
(i) Jonpol must pay the Option Fee to the shareholders of Eastplats.
(ii) Jonpol must complete a capital raising of at least Cdn$25 million prior to closing of the Definitive Agreement between Implats and Spitzplats.
(iii) Jonpol and Elgin will amalgamate on the basis of four Jonpol shares for one Elgin share.
(iv) Jonpol will be entitled to appoint two directors to the Board of Directors of Amalco.
The above transactions are subject to shareholder and regulatory approval.
"Having acquired control of Mareesburg earlier this year, Elgin has been focused on making other complementary PGM acquisitions on the Eastern Limb of the Bushveld. Like Mareesburg, Spitzkop is a near surface, high grade, platinum rich, shallow dipping deposit in the UG2 reef. The joint venture on Spitzkop and the acquisition of Jonpol's controlling interest in Spitzplats are excellent acquisitions for the company" stated Ian Rozier, President of Elgin. "The Spitzkop acquisition puts Elgin in a very strong position with sustainable, high grade PGM deposits that can be brought into production in the near term."
"On completion of the transactions over Spitzkop and the Elgin/Jonpol merger, the new company will have control and operating rights over 10 million ounces of measured high grade PGM resource in the UG2 in addition to an additional 4 million indicated ounces in the UG2 and Merensky. The new company will be positioned as a major player in the international PGM sector and will continue to grow with the development of Mareesburg and Spitzkop and by further acquisitions and joint ventures to consolidate additional PGM deposits on the Eastern Limb", stated Gordon Keep, President of Jonpol.
Ian Rozier, M. Sc., P. Eng. is the Qualified Person who has reviewed the contents of this news release on behalf of Elgin and Jonpol.
The TSX Venture Exchange do not accept responsibility for the contents
of this news release.
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=83660
For further information: Mr. Ian Rozier, M.Sc., P. Eng., President, ELGIN RESOURCES INC., (604) 685-6851, Email: info(at)elginresources.com; Mr. Gordon Keep, President, JONPOL EXPLORATIONS LTD., (604) 609-6110 News release via Canada NewsWire, Vancouver 604-669-7764
Copyright (C) 2004 CNW, All rights reserved
URSA Major Minerals to drill new targets identified by
airborne EM survey on Shakespeare project and adjacent
Agnew property, Sudbury area, Ontario
TORONTO, ONTARIO--(CCNMatthews - Oct. 18, 2004) - URSA Major Minerals
Incorporated (URSA Major) is pleased to report that a recent MEGATEM
airborne electromagnetic (EM) survey has identified several new targets
on the 75%-owned Shakespeare joint venture project and on the contiguous
100%-owned Agnew property, located west of Sudbury, Ontario. The survey
was flown for URSA Major during the past summer by Fugro Airborne
Surveys. MEGATEM is a deep-penetrating airborne EM survey designed to
detect conductors to depths of 300 to 400 meters. The survey was flown
to follow up on URSA Major's successful drilling of EM anomalies from
ground and bore hole surveys at the Shakespeare deposit.
The Company's total land position west of Sudbury now covers 590 claim
units (23,600 acres). Following the MEGATEM survey, the Company staked
an additional 42 claim units. URSA Major's 100%-owned Agnew property
now comprises 486 claim units (19,440 acres) that cover a 15 km strike
length extending from the Shakespeare deposit towards the Sudbury
intrusive complex. In early 2004, drilling by the Company demonstrated
that rocks with similar characteristics and style of mineralization to
the Shakespeare deposit are present on the 100%-owned Agnew property. A
2,000-meter drill program with a minimum of six holes will be initiated
this month to test geophysical anomalies on strike from the Shakespeare
deposit on 100%-owned ground. In addition, a high priority airborne EM
anomaly associated with a sediment-hosted copper showing on the
Shakespeare joint venture property will be drill tested.
Drilling to February 2004 on the Shakespeare deposit has resulted in an
in-pit Indicated Resource of 12.0 million tonnes grading 0.35% nickel,
0.36% copper, 0.02% cobalt, 0.19 g/t gold, 0.34 g/t platinum and 0.38
g/t palladium at an average cut-off value of CDN$43.65/tonne total
in-situ metal. URSA Major has engaged Micon International Limited
(Micon) of Toronto to provide an independent assessment of mining
potential at the Shakespeare deposit. It is anticipated that the study
will be completed by the end of October 2004.
Address:
8 King Street East, Suite #1300, Toronto, Ontario, Canada M5C 1B5
Symbol & Exchange: UMJ - TSX Venture Exchange (TSXV)
This release was prepared by management of the Company who takes full
responsibility for its contents. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy
of this news release.
Some statements contained in this release are forward-looking and,
therefore, involve uncertainties or risks that could cause actual
results to differ materially. Such forward-looking statements include
comments regarding mining and milling operations, mineral resource
statements and exploration program performance. Factors that could
cause actual results to differ materially include metal price
volatility, economic and political events affecting metal supply and
demand, fluctuations in mineralization grade, geological, technical,
mining or processing problems, exploration programs and future results
of exploration programs at the Shakespeare Project, future profitability
and production. The Company disclaims any obligation to update
forward-looking statements.
This press release is not for distribution to any U.S. news wire service
or for dissemination in the United States.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
URSA Major Minerals Incorporated
Dr. Richard Sutcliffe
President & CEO
(416) 864-0615
(416) 864-0620 (FAX)
info@ursamajorminerals.com
www.ursamajorminerals.com
or
URSA Major Minerals Incorporated
Mr. Vance Loeber
Investor Relations
(604) 805-3530 cell
I am relieved that they are drilling, I could not handle another year with no drill rig in Montana.
They always said you can't drill Montana in the winter, but they drill in the arctic, labrador, and BC and Alaska in the winter, so why not Montana?
According to their last NR, BTPs drill plans seem pretty ambitious, so the $300,000 they have left will not last long.
Hopefully they pull out a couple of nice holes then do a major financing at at least 50 cents, then have 2 or 3 rigs going.
BTP has over 50km of mineralized reefs on their property(VEZ, J-M reef, A&B Chromites, Picket Pin)
I believe the chances are pretty good that they have 2000 feet of world class grade and width somewhere in there.
Wildcat Acquires Broken Hill-Type and PGE Mineral Properties
Thursday October 14, 6:00 am ET
WINNIPEG, MB, Oct. 14 /CNW/ - Wildcat Exploration Ltd. ("Wildcat") (TSX-V: WEL - News) is pleased to announce that it has entered into an agreement (the "Agreement") with Arc Metals Ltd. ("AML") whereby, subject to TSX Venture Exchange approval ("TSXV"), Wildcat will acquire AML's 100% owned interest in the Foster River and PGE properties (collectively the "AML Properties") for $160,000 and 350,000 shares (the " Shares"), at a deemed price of $(0.50) per share, which will be paid or issued over four years. Wildcat has also agreed to pay a net smelter returns royalty of 2% and 3% on the Foster River and PGE properties respectively, on any commercial production.
The Foster River property is located in the Hewetson Lake area, Saskatchewan and is comprised of three contiguous mining claims totaling 8,089 hectares and the PGE property is located in the Flin Flon - Snow Lake greenstone belt, Manitoba and is comprised of two separate claim blocks (Reed Lake claims and Iskwasum claims) totaling 4,402 hectares.
The geological setting of the Foster River property bears a strong resemblance to the Broken Hill deposit of Australia. The Reed Lake claims comprise platinum-palladium mineralization hosted in a mafic-ultramafic tholeiitic layered intrusion approximately 6 km in length and 4 kilometers in width and hosts anomalous PGE and gold mineralization along the upper contact of an ultramafic layer.
The acquisition of the AML Properties will substantially enhance Wildcat's mineral exploration portfolio, diversify its landholdings geographically, and expand its exploration strategy to include precious and base metals. The Property Shares issued pursuant to the Agreement will not create a new insider or a control person of Wildcat.
Wildcat has consolidated the largest land holdings (230 square kilometers) in the Bissett gold mining camp and its holdings strategically encompass a tectono-stratigraphic environment similar to that hosting the Red Lake gold deposits (for details see Wildcat press release Feb 2004). These rocks remain under-explored and have received minimal diamond drilling. On-going exploration by Wildcat on its Siderock property has revealed a new gold zone with a strike length extending approximately 1.8 km and it is Wildcat's intention to prepare the Siderock property for a drill program later this fall.
On behalf of the Board,
Edward Sawitzky, President & COO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
%SEDAR: 00014885E
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=14382
For further information
please contact: Edward Sawitzky, President & COO, Wildcat Exploration Ltd., Unit 66 - 1313 Border Street, Winnipeg, Manitoba, R3H 0X4, Phone: (204) 944-8916, Fax: (204) 944-8918
--------------------------------------------------------------------------------
Source: Wildcat Exploration Ltd.
Marathon PGM Corporation Completes 32 NQ Core Holes
Announces Significant Assay Results on the 1st Hole
TORONTO, ONTARIO--(CCNMatthews - Oct. 12, 2004) - Marathon PGM
Corporation (Company) announced the completion of 32 NQ core holes on
the Company's 100% owned Marathon PGM-Cu Property (the "Property")
located near Marathon, Ontario. The Company has previously announced the
completion of a technical report on the property in compliance with the
provisions of National Instrument 43-101 (the "Technical Report")
prepared by Roscoe Postle Associates Inc. and filed on SEDAR on June 29,
2004. The report showed a Measured and Indicated Mineral Resource of
24.3 million tonnes at a grade of 1.22 g/t of Palladium, 0.31 g/t of
Platinum, 0.10 g/t of Gold and 0.37% Copper using Palladium cut-off of
0.8 g/t. over approximately 1,800 metres of strike length.
The Technical Report identified an additional 2,000 metres open to
exploration in three target areas south of the resource zone as having
potential to increase the resource on the property and they are the BR,
RD and Malachite Zone (previously called West Gabbro Zone). Additional
drilling in the southern part of the resource area has been directed at
increasing higher grade measured and indicated resources; this is
currently called the "Southern Resource" area.
As previously announced the Company started drilling on September 1,
2004. As of October 8, 2004, 32 NQ core holes have been drilled for
approximately 4,000 metres. The core will be cut in half in the minerals
zones and half will be sent to Accurassay, an accredited laboratory in
Thunder Bay, Ontario to be assayed. The Company drilled 6 holes in the
BR, 8 holes in the RD, ten holes in the Malachite Zone and eight holes
in the Southern Resource. The Company has received the result back for
one of these holes. This Phase I drilling program is based on the
program laid out in the Company's Prospectus and this Technical Report.
In the southern half of the property, the copper and platinum group
metal bearing Two Duck Lake Gabbro has its maximum known width of 700 m
yet, has had little exploration until now. The rocks dip to the west
gently. Prospecting, hand and mechanical stripping has lead to the
discovery of much better grades of platinum group metals and copper than
were previously known in this part of the property. The BR Zone, RD Zone
and Southern Resource Area occur in the south half of the property along
the eastern contact of this gabbro with the volcanic rocks. The contact
is where all the known resources occur in the north of the property as
well. The BR Zone has been traced by stripping over an area of
approximately 100 m by 100 m. The RD Zone has now been traced by
prospecting and trenching over an area 400 m by 150m. The Southern
Resource Area has a strike length of 600 m and a width of about 200 m.
All three zones are open to expansion.
The Malachite Zone, named for abundant copper staining found during
stripping, appears to be different than the other zones occurring well
to the west of the volcanic contact. Follow up mechanical stripping near
some high grade showings enlarged this mineralization in the Malachite
Zone to an area approximately 10 m by 50 m. The stripping was limited by
topography. The mineralization in the Malachite Zone is wider and now
extends over an area at least 100 m wide and 300 m long. It is open
along strike and to depth. The channel cuts run east-west with # 11 in
the south end, # 12 30m north of #11 and # 13 48 m north of # 11. The
following are the important mineralized zones in these channels:
Selected Malachite Zone Channel Samples-Weighted Averages Table 1
---------------------------------------------------------------------
Total
PGM
Channel # Length (m) Pd (g/t) Pt (g/t) Au (g/t) (g/t)(i) Cu (%)
---------------------------------------------------------------------
11 14.35 1.52 0.61 0.15 2.28 0.26
---------------------------------------------------------------------
12 7.53 1.43 0.42 0.15 2.00 0.24
---------------------------------------------------------------------
13 7.49 1.55 0.57 0.18 2.30 0.21
---------------------------------------------------------------------
(i) "Total PGM " is the sum of Pd, Pt and Au
---------------------------------------------------------------------
Inter- Total
Hole From To section Pd Pt Au PGM Cu
(m) (m) (m) (g/t) (g/t) (g/t) (g/t)(i) (%)
---------------------------------------------------------------------
M-12-04
(Malachite
Zone) 10.0 82.0 72.0 1.20 0.37 0.10 1.67 0.28
---------------------------------------------------------------------
Includes 10.0 28.0 18.0 1.60 0.36 0.11 2.07 0.28
---------------------------------------------------------------------
Includes 40.0 50.0 10.0 1.96 0.59 0.15 2.70 0.45
---------------------------------------------------------------------
M-12-04
(Malachite
Zone) 82.0 110.0 14.0 0.45 0.15 .04 0.64 0.17
---------------------------------------------------------------------
Wallbridge provides more Broken Hammer results
2004-09-30 17:35 ET - News Release
Mr. Richard Murphy reports
WALLBRIDGE INTERSECTS WIDE INTERVALS OF HIGH GRADE PGE - COPPER MINERALIZATION AT WISNER PROPERTY; EXPANDS BROKEN HAMMER ZONE
Wallbridge Mining Company Ltd.'s drilling of the Broken Hammer zone on the Wisner property in Sudbury has encountered several thick intersections of high-grade platinum group elements (PGE) and copper mineralization. These new intersections include a 20.53-metre interval in hole WIS-028 averaging 13.72 grams of precious metals per tonne (5.60 g/t platinum, 6.02 g/t palladium and 2.11 g/t gold). Included in this interval are 15.35 metres grading 16.99 grams of precious metals per tonne (6.86 g/t platinum, 7.45 g/t palladium, and 2.68 g/t gold) along with 6.55 per cent copper and 0.38 per cent nickel.
Results from seven new holes have been received and are detailed below. Drilling continues on the Broken Hammer zone and new results will be released when available.
DIAMOND DRILL ASSAYS
HOLES WIS-022 to WIS-028
Core
Channel From To Length Pt Pd
(m) (m) (m) g/t g/t
WIS-022 3.00 13.04 10.04 0.61 1.43
and 23.00 31.25 8.25 0.77 0.40
WIS-023 5.00 10.30 5.30 0.50 0.64
and 14.00 18.35 4.35 0.25 0.82
WIS-024 4.00 9.74 5.74 0.86 0.73
and 17.30 19.85 2.55 0.52 1.17
WIS-025 13.47 20.05 6.58 6.17 2.81
and 27.00 28.42 1.42 0.90 3.25
WIS-026 12.00 16.50 4.50 0.82 0.66
and 36.00 39.00 3.00 0.78 1.23
WIS-027 2.80 18.00 15.20 1.67 3.00
WIS-028 53.00 73.53 20.53 5.60 6.02
inclu-
ding 53.00 68.35 15.35 6.86 7.45
DIAMOND DRILL ASSAYS
HOLES WIS-022 to WIS-028
Pt+Pd
Channel Au Cu Ni +Au
g/t % % g/t
WIS-022 0.39 0.84 0.08 2.24
and 0.39 0.10 0.02 1.56
WIS-023 0.37 0.15 0.07 1.51
and 0.12 0.38 0.26 1.19
WIS-024 0.38 Pending Pending 1.97
and 0.28 Pending Pending 1.97
WIS-025 0.62 Pending Pending 9.61
and 0.40 Pending Pending 4.55
WIS-026 0.12 Pending Pending 1.60
and 0.21 Pending Pending 2.22
WIS-027 1.51* Pending Pending 6.18*
WIS-028 2.11* Pending Pending 13.72*
inclu-
ding 2.68* 6.55 0.38 16.99*
COPPER AND NICKEL ASSAYS FOR
HOLES WIS-015 TO WIS-021
(Pt, Pd and Au previously released)
Core
Channel From To Length Pt Pd
(m) (m) (m) g/t g/t
WIS-015 6.15 25.00 18.85 1.41 0.77
and 34.65 34.80 0.15 207.07 7.47
WIS-016 11.15 29.00 17.85 0.57 0.73
inclu-
ding 17.15 20.95 3.80 1.18 1.14
WIS-017 6.05 26.00 19.95 3.07 3.14
inclu-
ding 17.54 20.33 2.79 11.46 11.34
WIS-018 10.59 14.05 3.46 0.35 3.06
WIS-019 7.00 16.00 9.00 1.61 2.24
WIS-020 4.00 16.00 12.00 3.37 1.10
inclu-
ding 7.90 8.69 0.79 38.49 8.17
WIS-021 12.05 15.02 2.97 2.64 3.35
COPPER AND NICKEL ASSAYS FOR
HOLES WIS-015 TO WIS-021
(Pt, Pd and Au previously released)
Pt+Pd
Channel Au Cu Ni +Au
g/t % % g/t
WIS-015 0.26 0.39 0.16 2.44
and 0.77 2.38 0.10 215.31
WIS-016 0.20 0.32 0.03 1.50
inclu-
ding 0.46 0.67 0.06 2.78
WIS-017 0.78 1.53 0.17 6.99
inclu-
ding 2.40 8.08 0.53 25.20
WIS-018 0.35 4.14 0.19 3.77
WIS-019 1.22 1.12 0.10 5.07
WIS-020 0.26 1.36 0.03 4.73
inclu-
ding 1.74 18.68 0.23 48.40
WIS-021 0.94 6.99 Pending 6.93
URSA Major Minerals Provides Update On Exploration And
Progress On Assessment Of Mining Potential At The
Shakespeare Deposit, Sudbury Area, Ontario
TORONTO, ONTARIO--(CCNMatthews - Sept. 30, 2004) - URSA Major Minerals
Incorporated (URSA Major) is pleased to provide an update on exploration
and progress on the assessment of mining potential at the Shakespeare
nickel-copper-platinum group metal deposit, located 70 kilometres west
of Sudbury, Ontario.
Step out holes drilled since June have resulted in extending
mineralization for a further 360 meters east of previous drilling.
Several holes have encountered significant widths of nickel
mineralization with higher than average grade for the deposit.
Intersections from three holes reported below are located east of, and
below, the in-pit resource. Assay results from three additional holes
are pending. These holes all successfully intersected the conductive
target identified by bore hole and ground time domain electromagnetic
(EM) surveys and the deposit remains open to the east. Additional bore
hole EM surveys will be carried out this autumn to identify further
drill targets.
---------------------------------------------------------------------
DDH Location(a) Azim. From: To: Length: Ni Cu Co Pt Pd Au
& Incl. (m) (m) (m) (%) (%) (%)(g/t)(g/t)(g/t)
(degrees)
---------------------------------------------------------------------
U3-60 2100E/ 147/
874N -65 383.83 444.9 61.07 .44 .42 .03 .43 .45 .24
---------------------------------------------------------------------
Incl(b) 383.83 399.76 15.93 .53 .41 .04 .46 .46 .27
---------------------------------------------------------------------
Incl.(b) 384.68 389.31 4.63 .72 .49 .06 .33 .35 .20
---------------------------------------------------------------------
U3-61 2515E/ 147/
865N -68 413.33 463.6 50.27 .39 .39 .03 .33 .35 .23
---------------------------------------------------------------------
Incl.(b) 413.33 427.44 14.11 .52 .41 .05 .34 .33 .20
---------------------------------------------------------------------
Incl.(b) 419.13 425.44 6.31 .69 .44 .06 .37 .38 .20
---------------------------------------------------------------------
U3-62 2100E/ 147/
1049N -65 433.7 451.05 17.35 .34 .41 .02 .30 .35 .19
---------------------------------------------------------------------
And 454.36 460.2 5.84 .41 .60 .03 .37 .43 .28
---------------------------------------------------------------------
(a) Grid coordinates are in feet.
(b) Previously reported intersections.
First Nickel receives high values for hole D04-16
2004-09-20 10:30 ET - News Release
Ms. Elizabeth Kirkwood reports
FIRST NICKEL INC.: HIGH PLATINUM-PALLADIUM VALUES AT DUNDONALD SOUTH
First Nickel Inc. has received high gold-platinum-palladium values for diamond hole D04-16, recently completed on the north sector of the Dundonald South nickel zone as follows:
From To Length Ni Cu
m m m % %
201.8 203.5 1.7 11.84 0.28
incl.
202.4 203.5 1.1 14.74 0.36
incl.
203 203.5 0.5 16.91 0.34
From To Co Au Pt Pd
m m % g/t g/t g/t
201.8 203.5 0.11 0.89 6.97 8.69
incl.
202.4 203.5 0.12 1.36 10.62 13.21
incl.
203 203.5 0.06 2.80 21.46 25.36
Marathon engages SGS Lakefield to test Marathon project
2004-09-13 17:51 ET - News Release
Mr. James Frank reports
MARATHON PGM CORPORATION SIGNS CONTRACT FOR METALLURGICAL TESTING AND COMPLETES 1ST 11 CORE HOLES
Marathon PGM Corp. has contracted with SGS Lakefield Research of Lakefield, Ont., to perform metallurgical tests on its Marathon PGM-Cu project. As stated in the company's prospectus, the project has had a number of metallurgical tests completed before; however, all of the metallurgical work was done before 1986. In a preliminary assessment, completed by Geomaque Exploration Ltd. in the past, it estimated (based on prior testing) that it was possible to produce a 21-per-cent copper-grade concentrate and recover 84 per cent of the copper, 77 per cent of the palladium, 68 per cent of the platinum and 60 per cent of the gold. These tests are designed to test this assumption and to see if the company can increase the recoveries.
Core drilling started on Sept. 1, 2004. As of Sept. 12, 2004, 11 core holes have been drilled for approximately 1,200 metres. As announced before, the company plans to drill up to 3,500 metres at the project in phase I drilling. The drilling program is based on the program laid out in the company's prospectus, which will concentrate on exploration targets in the southern part of the property that are not currently in the resource. All of the holes to date has been in this area. Additional drilling in the northern part of the property will be directed at increasing higher-grade measured and indicated resources. The drill core will be split in half in the minerals zones and half will be sent into an assay laboratory to be assayed. The company hopes to complete this phase of drilling by late September and to start receiving assay results by early October.
The project is located about 10 kilometres north of the town of Marathon, Ont. The company has previously announced the completion of a technical report on the property in compliance with the provisions of National Instrument 43-101, prepared by Roscoe Postle Associates, filed on Stockwatch SEDAR filings on June 29, 2004. The report showed a measured and indicated mineral resource of 24.3 million tonnes at a grade of 1.22 grams per tonne (g/t) of palladium, 0.31 g/t of platinum, 0.10 g/t of gold and 0.37 per cent copper using palladium cut-off of 0.8 g/t.
Thats the Eskay Creek mine you're talking about. It just goes to show how hard it is to find a deposit, expensive too.
I thought BTP would start a run by now. They say they are going to drill Montana in the fall. After making their property payments, they probably have less than $250,000 left of their $500,000 financing.They need more money than that to drill in Montana.
Does anyone know why they are holding back on releasing the last 4 holes on Buffalo Gulch? Strange! They have had the results for over 2 weeks now.
In doing my research, Buffalo Gulch was the place where they had a chance to find a "discovery." There is a huge magnetic anomaly there.
It was drilled before, but so was Consolidated Stikine Silver in the late 80s. They did not have great results until hole 108.
That is right, 108 holes it took to find the stuff they thought was there.
The stock went from 35 cents to $15 in 3 months, eventually hit $70. Got taken out by Corona, Corona got taken out by Homestake. Homestake got taken out by Barrick, and Barrick is still mining it today.
WM had some decent results:
Wallbridge Mining provides Wisner drilling results
2004-09-09 07:37 ET - News Release
Mr. Richard Murphy reports
WALLBRIDGE INTERSECTS HIGH GRADE MINERALIZATION IN WISNER DRILLING; EXPANDS NEW DISCOVERY IN SUDBURY
Wallbridge Mining Company Ltd.'s latest drill results from its Wisner property have expanded and confirmed the continuity of the high-grade Broken Hammer mineralized zone. Mineralization was encountered in all of the 14 holes recently drilled.
Holes were drilled on 20-metre centres and confirm the near-surface continuity of the zone. Assay results have been received from the first seven holes and include some high-grade intercepts. For example, WIS-017 intersected 6.99 grams of precious metals per tonne over 19.95 metres (3.07 grams per tonne (g/t) of platinum, 3.14 g/t of palladium and 0.78 g/t of gold). Included in this intercept is a 2.79-metre higher-grade zone containing 25.2 grams of precious metals per tonne (11.46 g/t of platinum, 11.34 g/t of palladium and 2.4 g/t of gold). Assay results received to date are shown in the table below. A plan map of the drilling can be found on the company's website www.wallbridgemining.com. Outstanding assays will be reported when received.
Alar Soever, PGeo, president of Wallbridge Mining, remarked: "It is very encouraging that high-grade mineralization exposed at surface continues at depth. The fact that mineralization was intersected in all of the recently drilled holes demonstrates the Broken Hammer zone's continuity and tonnage potential."
BROKEN HAMMER ZONE DIAMOND DRILL ASSAYS
Chan- Pt Pd Au Cu Ni Pt+Pd+Au
nel g/mt g/mt g/mt % % g/mt
WIS-
015 1.41 0.77 0.26 p p 2.44
and 207.07 7.47 0.77 p p 215.31
WIS-
016 0.57 0.73 0.20 p p 1.50
Incl-
uding 1.18 1.14 0.46 p p 2.78
WIS-
017 3.07 3.14 0.78 p p 6.99
Incl-
uding 11.46 11.34 2.40 p p 25.20
WIS-
018 0.35 3.06 0.35 p p 3.77
WIS-
019 1.61 2.24 1.22 p p 5.07
WIS-
020 3.37 1.10 0.26 p p 4.73
Incl-
uding 38.49 8.17 1.74 p p 48.40
WIS-
021 2.64 3.35 0.94 p p 6.93
The 'tooth is gonna roar after labour day.
Does anyone really believe BTP is going to drill Montana in October?
In 2002 they had to stop because winter started. They are 9000 feet above sea level.
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