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Marathon PGM cuts 10.97 g/t PGM over eight metres
2005-07-26 15:17 ET - News Release
Mr. Phillip Walford reports
MARATHON PGM ANNOUNCES FURTHER POSITIVE EXPLORATION RESULTS FROM DRILLING
Marathon PGM Corp. has provided results of the recent exploration work on its 100-per-cent-owned Marathon property. The highlights of the drilling include drill holes M-05-35 which intersected eight metres grading 3.07 grams per tonne (g/t) platinum group minerals (PGM) and 0.05 per cent copper (Cu) and drill hole M-05-44 which intersected eight metres (m) grading 10.97 g/t PGM and 0.12 per cent Cu. Both of these holes are located near other high-grade intersections. The results of the additional 10 holes drilled to date are listed in table below. An additional 10 holes of this exploration phase of the program have been completed and are awaiting assaying. All holes drilled to date have intersected iron and copper sulphides, which is very encouraging. The current exploration program under way envisions 10,000 m of drilling, is 30 per cent complete and may be extended pending results.
The drilling to date indicates that the BR zone mineralization averages about 50 m in thickness with generally the top being PGM rich and the bottom being Cu rich. The zone may be well mineralized with PGM and Cu, but is more likely to be in two zones with lower-grade PGM and copper values between them. This pattern is clear in the drilling results. The higher-grade sections of the BR zone seem to be in lenses that require more drilling to define. The top of the mineralization has been less than 50 m below surface and appears to be gently dipping to the west as does the topography.
Drill holes M-05-33 and 35 indicate an area of high-grade PGM values requiring more drilling and the area around M-04-21 and M-05-44 is also an area of high-grade PGM and moderate Cu values requiring more drilling. The lower intersection in M-05-44 of 24 m, grading 1.19 PGM and 0.26 per cent Cu, was under fine-grained gabbro that now appears to be a slab floating in the coarse grained gabbro. Drill holes M-05-45 and 46 drilled south of M-05-44 intersected iron and copper sulphides that appear to be the same zone but project farther east, opening up the area between the BR and RD zones east of the access road to potential resources.
MARATHON PROPERTY DRILL RESULTS
Hole From To Estimated Pd Pt
(m) (m) true (g/t) (g/t)
width
(m)
M-05-35 36.0 44.0 5.6 1.84 0.96
M-05-36 28.0 32.0 2.8 0.76 0.23
80.0 82.0 1.4 3.76 1.84
M-05-37 50.0 56.0 6.0 1.11 0.62
94.0 102.0 8.0 0.67 0.48
M-05-38 24.0 26.0 1.8 1.72 0.84
60.0 72.0 9.6 0.72 0.31
106.0 116.0 8.0 0.20 0.06
M-05-39 44.0 48.0 2.8 1.41 0.74
66.0 74.0 5.6 0.13 0.06
M-05-40 64.0 68.0 3.0 0.83 0.45
88.0 92.0 3.0 1.26 0.48
M-05-41 60.0 64.0 4.0 0.99 0.33
84.0 92.0 8.0 0.06 0.04
M-05-42 52.0 60.0 7.0 2.01 0.58
68.0 70.0 1.8 1.44 0.42
96.0 102.0 4.8 0.47 0.21
M-05-43 54.0 58.0 2.8 3.41 0.94
98.0 112.0 9.8 0.09 0.03
M-04-44 46.0 54.0 8 8.51 2.05
72.0 96.0 24 0.79 0.27
Includes 72.0 86.0 14 1.20 0.41
Hole From To Au PGM Total
(m) (m) (g/t) (g/t) Cu
(%)
M-05-35 36.0 44.0 0.27 3.07 0.05
M-05-36 28.0 32.0 0.09 1.08 0.12
80.0 82.0 0.06 5.66 0.04
M-05-37 50.0 56.0 0.12 1.85 0.05
94.0 102.0 0.11 1.26 0.61
M-05-38 24.0 26.0 0.01 2.57 0.01
60.0 72.0 0.12 1.15 0.19
106.0 116.0 0.01 0.27 0.19
M-05-39 44.0 48.0 0.27 2.42 0.23
66.0 74.0 0.05 0.24 0.18
M-05-40 64.0 68.0 0.13 1.41 0.06
88.0 92.0 0.20 1.94 0.23
M-05-41 60.0 64.0 0.08 1.40 0.14
84.0 92.0 0.05 0.15 0.16
M-05-42 52.0 60.0 0.07 2.66 0.20
68.0 70.0 0.06 1.92 0.20
96.0 102.0 0.09 0.77 0.29
M-05-43 54.0 58.0 0.12 4.47 0.05
98.0 112.0 0.07 0.16 0.16
M-04-44 46.0 54.0 0.41 10.97 0.12
72.0 96.0 0.13 1.19 0.26
Includes 72.0 86.0 0.20 1.81 0.30
>
........
All exploration work is being performed under the guidance and supervision of Phillip C. Walford, president for the company, a professional geologist and qualified person as defined by National Instrument 43-101. All of the samples were sent to Accurassay, an accredited laboratory in Thunder Bay, Ont., to be assayed.
Coronation Minerals Inc./Northern Platinum Ltd.: Press Release
Friday July 22, 4:03 pm ET
TORONTO--(BUSINESS WIRE)--July 22, 2005--Coronation Minerals Inc. ("Coronation")(TSX VENTURE:MSA - News) and Northern Platinum Ltd. ("Northern")(TSX VENTURE:NTH - News) have entered into an agreement which gives Coronation the right to purchase 100% interest in Northern's Wellgreen Cu-Ni-PGM property for CDN$25 million. The property will be subject to a 5% net smelter royalty in favor of Northern Platinum. A 1.5% net smelter royalty can be purchased for CDN$7.5 million.
Coronation will purchase a $1,000,000 private placement of Northern stock in the form of 1,000,000 units. Each unit will consist of 1 common share and one half share purchase warrant with each full warrant giving the holder the right to purchase an additional share of Northern for $1.50 CDN for a period of 24 months.
The Wellgreen platinum group metal (PGM) rich, copper-nickel deposit is located in the southwestern Yukon, approximately 317 Km northwest of Whitehorse and 125 Km northwest of the town of Haines Junction. The property consists of 91 claims held under a renewable 21-year mining lease.
Mineralization on the Wellgreen property occurs within a variably serpentinized, 20-Km long ultramatic body, known as the Quill Creek Complex that intrudes Permian sedimentary and volcanic rocks. Three main zones of PGM-enriched copper-nickel mineralization have been outlined on the Wellgreen property, the East Zone, the West Zone and the North Zone.
Proven and probable reserves are estimated to be 50.03 million tones grading 0.35% copper, 0.36% nickel, 0.54 grams/tonne platinum and 0.34 grams/tonne palladium (Preliminary Feasibility Study, Watts, Griffis and McQuat Limited, April 21, 1989). Caution should be used when evaluating these reserves as they were estimated prior to National Instrument 43-101 being in place.
Coronation's initial exploration focus will be on the "North Zone" where Cu-Ni-PGM massive sulphides have been encountered. Coronation will also focus on bringing the historical reserves up to National Instrument 43-101 standard levels.
The Directors and Qualified Persons of both companies have reviewed this press release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Coronation Minerals Inc. (TSX VENTURE:MSA - News)
Northern Platinum Ltd. (TSX VENTURE:NTH - News)
--------------------------------------------------------------------------------
Contact:
Coronation Minerals Inc.
Peter W. Holmes, M.SC.
Chairman and C.E.O
(416) 628-5936
info@coronationminerals.com
OR
Coronation Minerals Inc.
347 Bay St. Suite 301
Toronto, Ontario M5H 2R7
OR
Northern Platinum Ltd.
John McGoran
President
(604) 669-2066
OR
Northern Platinum Ltd.
#206- 837 Hastings St.
Vancouver, BC V6C 3N6
Stillwater Mining SWC is breaking out. Now that the miners contract is ratified, Noril'sk may run palladium up a bit.
In preciuos metals, the stock usually leads the commodity, especially in SWC's case as both SWC and palladium are controlled by Noril'sk Nickel.
http://www.stockta.com/cgi-bin/analysis.pl?symb=SWC&num1=1&cobrand=&mode=stock
FNX Mining CFO Ross resigns; Gagel steps up
2005-06-14 12:13 MT - News Release
Mr. Terry MacGibbon reports
FNX MINING APPOINTS RONALD P. GAGEL AS VICE PRESIDENT AND CFO
FNX Mining Company Inc. is appointing Ronald Gagel, CA, vice-president and chief financial officer, effective immediately. Mr. Gagel was previously appointed to FNX Mining's board of directors on March 16, 2005, and will continue to serve as a director of the company.
Mr. Gagel is a chartered accountant with more than 25 years of professional experience, predominantly in the natural resources sector. From 1988 to 2004, Mr. Gagel was at Aur Resources Inc. and from 1999 to 2004 he served as vice-president and chief financial officer.
Terry MacGibbon, president and chief executive officer of FNX Mining, stated: "Ron has already made a major contribution to FNX Mining during the short period he has served on the board. As the company continues its rapid growth, the role of vice-president and chief financial officer is increasingly crucial to our long-term success. The directors and management (FNX Mining) join me in welcoming Ron to his new position."
John Ross, former chief financial officer of the company, has left to pursue other opportunities and his contribution is recognized and acknowledged.
Southern Platinum acquired by Lonmin Investments
2005-06-14 14:33 MT - News Release
Mr. Alex Shorland-Ball of Lonmin reports
LONMIN COMPLETES ACQUISITION OF SOUTHERN PLATINUM; RENAMES MESSINA MINE LONMIN PLATINUM LIMPOPO
Lonmin PLC subsidiary Lonmin Investments Canada Inc. has paid for the common shares in the capital of Southern Platinum Corp. deposited and taken up on June 10, 2005, in connection with Lonmin Investments' offer to acquire all of the issued and outstanding common shares in the capital of Southern Platinum.
The 81,027,739 shares taken up and paid for by Lonmin Investments represent approximately 92.6 per cent of the total number of shares issued and outstanding, giving Lonmin an indirect controlling interest in Southern Platinum. The offer has been extended to 5 p.m. Toronto time on June 28, 2005, to allow shareholders who have not had the opportunity to tender their shares under the offer to do so.
Lonmin has now taken over control of the Messina mine operations, which will be renamed Lonmin Platinum Limpopo with immediate effect. Lonmin has also completed the acquisition of the offtake agreement with Impala Platinum.
All the former directors of Southern Platinum will be resigning from the board and will be replaced by Brad Mills, John Robinson, Ian Farmer, Peter Godsoe and Jack Jones, who are all directors or senior officers of Lonmin. Lonmin will also appoint a further resident Canadian independent director.
Ricus Grimbeek, currently vice-president of SHEC for Lonmin, has been appointed president of Lonmin Platinum Limpopo. Mr. Grimbeek has been heading Lonmin's integration planning team over the last two months and will now assume responsibility for the mine and the integration process.
Lonmin Platinum Limpopo has a strike length of 23 kilometres and an attributable platinum group mineral resource base of 20 million ounces (five platinum group elements plus gold) to a depth of 1,000 metres. The current mining operations at Lonmin Platinum Limpopo cover a strike length of four kilometres. Over the next 18 months, Lonmin plans to re-engineer these operations to change the mining method to long-hole stoping. Production from Lonmin Platinum Limpopo is targeted to increase from the current 45,000 ounces of platinum per year to 75,000 ounces of platinum for the financial year to September, 2007. Capital expenditures over the next three years to achieve this level of production will be around $75-million (U.S.).
Commenting on the completion of the acquisition, Brad Mills, chief executive, said: "I am delighted that we have managed to complete the acquisition of Southern Platinum and take over the running of Messina. The newly named Lonmin Platinum Limpopo is entering a new era in its development on a financially secure basis and we look forward to working with its employees to realize the potential of the Limpopo resource base."
We seek Safe Harbor.
Benton Resources finds vanadium at Sally Lake
EDIT: Those Iron percentages aren't too bad either.
Benton Resources Corp (TSX-V:BTC)
Shares Issued 13,394,568
Last Close 6/7/2005 $0.28
Wednesday June 08 2005 - News Release
Mr. Stephen Stares reports
BENTON RESOURCES CORP (BTC) GETS FURTHER ENCOURAGING RESULTS FROM BERMUDA PROJECT
Benton Resources Corp. has received the base-metal and whole-rock assays for the sampling program conducted on the Sally Lake deposit. Recent sampling reported by the company averaged 2.2 grams per tonne Pt plus Pd plus Au from 12 grab samples. Base-metal and whole-rock assays for these 12 samples have been received with encouraging results of Cu, Ag, Co, Ni, Fe, Ti and V. Of particular interest is the grade of vanadium (V2O5) of up to 0.9 per cent, or 18 pounds per ton. Recently, V205 has been selling for over $20 per pound, up from $3. Given the economic growth and the large demand for iron in China and other countries, vanadium prices are predicted to remain high in the future. Vanadium is used in iron to make it stronger and less corrosive. The average for the 12 samples taken on the Sally Lake deposit assayed 0.54 per cent V2O5, or 10.9 pounds per ton.
The Bermuda property is host to two historical resource estimates: the Sally Lake deposit containing a historical resource of 60 million tons grading 0.2 per cent Cu, 5 per cent Ti, 27 per cent Fe and 5 per cent P, and the Wullie Lake deposit which has 32 million tons grading 0.3 per cent Cu, 2.48 per cent Ti, 23 per cent Fe and 0.02 per cent Ni. The previous operator, Redstone Resources Inc., estimated the resources in 1991 using historical diamond-drill information completed in the 1950s and 1960s by Lakehead Mines Ltd. and filed in the Ontario government assessment archives, Ministry of Northern Development and Mines branch (MNDM). The reader should be cautioned that the resource estimates are historical in nature, have not been verified by the issuer's qualified person and should not be relied upon.
The following table is a list of grab samples from the Sally Lake deposit:
SALLY LAKE GRAB SAMPLE RESULTS
Au Pt Pd Ag Co Cu
Sample ppb ppb ppb ppm ppm ppm
710555 90 237 1,773 4 164 913
710556 94 475 1,265 4 208 295
710557 52 422 970 4 211 349
710558 98 529 1,564 5 220 406
710559 92 474 1,257 5 197 525
710560 83 272 1,137 4 163 920
710561 71 228 1,150 5 182 654
710562 123 869 3,046 5 198 663
710563 131 238 915 5 212 857
710564 221 621 2,805 6 230 615
710565 138 355 734 4 206 771
710566 183 1,730 2,089 8 64 1,2076
Ni Cr Fe2O3 V2O5 TiO2
Sample ppm ppm % % %
710555 372 2,507 59.38 0.45 9.32
710556 435 1,756 70.48 0.63 11.76
710557 416 2,222 64.45 0.45 9.50
710558 439 2,489 64.73 0.63 9.87
710559 429 2,091 63.19 0.47 10.00
710560 439 2,015 63.98 0.68 10.12
710561 437 5,340 71.34 0.79 12.09
710562 472 2,661 72.46 0.72 12.50
710563 511 5,234 62.23 0.42 9.21
710564 505 4,646 76.22 0.90 13.18
710565 451 4,297 56.17 0.38 7.74
710566 133 100 27.51 0.03 1.99
AfriOre speeds up Akanani drilling; seeks AIM listing
2005-06-01 12:06 ET - News Release
Mr. Alan Friedman reports
AFRIORE ANNOUNCES EXPANSION AND ACCELERATION OF DRILLING PROGRAM ON THE AKANANI PLATINUM PROJECT, SOUTH AFRICA AND PROPOSES LISTING ON LONDON STOCK EXCHANGE'S ALTERNATIVE INVESTMENT MARKET
AfriOre Ltd. is expanding and accelerating the drilling program on its Akanani platinum project in South Africa with the approval of a second phase of drilling. In addition, the company intends to apply for the admission of its common shares to trade on the Alternative Investment Market of the London Stock Exchange (AIM).
AfriOre commenced drilling its first phase, 13,000-metre, nine-hole drilling program on the project in November, 2004 (refer to AfriOre news issued in Stockwatch dated Nov. 18, 2004). Seven of the nine planned drill holes have been completed to date. The remaining two holes are in progress and will be completed during June, 2005. The first drilling phase was aimed at testing the depth, width, grade and continuity of the Platreef pyroxenite unit along a 6.5-kilometre strike length at the eastern boundary of the project area at an interhole spacing of between approximately 500 to 1,000 metres. This boundary adjoins and is situated down dip from Anglo American Platinum Corp.'s open-pit operations at its Potgietersrust mine.
Analytical results have been received for five of AfriOre's drill holes, ZF1 to ZF4 and MO2 (see AfriOre news issued in Stockwatch dated March 31, April 18, May 4 and May 30, 2005). In addition, the results are known for a historical drill hole MO1, drilled in 1980 (see AfriOre news issued in Stockwatch dated Nov. 18, 2004). Consolidated results of the first drilling phase will be issued in July, when all the analytical results from the holes drilled on the property are available.
To date, the drilling program has yielded very positive results along a total strike length of six kilometres between drill holes ZF1 and MO1 along the eastern boundary of the project area. Down-the-hole depths to the top of the Platreef unit are between 886 and 1,433 metres, and every drill hole has encountered multiple, well mineralized zones within the Platreef, with good to excellent platinum group metal, nickel and copper grades over substantial widths. The results support the probable continuity of mineralization along this strike length as well as down-dip for distances of up to 2,000 metres from outcrop position in the current and planned open pits on the adjoining Potgietersrust mine property. It is anticipated that the Platreef mineralization extends still farther down-dip to the west and this will be drilled during the next phase.
AfriOre and the other directors of Akanani Mining have approved the commencement of the second phase of drilling, which is aimed at confirming the strike continuity of the Platreef mineralization along the eastern boundary of the project area, establishing down-dip continuity of the Platreef to depths of between 1,500 and 2,000 metres below surface, and determining an inferred resource for the Platreef mineralization in this eastern part of project area.
This second phase program will comprise 17 drill holes, totalling approximately 31,000 metres. These are designed to infill the drill hole pattern with four holes along the current 6.5 kilometres of the eastern property boundary to approximately 500-metre spacing; to drill a second tier of 10 holes to intersect the Platreef unit at vertical depths of between 1,500 and 1,800 metres; and to drill a third tier of three holes in the southern part of the property to intersect at depths of approximately 2,000 metres. Preliminary scoping studies will also be carried out.
Two additional drill rigs will be commissioned within the next month, bringing the number of drilling rigs to a total of six. It is anticipated that the program will be completed in the middle of 2006 at a total cost of approximately 23 million rand ($4.4-million (Canadian)).
AfriOre is also pleased to announce that it intends to apply for the admission of its common shares to trading on the AIM. The AIM listing will be in addition to the current listing of its common shares on the Toronto Stock Exchange under the symbol "AFO." AfriOre is considering undertaking a small private placement in conjunction with the listing application, subject to receipt of applicable regulatory approval.
AFO looks poised to fill that gap that it had on the way up.
AFO #msg-5722481
Palladium checkmate? Not sure if this was posted on this board before.
http://futures.fxstreet.com/Futures/content/101780/content.asp?menu=commodities
BTP 2000 Annual Report
"Due to the size of the project, we initiated an airborne geophysical program over the entire Stillwater Complex. This effort was led by Mr. Terry Crebs as a consultant to the company.
HE IS CREDITED WITH FINDING THE VOISEY'S BAY NICKEL/COPPER DEPOSIT FOR DIAMOND FIELDS. The 2000+ kilometer airborne program produced better target identification than was expected and has proven to be an accurate tool for drill site exploration and planning."
I assume you guys know who was behind Diamond Fields. R.F.
Beartooth Annual Meeting June 9
2005-05-20 06:39 ET - In the News
The Globe and Mail reports in its Friday, May 20, edition that Ivanhoe Mines plans to raise $126-million through the issue of 15.75 million shares at $8, the mining exploration company said Thursday. A Reuters dispatch to The Globe reports that a syndicate of Canadian underwriters led by BMO Nesbitt Burns has agreed to buy the shares and sell them to the public, Ivanhoe said in a brief statement. The fundraising is expected to close around JUNE 9. Ivanhoe chairman Robert Friedland told analysts and shareholders on a conference call on Feb. 9 that the company has enough money for its various activities this year and did not foresee any equity issues. Ivanhoe did not say Thursday what the new money would be used for. The company is advancing a large copper and gold project in Mongolia. Ivanhoe stock retreated 42 cents to finish Thursday on the Toronto Stock Exchange at $8.37. The stock has a 52-week trading range of $11.27 to $4.85. The stock is down 30 cents from when The Globe reported on May 2 that Ivanhoe was a favourite pick of Sentry Select Capital fund manager Kevin MacLean.
There are just too many rumours, but I am probably wrong.
N.A. Palladium, Ursa arrange Shakespeare, Agnew JV
2005-05-25 06:29 MT - News Release
Also News Release (C-UMJ) Ursa Major Minerals Inc
Mr. Andre Douchane of North American Palladium reports
NORTH AMERICAN PALLADIUM AND URSA MAJOR MINERALS ANNOUNCE OPTION/JOINT VENTURE AGREEMENT
North American Palladium Ltd. and Ursa Major Minerals Inc. have signed a letter of intent to develop and explore the Shakespeare nickel-copper-platinum metal deposit and the adjacent Agnew nickel, copper exploration property in the Sudbury area, Ontario. The agreement combines NAP's operational and financial capabilities with Ursa's exploration success to potentially fast-track the development of the Shakespeare deposit and increase the probability of further discoveries.
On the Shakespeare property, NAP can acquire a 60-per-cent undivided interest in Ursa's interest in the Shakespeare property and become the operator by making payments totalling $1.5-million to Ursa and securing the project financing for commercial production. The $1.5-million will be used for expenditures incurred in connection with the Shakespeare full feasibility program which is currently in progress. Upon completion of the feasibility study, NAP may elect to form a joint venture and on arranging financing for commercial production, NAP shall be entitled to an undivided 60-per-cent interest in Ursa's interest and become operator of the property. Ursa will remain the operator of the feasibility program.
Exploration at Shakespeare has been proceeding on the basis of a joint venture between Ursa and Falconbridge Ltd. with Ursa as the project operator. Based on an anticipated budget of approximately $1.5-million for the feasibility study, Ursa's interest in the project area would increase to approximately 86 per cent at the end of the feasibility program; NAP can earn 60 per cent of Ursa's 86-per-cent interest in Shakespeare property.
In addition, NAP has been granted an option to acquire a 50-per-cent undivided interest in Ursa's Agnew property by financing $1-million of exploration expenditures over a three-year period. NAP is committed to financing $300,000 in the first 12 months, and will have the option to finance $300,000 and $400,000 in the second and third years. Ursa and NAP will work together to design and execute the exploration program, with Ursa remaining as operator. After financing the $1-million program, NAP can elect to form a joint venture and further expenditures will be contributed on a pro rata basis. The Agnew property covers over 19,000 acres and extends over 15 kilometres from the Shakespeare deposit toward the Sudbury intrusive complex. NAP's option on the Agnew property excludes the past-producing Agnew Lake uranium mine.
Subject to satisfaction of certain conditions including receipt of all necessary approvals and execution of a definitive agreement, the parties expect to complete the transaction on each of the Shakespeare and Agnew properties within 45 days. Ursa has posted information on the properties on the SEDAR website.
Commenting on the agreement with Ursa, Andre Douchane, president and chief executive officer, stated: "This venture is a major step in the company's long-term growth strategy to expand both our PGM and base metal production. Richard Sutcliffe and his team bring valuable experience to this venture and we look forward to continuing this relationship well into the future."
Ursa's Shakespeare property and adjoining Agnew property combine to form a very promising mining camp in the Sudbury region with tremendous potential, which makes this joint venture an attractive addition to NAP's exploration portfolio.
As a key element of NAP's strategy, in 2004 the company significantly expanded its exploration activity in both the Lac des Iles mine camp and surrounding areas. NAP has also been actively searching out opportunities in Canadian mining camps offering an attractive mix of platinum group metal and base metal ores complementary to the company's existing metal production. With significant cash reserves and its existing capital projects fully financed, NAP intends to build upon its agreement with Ursa and target other exploration areas offering similar ore profiles.
We seek Safe Harbor.
Benton to acquire PGM property
2005-05-25 05:44 MT - News Release
Mr. Stephen Stares reports
BENTON RESOURCES CORP. (BTC) ACQUIRES GROUND DIRECTLY ADJACENT TO MARATHON PGM DEPOSIT
Benton Resources Corp. has signed an agreement with Bamoos Minerals Inc. (an affiliate of Teck Cominco Ltd.) to purchase a 100-per-cent interest in one mining lease comprising 16 units contiguous to the south boundary of Benton's Bermuda property and the north boundary of Marathon PGM Corp.'s property. According to Marathon PGM Corp.'s final prospectus, the new property hosts the strike extension of the horizon that hosts the Marathon deposit. The Marathon deposit has a measured and indicated resource of 23 million tonnes at 1.38 grams per tonne palladium, 0.34 gram per tonne platinum and 0.11 gram per tonne gold, and an inferred 8.4 million tonnes at 1.46 grams per tonne palladium, 0.34 gram per tonne platinum and 0.12 gram per tonne gold for a total of 1.9 million ounces combined Pt+Pd+Au (Marathon PGM Corp. news issued in Stockwatch on March 30, 2005). The agreement with Bamoos Minerals Inc. is subject to regulatory approval and Bamoos Minerals Inc. shareholder approval. Under the terms of the agreement Benton can earn a 100-per-cent interest (subject to a 2-per-cent net smelter royalty and a 50-per-cent back-in clause) by spending $400,000 of exploration expenditures over four years and issuing 300,000 units of Benton's stock to Bamoos Minerals Inc. Each unit will consist of one share and one warrant, exercisable for two years. The warrant will entitle Bamoos to purchase one common share of Benton at a price per share equal to the five-day weighted average closing market price of Benton shares on the TSX Venture Exchange on the day immediately prior to the date of issuance of the warrants. The Benton shares and warrants comprised in the units will be subject to hold periods in accordance with the TSX Venture Exchange policy and Canadian Multilateral Instrument 45-102.
In the event Benton completes it obligations to earn 100 per cent of the property, Bamoos Minerals Inc. would have the right to back in to the property for a 50-per-cent interest by spending two times the amount spent by Benton, up to a maximum of $1.5-million.
Clinton Barr, PGeo, vice-president of exploration for Benton Resources Corp., is the qualified person responsible for this news.
We seek Safe Harbor.
Fuel Cells - interesting chart on page3 of this link
http://www.fuelcells.org/info/library/QuestionsandAnswers062404.pdf
US strategic stockpile of platinum and palladium sold and depleted.
https://www.dnsc.dla.mil/Uploads/NewsRelease/fhn0045_5-6-2005_14-15-7_PGM2604.pdf
https://www.dnsc.dla.mil/
Platinum Group acquires Elandsfontein area of WBJV
2005-05-02 05:03 MT - News Release
Mr. R. Michael Jones reports
PLATINUM GROUP METALS LTD.: ELANDSFONTEIN ACQUISITION COMPLETE
Platinum Group Metals Ltd. has acquired mineral and surface rights to 365.64 hectares of the farm Elandsfontein 102 JQ, located on the southwestern corner of the Western Bushveld joint venture (WBJV) property near Rustenburg, South Africa. Preliminary engineering by the company and its advisers indicates that the property is ideally located for the installation of a trackless-developed decline into the known resource area of the WBJV and that the property is large enough to host all mine-related infrastructure, equipment and facilities. Drilling completed by the company in 2003 indicates the farm hosts sufficient platinum and palladium mineralization within the Merensky reef to justify the cost of acquisition. The company intends to drill along the intended path of the decline in 2005. At a 10-degree gradient, it is estimated that a decline would intercept the Merensky reef at a vertical depth of approximately 50 to 80 metres.
The company optioned the Elandsfontein property in December, 2002, and exercised its option to acquire the property in June, 2003. Subsequent to exercising its option the vendors disputed the final purchase price under the terms of the option agreement and the matter was referred to arbitration. The vendors and the company have settled the matter and the purchase price is the same as it would have been if calculated and paid under the original option agreement. The company will purchase the rights in exchange for five payments to Dec. 15, 2005, totalling 7.2 million rand (approximately $1.45-million (Canadian)).
The company's interests in the mineral rights to the Farm Elandsfontein 102 JQ are included in the WBJV (PTM 37 per cent, Anglo Platinum 37 per cent and Africa Wide 26 per cent). An initial resource of 4.74 million ounces platinum, palladium, rhodium and gold is reported on the WBJV. Drilling to increase the size and confidence level of this resource is now under way with three drilling rigs.
We seek Safe Harbor.
Benton uncovers precious metals at Bermuda
2005-05-12 10:35 MT - News Release
Mr. Stephen Stares reports
BENTON RESOURCES CORP. (BTC) FINDS HIGHER PGE GRADES AT THEIR BERMUDA PROPERTY
Benton Resources Corp. has received very encouraging results from its first few days of prospecting on the Bermuda property confirming of the presence of significant values of platinum, palladium and gold.
Prospecting on the eastern strike extent of the Wullie Lake deposit returned up to 5.073 grams per tonne combined Pt-Pd-Au total precious metals (TPM, 2.241 g/t Pt plus 2.626 g/t Pd plus 0.206 g/t Au) from 12 grab samples. Eleven of the samples assayed above one g/t TPM. The Wullie Lake deposit is the western strike extent of the magnetite-rich cumulate horizons discovered on the Bermuda property and has a historical resource of 32 million tonnes grading 0.3 per cent Cu, 2.48 per cent Ti, 23 per cent Fe and 0.02 per cent Ni (not NI 43-101 compliant).
Prospecting completed on the Par Lake portion of the property three kilometres west of Wullie Lake in the area where previous operators indicated a resource of 60 million tonness grading 0.2 per cent Cu, 5 per cent Ti and 27 per cent Fe and 5 per cent P (Sally Lake deposit) also show very encouraging results. Twelve grab samples collected from the Sally Lake deposit area assayed up to 4.0 g/t TPM (1.73 g/t Pt, 2.09 g/t Pd and 0.183 g/t Au). The average grade of the 12 samples is 2.17 g/t TPM. The historical resource is not compliant with NI 43-101 and to the company's knowledge has never been tested for platinum group elements (PGE). The company will use the location of the resource as a guide to help define the platinum, palladium and gold content. In addition, grab samples collected 700 metres east of the Sally Lake deposit returned assays up to 2.4 g/t TPM.
A fourth area of significant mineralization was discovered near the southeast boundary of the Bermuda property. This area returned assays grading up to 2.1 g/t TPM. No base metal values for the recent sampling program have been received as of yet.
The company is very excited about these new discoveries and believes the Bermuda property has excellent potential to host a large deposit of PGE. The company will be aggressively moving forward to determine if the old deposits have potential to host large resources of platinum, palladium and gold with base metal credits. The company's Bermuda property now has significant mineralization over a strike length of 15 kilometres. The Bermuda property lies directly along strike of Marathon PGM Corp.'s Marathon deposit containing a resource of 1.9 million ounces total palladium, platinum and gold and 290 million pounds of copper (PR March 30, 2005).
Drilling has commenced on the Bermuda property and the fourth hole is currently under way. Prospecting is also continuing and new targets are being identified.
Clinton Barr, PGeo, vice-president, exploration, for Benton Resources Corp., is the qualified person responsible for this release.
We seek Safe Harbor.
Northern Platinum to explore Wellgreen ultramafic zone
Northern Platinum Ltd (TSX-V:NTH)
Shares Issued 15,454,633
Last Close 4/25/2005 $0.23
Friday May 06 2005 - News Release
Mr. John McGoran reports
WELLGREEN DEPOSIT YUKON TERRITORY 2005 EXPLORATION PROGRAM
Northern Platinum Ltd.'s 2005 exploration program at Wellgreen will focus on continued exploration at the north ultramafic zone. This recently discovered 40-metre-long zone is parallel to and 500 metres north of the Wellgreen deposit. Fifteen chip samples collected from this zone were anomalous for platinum. Three of the samples assayed in excess of one ounce per ton platinum and eleven were greater than 0.24 ounce per ton platinum. Nine samples assayed greater than 0.5 ounce per ton palladium.
Additional grab samples anomalous for platinum and palladium lie along strike 40 metres and 500 metres to the east. Trenching and sampling, to be followed by drilling, will be conducted both east and west of this exciting new discovery.
A resource study conducted before National Instrument 41-101 by Watts Griffis and McQuat shows a near-surface reserve category of a probable 46.7 million tons of 0.35 per cent copper, 0.36 per cent nickel, 0.015 ounce per ton platinum and 0.01 ounce per ton palladium with an additional possible category of 8.5 million tons of 0.36 per cent copper, 0.35 per cent nickel, 0.015 ounce per ton platinum and 0.009 ounce per ton palladium, with additional values of cobalt, gold and silver. The historical record of the 1970's shows Hudson Yukon Mining Co. extracted from underground workings and processed 189,211 tons of 2.23 per cent nickel, 1.39 per cent copper, 0.065 ounce per ton platinum plus 0.023 per cent cobalt from the Wellgreen deposit.
The resource study by Watts Griffis and McQuat is not compliant with NI 43-101 and should be considered only as a significant zone of mineralized rock.
This news release prepared by J. McGoran, qualified person.
Benton Resources buys Par Lake
2005-05-04 10:50 MT - News Release
Mr. Stephen Stares reports
BENTON RESOURCES CORP (BTC) CLOSES ACQUISITION OF PAR LAKE PROPERTY
Benton Resources Corp. has closed the transaction to purchase 100 per cent of the Par Lake property, subject to a 2-per-cent net smelter return payable to Newmont Mining Corp. (see Stockwatch news dated April 21, 2005). The company has also acquired by staking seven additional claims totalling 50 units adjoining the Par Lake property.
Drilling has commenced on the Bermuda property and the first hole is currently under way. Prospecting has also commenced to identify potential new drill targets.
Clinton Barr, PGeo, vice-president, exploration, Benton Resources Corp., is the qualified person responsible for this release.
We seek Safe Harbor.
AfriOre Intersects Wide Zones Of Platinum Group Metal
Mineralization, Including A 75.21 Meter Intersection
Grading 4.36g/t 4E, In Drill Hole ZF2 At Akanani
Platinum Project, South Africa
BRIDGETOWN, BARBADOS--(CCNMatthews - May 4, 2005) - AfriOre Limited
(TSX:AFO) ("AfriOre") is pleased to report that it has intersected wide
zones of Platreef hosted platinum group metal ("PGM") and base metal
mineralization in drill hole ZF2, some 500 metres from its first
successful drill hole on the Akanani Platinum Project (the "Project") in
South Africa.
In its press release dated April 18, 2005, AfriOre reported that drill
hole ZF2 had successfully intersected the Platreef unit before
terminating in basement granitic rocks. Drill hole ZF2 is part of an
initial 13,000 meter drilling program (refer to diagram in AfriOre press
release April 18, 2005) being conducted by AfriOre in the Project area
on the Northern Limb of South Africa's Bushveld Complex. All holes in
the current program are collared vertically, and are located in close
proximity to the eastern boundary of the Project area.
Drill hole ZF2 was collared near the eastern boundary of the farm
Zwartfontein 814, some 500 meters from the southeastern corner of the
Project area, where drill hole ZF1 was completed (see AfriOre's press
release dated March 31, 2005), and approximately 2000 meters south of
drill hole ZF4. ZF2 encountered norites and anorthosites of the Main
Zone of the Bushveld Complex before intersecting pyroxenitic rocks of
the Platreef unit from 929 to 1,152 meters and ending in footwall
granitic rocks at a depth of 1,166 meters.
Detailed analytical results for Drill Hole ZF2 are given in the
following table:
Detailed Analytical Results For Drill Hole ZF2
----------------------------------------------
---------------------------------------------------------------------
Depth Interval 4E Pt Pd Rh Au Ni Cu
(meters) (meters) g/t g/t g/t g/t g/t % %
---------------------------------------------------------------------
929.39 -
940.00 10.61 2.62 0.99 1.43 0.07 0.13 0.19 0.11
---------------------------------------------------------------------
971.98 -
1,047.19 75.21 4.36 1.74 2.22 0.13 0.27 0.23 0.16
Including
971.98 -
1,030.00 58.02 4.99 1.98 2.55 0.15 0.31 0.27 0.18
Including
971.98 -
979.61 7.63 6.64 2.63 3.23 0.21 0.57 0.39 0.25
996.00 -
1,008.95 12.95 6.40 2.32 3.54 0.23 0.31 0.39 0.23
1,015.00 -
1,030.00 15.00 5.39 2.26 2.69 0.13 0.31 0.25 0.18
Including
1,024.59 -
1,027.15 2.56 11.90 4.96 5.97 0.30 0.67 0.53 0.35
---------------------------------------------------------------------
1,061.80 -
1,067.00 5.20 5.81 2.05 3.28 0.20 0.28 0.17 0.32
---------------------------------------------------------------------
1,071.00 -
1,086.00 15.00 3.12 1.15 1.72 0.14 0.11 0.08 0.18
---------------------------------------------------------------------
1,118.00 -
1,123.00 5.00 6.00 2.63 2.92 0.13 0.32 0.19 0.31
---------------------------------------------------------------------
1,134.00 -
1,149.31 15.31 2.60 0.87 1.44 0.03 0.26 0.14 0.17
Including
1,147.20 -
1,149.31 2.11 9.35 3.66 4.34 0.03 1.32 0.46 0.32
---------------------------------------------------------------------
Notes on the above table:
4E means Pt + Pd + Rh + Au
Pt, Pd, Rh, Au, Ni and Cu mean platinum, palladium, rhodium, gold,
nickel and copper, respectively. Mean grades are weighted using mass
factors (intercept width x specific gravity).
Beartooth Provides Update On Historical Resources At
Its Stillwater Complex Property
TORONTO, ONTARIO--(CCNMatthews - May 4, 2005) - BEARTOOTH PLATINUM
CORPORATION (TSX VENTURE:BTP), at the request of the TSX Venture
Exchange, wishes to clarify statements made in the press release dated
April 27, 2005, in regards to a historical resource estimate on the Camp
Zone mineralization. It was previously reported that the main
mineralized sector at Iron Mountain is the nickel-copper Camp Zone. The
Camp Zone hosts a historic resource estimated by AMAX Ltd. (prior to NI
43-101 standards) at 5.45 million tonnes grading 0.43% nickel and 0.25%
copper. The inventory is based on approximately 50 diamond drill. The
resource estimate provided in the April 27, 2005 press release is
historical in nature, and has not been verified by the issuer's
Qualified Person, and should not be relied upon.
The information was provided by Mr. Alistair Turner who was directly
involved in exploration and development of mineral deposits in the
Stillwater Complex since 1977. He was instrumental in finding and
developing the platinum-palladium bearing "JM" Reef. This reef is now
being actively mined by the Stillwater Mining Company. Mr. Turner is a
member of the American Institute of Professional Geologists (Certified
Professional Geological Scientist - CPG #7052) and is an independent
qualified person as defined by NI 43-101. The Camp Zone information is
already summarized in a press release dated November 19, 2004.
In 1969 AMAX Ltd. conducted an aeromagnetic survey over the basal
portions of the Complex which identified areas of iron formation within
ultramafic lithologies. Between 1970 and 1977 AMAX, and eventually with
its joint venture partner AMOCO, completed induced polarization (IP)
geophysical and geochemical surveys which outlined a series of anomalies
related to transverse fault zones. These fault zones provide avenues for
the emplacement of late stage discordant dunite/serpentinite bodies and
slump breccias. Drilling of the IP and coincident Ni, Cu soil
geochemical anomalies resulted in the discovery of the Iron Mountain
mineralization. In an area named by AMAX as the Camp Deposit over 50
diamond drill holes tested IP anomalies.
This work formed the basis for estimation by the AMAX - AMOCO joint
venture of an inferred resource of 6 million tons (5.45 million tonnes)
grading 0.43% Ni and 0.25% Cu. The Ni and Cu is reported to occur
predominantly in sulphides, principally pentlandite and chalcopyrite,
respectively. Beartooth has copies of AMAX-AMOCO diamond drill hole logs
and assay data (Ni, Cu, Co) for the majority of holes drilled in the
Camp zone. In addition, it has copies of diamond drill hole relogs of
selected holes completed by the Anaconda Company and by Dr. Michael
Zientek of the United States Geological Survey (USGS), Spokane,
Washington. To date the Company has been unable to locate specifics of
AMAX - AMOCO's documentation related to its resource estimate although
cross sections showing the geological interpretation and distribution of
grades are available. This resource estimate has also been quoted in
USGS publications. Mr. Turner confirms that the drilling data is
reliable and is of the opinion that the resource estimate is reasonable
and would be considered as an inferred resource under the CIM mineral
resource classification of NI 43-101.
Just a reminder that Beartooth will hold an investor conference call at
10 A.M. (EDT) on Wednesday May 4, 2005. Dial-in numbers can be found on
the Beartooth Platinum website at www.beartoothplatinum.com in the
investor section under news:
/T/
Conference Call Details
Date: Wednesday May 4, 2005
Time: 10:00 A.M. (EDT)
Local callers: 416-640-3404
North American callers: 1-866-337-9164
International callers: +1-416-640-3404
/T/
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 staements 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
Mike Johnson
President and CEO
(775) 721-7966
www.beartoothplatinum.com.
FNX Mining To Acquire Aurora Platinum
TORONTO, ONTARIO--(CCNMatthews - May 4, 2005) - FNX Mining Company Inc.
(TSX:FNX)(AMEX:FNX) and Aurora Platinum Corp. (ARP-TSXV) announced today
that they have entered into an arrangement agreement, whereby FNX will
acquire all of the outstanding shares of Aurora in exchange for common
shares of FNX. Based on the closing price of the FNX shares on May 3rd
of Cdn$9.17, this offer values Aurora at Cdn$1.83 per share and
approximately Cdn$39 million in aggregate, based on shares currently
outstanding.
Aurora is a junior Canadian resource company actively exploring for
nickel-copper-platinum-palladium-gold deposits in Ontario and Quebec and
through various ownership interests and agreements holds an extensive
land position in the prolific Sudbury Basin mining camp.
Aurora owns a 60% interest (Falconbridge 40%) in the Falconbridge Mine
Property, including the historic Falconbridge Mine which produced 33
million tons at an average grade of 1.58% nickel and 0.89% copper and
the Falconbridge East Mine which produced 8.7 million tons of contact
nickel-rich ore at an average grade of 1.15% nickel and 0.76% copper
(see Aurora web site www.auroraplatinum.com for details). The
Falconbridge Mine Property is considered to have significant potential
for additional nickel-rich contact type deposits along strike and below
the former producing mines.
The Falconbridge Mine Property contains over eight kilometers of
favourable, relatively unexplored, Sudbury Basin footwall environment.
Like most Sudbury Basin footwall environments situated behind large
nickel contact deposits, this area has excellent potential for
high-grade, copper-nickel-platinum-palladium-gold footwall deposits
similar to the high-grade copper-nickel-platinum-palladium-gold footwall
mineralization recently discovered by FNX behind its Levack Mine and
similar to typical Sudbury Basin footwall deposits (e.g. Falconbridge's
Nickel Rim South and Strathcona Deep Copper Deposits and Inco's 153
Deposit at their Coleman Mine).
Aurora also has large land holdings covering a 10 km long section of the
Foy Offset, which radiates from the North Range of the Sudbury Basin.
Exploration here has indicated the potential for Sudbury Basin
Offset-type and copper-nickel-platinum-palladium-gold footwall deposits
and there are several significant occurrences of footwall type
mineralization on and in close proximity to the Aurora properties.
Terry MacGibbon, President and CEO of FNX stated, "Over the past three
years FNX has been totally focused in the Sudbury Basin mining camp and
sees the Aurora transaction as a way to build on our excellent
exploration, development and mining successes in Sudbury. This
transaction will not only increase FNX's Sudbury Basin land holdings
eight-fold but provide us with over eight kilometers of very
prospective, relatively under-explored footwall environment behind the
historic Falconbridge Mine, one of the largest nickel-rich, contact
deposits in the Sudbury Basin. This transaction also provides FNX with
an excellent opportunity to apply the expertise that recently led to our
exciting new footwall discovery behind the Levack Mine".
Daniel G. Innes, President and CEO of Aurora stated, "Aurora has been
working diligently over the past three years to establish a strong and
prospective land position in the Sudbury Mining Camp, one of the world's
largest metal depositories. The merger with FNX, a proven producer with
a growing asset base and discovery record in the Sudbury Camp, will
provide an immediate and long term upside for Aurora shareholders".
According to Aurora Platinum's Technical Report NI 43-101 F1 on the
Falconbridge-Aurora Option Joint Venture Footwall and Foy Properties
dated February 4, 2003 by L.D.S. Winter, P. Geo. and using the
classifications at that time, the Falconbridge Mine Property contains
1.65 million tons of proven ore at 1.50% Ni, 0.92% Cu, 0.07% Co and a
further 0.79 million tons referred to as "possible" and which grades
1.25% Ni, 0.75% Cu, 0.06% Co. These estimates of mineral
resources/reserves are based upon a mineral inventory of historical
remnant mineralization remaining in the Falconbridge and East Mines at
the time of closure in 1984 and 1990 respectively and continue to be
relevant as of the date hereof. These historical estimates used
categories other than those which are consistent with current CIM
standards and the requirements of National Instrument 43-101 of the
Canadian Securities Administrators, including references to "proven ore"
and "possible resources/reserves".
Aurora has extensive exploration mineral properties throughout
northwestern Ontario, the Timmins area and northwestern Quebec. It also
has exposure to gold through its 16.8% ownership in Lake Shore Gold
Corp. (LSG-TSXV) and to diamonds through its 20.6% interest in Superior
Diamonds Inc. (SUP-TSXV) and has approximately C$3 million in cash.
FNX will initiate a detailed review and compilation of all Aurora data,
starting with the Falconbridge Mine Property, and will assume management
of all of Aurora's exploration programs as soon as the arrangement is
finalized.
Transaction
The acquisition will occur by way of a Plan of Arrangement (the
"Arrangement") to be approved at the annual general and special meeting
of Aurora shareholders expected to be held on June 20, 2005. The formal
circular containing the details and conditions of the transaction is
expected to be mailed to Aurora shareholders in late May 2005. The Board
of Directors of Aurora unanimously supports the agreement and recommends
that shareholders vote in favour of the Arrangement at the Aurora
shareholder's meeting. Aurora's Board of Directors has received a
fairness opinion stating that the transaction is fair, from a financial
point of view, to Aurora shareholders.
FNX has entered into agreements with Aurora shareholders representing
approximately 38% of Aurora's shares outstanding, whereby such
shareholders have agreed to vote in favour of the Arrangement. The
transaction is conditional on approval from a minimum of 66?% of the
votes cast at the Aurora shareholders meeting and on the receipt of all
necessary regulatory and court approvals. Following the transaction,
Aurora will be managed by FNX. Daniel G. Innes, President and CEO of
Aurora, will be appointed to the FNX Board.
Pursuant to the Arrangement agreement, Aurora has agreed not to solicit
third party interest regarding an acquisition of Aurora or its assets (a
"Competing Business Transaction"). However, the directors of Aurora are
able to respond to an unsolicited bona fide proposal regarding an
acquisition provided such a response is necessary for the directors of
Aurora to fulfill their fiduciary obligations. Aurora has agreed to pay
FNX a break-fee of C$1.0 million, payable in the event that Aurora
concludes a Competing Business Transaction within a specified time
period. The Arrangement agreement may be terminated by Aurora prior to
shareholder approval in the event of a Competing Business Transaction
that is not matched by FNX. The Arrangement agreement will terminate on
July 31, 2005 if the Arrangement has not been completed.
In connection with the transaction, shareholders of Aurora will receive
a number of common shares of FNX that will vary based upon the weighted
trading price of the FNX shares for the ten business days ending on June
14, 2005 (the "FNX Share Price"). If the FNX Share Price is between
Cdn$7.50 and Cdn$11.00, shareholders of Aurora will receive one common
share of FNX in exchange for every five common shares of Aurora they
surrender pursuant to the Arrangement and FNX will issue an aggregate of
approximately 4,285,084 common shares for the 21,425,418 issued and
outstanding Aurora shares.
The share consideration received by shareholders of Aurora at closing is
subject to a collar formula whereby if the FNX Share Price is above
Cdn$11.00, then the Aurora shareholders will receive that number of FNX
shares that would result in a maximum consideration of Cdn$2.20 per
Aurora share. If the FNX Share Price is between Cdn$5.00 and Cdn$7.50,
then Aurora shareholders will receive that number of FNX shares that
would result in a consideration of Cdn$1.50 per Aurora share. If the FNX
Share Price is below Cdn$5.00, then Aurora shareholders will receive one
FNX share for every 3.3333 Aurora common shares.
BMO Nesbitt Burns is acting as financial advisor to FNX.
Forward-looking Statement
This press release contains certain forward-looking statements. These
forward-looking statements are subject to a variety of risks and
uncertainties beyond the company's ability to control or predict, which
could cause actual events or results to differ materially from those
anticipated in such forward-looking statements. In this news release,
predictions about the Plan of Arrangement being approved and finalized
are forward-looking statements. Neither Aurora nor FNX has completed the
work necessary to verify the classification of the technical data as a
resource/reserve, and neither Aurora nor FNX is treating such data as a
defined resource/reserve verified by a qualified person in accordance
with National Instrument 43-101. Accordingly, reliance should not be
placed on these historical estimates and therefore readers should not
place undue reliance on forward-looking statements.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
FNX Mining Company Inc.
Terry MacGibbon
President and CEO
(416) 628-5922
(416) 360-0550 (FAX)
tmacgibbon@fnxmining.com
or
FNX Mining Company Inc.
David Constable
Vice President, Investor Relations and Corporate Affairs
(416) 628-5938
(416) 360-0550 (FAX)
dwconstable@fnxmining.com
www.fnxmining.com
Marathon increases Marathon property to 3,286 hectares
2005-04-22 07:41 MT - News Release
Mr. Phillip Walford reports
MARATHON PGM CORPORATION ADDS TO LAND HOLDINGS
Marathon PGM Corp. has added 1,056 hectares to its current 2,230 hectares on the company's 100-per-cent-owned Marathon PGM-Cu property located near Marathon, Ont. The property consisted of two Crown leases and six additional unpatented mining claim blocks. The company purchased seven additional unpatented mining claim blocks from two prospectors residing in the town of Marathon.
The claims were purchased for $60,000 plus a 2-per-cent defined net smelter return to the vendors for ore or minerals extracted from these claims. The net smelter royalty can be reduced to 1 per cent by making a payment of $1-million. These claims form a contiguous strip approximately six kilometres long and 1.5 kilometres wide connecting to the southeast end of the company's current land position. They add approximately five kilometres of addition land along the favourable contact of the intrusive gabbros of the Coldwell complex with the older volcanic rocks. This brings the total length of the contact on company property to eight kilometres. One copper occurrence is known on the new claims. In addition, the claims provide additional land for infrastructure, place the access road on company land and bring the claims down to Highway 17.
The new claim blocks bring the total land position to 3,286 hectares
Beartooth Platinum compiling data; shares for debt
2005-04-27 12:19 MT - News Release
Mr. Mike Johnson reports
BEARTOOTH PROVIDES PROJECT UPDATE AT ITS STILLWATER COMPLEX PROPERTY
Beartooth Platinum Corp. continues to make good progress with the exploration program that has been planned for 2005. Beartooth has focused on advancing compilation work on significant historical data in anticipation of an upcoming field geochemical sampling, platinum-palladium target validation programs and diamond drilling.
"We are extremely pleased with the progress made to date at the 800-plus claim and 50-kilometre strike length Stillwater land package," commented Mike Johnson, president and chief executive officer of Beartooth Platinum Corp. "We are tracking to the plan developed in January, 2005, by the highly experienced management team, geologists and compilation consultants, and are confident that we can delineate a platinum-palladium resource in the area surrounding SMC's operating mines (Stillwater and East Boulder mines) at the Stillwater complex."
Beartooth will hold an investor conference call at 10 a.m. (EST) on Wednesday, May 4, 2005.
Conference call details:
date: Wednesday, May 4, 2005;
time: 10 a.m. (EST);
local callers please dial 416-640-3404;
North American callers please dial 1-866-337-9164; and
international callers please dial 1-416-640-3404.
Beartooth controls 826 unpatented lode mineral claims over the exposed 50-kilometre strike length of the Stillwater complex. The complex hosts the largest known resource of platinum group elements (PGE) in North America, and includes the Stillwater Mining Co. (SMC), which operates two mines in a mineralized rock unit known as the J-M reef (the Stillwater and East Boulder mines). SMC reports proven and probable reserves at the Stillwater mine of 15.9 million tonnes grading 22.63 grams per tonne of combined platinum-palladium, with a platinum-to-palladium ratio of 3.4:1, and proven and probable reserves at the Boulder East mine of 20.6 million tonnes grading 18.17 grams per tonne of combined platinum-palladium, with a platinum-to-palladium ratio of 3.7:1. Beartooth's mineral claims are contiguous with and surround the SMC operating mines.
Project update
Beartooth initiated a major program in January, 2005, to identify one or more zones with higher-grade platinum-palladium. The work includes:
a compilation and synthesis of the extensive historical database to prioritize the approximately 90 sectors already permitted for exploration work and also to generate new targets. Preliminary results indicate a significant continuity of the geology and sulphide-rich zones than previously thought based on the current drilling and reinterpretation of the original structural data;
a comprehensive geochemical sampling program, which will be implemented in early summer to determine the orientation and extent of existing and new PGE-bearing horizons, as well as corroborating the projected trends from the airborne magnetic-electromagnetic geophysical interpretation; and
ultimately a diamond-drilling program in the third quarter of 2005.
Combining geophysics with geology has shed new light on the projected trends of known platinum-palladium targets, which have kilometric extents. This adds new potential for Beartooth's Stillwater property, which according to the management team could eventually translate into significant mineral resources.
Previous work by Beartooth has defined a number of platinum-palladium targets that lie within its claim group, particularly within at least one reef (Picket Pin) similar to the J-M reef, and a 2,000-metre-thick ultramafic unit that hosts numerous chromite horizons and nickel-copper sulphide mineralization (Camp zone), both of which carry platinum-palladium anomalies.
There are two major chromite units enriched in platinum-palladium on Beartooth's ground in the Iron Mountain area. Historical drilling by Beartooth returned significant values of 1.24 grams per tonne platinum and 2.75 grams per tonne palladium over 2.8 metres, and 1.36 grams per tonne platinum and 2.57 grams per tonne palladium over 7.1 metres from chromite units. The main mineralized sector at Iron Mountain is the nickel-copper Camp zone, containing anomalous platinum-palladium. The Camp zone hosts a historic mineral inventory estimated by Amax (prior to National Instrument 43-101 standards) at 5.45 million tonnes grading 0.43 per cent nickel and 0.25 per cent copper (see Stockwatch news dated Oct. 12, 2004, and Nov. 19, 2004). However, the assaying of the original Amax core did not include platinum-palladium analysis.
Previously reported diamond drilling (four holes for 500 metres) by Beartooth in 2004 on the Camp zone and one other Iron Mountain target identified a number of anomalous intervals for future testing. One of two holes at the Iron Mountain grid (DDH-IMC04-01) returned 0.5 gram per tonne platinum and 1.42 grams per tonne palladium over 3.1 metres. Two holes at the Camp zone grid intersected (DDh-CZ04-01) 1.39 grams per tonne platinum over 1.1 metres, 0.25 per cent copper and 0.35 per cent nickel over 21.2 metres (including a 0.5-metre interval with 1 per cent nickel and an additional 0.9-metre interval with 0.7 per cent copper) and in the second hole (DDH-04-02), 1.51 grams per tonne platinum and 0.52 gram per tonne gold over 0.7 metre, 0.51 per cent copper and 0.4 per cent nickel over 3.9 metres (including a 0.6-metre interval containing 1 per cent copper and 0.54 per cent nickel), and finally, 1.8 grams per tonne platinum and 0.51 gram per tonne gold over one metre.
Jean Lafleur, PGeo, Beartooth's vice-president, exploration, is the qualified person (under National Instrument 43-101's guidelines) responsible for reviewing the technical information in this news report.
In addition, the company has received approval from the TSX Venture Exchange for its previously announced settlement of an outstanding debt owed to Tomasovich 1999 Revocable Trust (see Stockwatch news dated March 22, 2005). The amount of the debt is $40,000 (U.S.) with $4,458 (U.S.) owed in interest. The company will issue 445,480 common shares to Tomasovich 1999 Revocable Trust as settlement for the entire amount owing, thus extinguishing the debt in its entirety. The common shares issued will be subject to a hold period expiring on Aug. 1, 2005.
We seek Safe Harbor.
Pacific North releases Lismer extension results
2005-04-25 13:05 MT - News Release
Mr. Harry Barr reports
PACIFIC NORTH WEST CAPITAL CORP. - 20,740 METRES OF DRILLING COMPLETED - RIVER VALLEY PGM PROJECT, SUDBURY, ONTARIO
Pacific North West Capital Corp. has released assay results from the newly discovered Lismer extension zone as well as additional drilling in the Varley zone and Varley extension on the River Valley project.
Strong sulphide mineralization was intersected in all of the areas and the zones are still open in along strike and to depth.
The latest results from the Lismer extension drilling continued to intersect sulphide mineralization and PGE values in the structurally complex southeast end of the zone.
The drilling interpretation suggests a repetition of the host breccia mineralization. Assays are still pending. On the Varley zone, assays are continuing to confirm mineralization to the north of the defined inferred resource (see intersection table below).
The drill holes were all drilled across strike (see location table below). The dip of the zone varies along strike and to depth, but generally it is to the southwest at between 65 and 75 degrees.
No significant assay values were returned from six holes in the Casson zone; however, assay results are pending from one hole in the Lismer extension zone, 17 holes in the Varley zone, 12 holes in the Varley extension area and six holes in the Jackson Flats area.
DRILL ASSAY INTERSECTIONS
-- LISMER EXTENSION
Hole From To Int Au Pt Pd
m m m ppb ppb ppb
LR-152 61 66 5 112 562 1376
and 239 252 13 63 348 912
incl 250 251 1 126 616 1826
LR-153 156 160 4 92 567 1257
LR-154 266 285 19 35 213 640
incl 266 273 7 44 372 970
LR-155 nsa
DRILL ASSAY INTERSECTIONS
-- LISMER EXTENSION
Hole Int Pt+Pd 3E Cu Ni
m ppb g/t ppm ppm
LR-152 66 1937 2.05 1363 300
and 252 1260 1.32 1304 367
incl 251 2442 2.57 2708 664
LR-153 160 1825 1.92 1089 381
LR-154 285 853 0.89 1075 299
incl 273 1342 1.39 1001 336
LR-155 nsa
DRILL ASSAY INTERSECTIONS
-- VARLEY
Hole From To Int Au Pt Pd
m m m ppb ppb ppb
VA-40 96 101 5 76 408 1181
VA-41 64 69 5 70 370 1298
VA-42 99 100 1 106 421 1303
VA-43 48 55 7 37 217 509
incl 52 55 3 49 313 765
VA-44 59 65 6 65 301 933
incl 74 75 1 69 351 1100
incl 100 101 1 161 562 2805
VA-45 33 34 1 73 387 1138
VA-46 24 25 1 74 268 1101
and 69 77 8 58 385 902
incl 72 74 2 72 726 1620
and 85 86 1 168 627 1493
VA-47 8.7 37 28 29 204 531
incl 8.7 10 1 84 860 2472
VA-48 41 43 2 50 536 1552
VA-49 157 158 1 42 283 731
VA-50 157 160 3 97 660 1754
and 177 178 1 48 391 1159
and 190 191 1 63 445 1284
VA-53 193 200 7 65 377 813
incl 193 195 2 87 474 1311
incl 193 194 1 119 557 1597
incl 206 207 1 84 415 953
DRILL ASSAY INTERSECTIONS
-- VARLEY
Hole Int Pt+Pd 3E Cu Ni
m ppb g/t ppm ppm
VA-40 5 1589 1.67 965 323
VA-41 5 1668 1.74 874 328
VA-42 1 1724 1.83 1038 276
VA-43 7 726 0.76 540 157
incl 3 1078 1.13 757 211
VA-44 6 1234 1.30 554 223
incl 1 1451 1.52 319 174
incl 1 3367 3.53 2437 505
VA-45 1 1525 1.60 695 363
VA-46 1 1369 1.44 149 51
and 8 1286 1.34 838 170
incl 2 2346 2.42 1318 309
and 1 2120 2.29 1249 261
VA-47 28 735 0.76 468 187
incl 1 3332 3.42 798 481
VA-48 2 2087 2.14 369 386
VA-49 1 1014 1.06 458 114
VA-50 3 2414 2.51 985 210
and 1 1550 1.60 258 94
and 1 1729 1.79 1118 297
VA-53 7 1190 1.25 910 213
incl 2 1785 1.87 1577 363
incl 1 2154 2.27 2198 514
incl 1 1368 1.45 1261 368
DRILL ASSAY INTERSECTIONS
-- VARLEY EXTENSION
Hole From To Int Au Pt Pd
m m m ppb ppb ppb
VE-18 113 115 2 45 239 789
VE-19 nsa
DRILL ASSAY INTERSECTIONS
-- VARLEY EXTENSION
Hole Int Pt+Pd 3E Cu Ni
m ppb g/t ppm ppm
VE-18 2 1028 1.07 1132 719
VE-19 nsa
LISMER, VARLEY, & VARLEY EXT
-- DRILL HOLE LOCATIONS
Hole Grid-SE Grid-NE Dip Azimuth Depth
m
LR-152 4+38 10+61 -50.0 45.0 290.0
LR-153 5+75 10+50 -45.0 45.0 176.0
LR-154 3+95 9+40 -45.0 45.0 356.3
LR-155 6+00 12+05 -45.0 45.0 155.0
VA-40 45+10 0+25 -45 65.0 231.0
VA-41 44+35 1+25 -46.1 65.0 134.5
VA-42 44+10 0+75 -46.1 65.0 172.0
VA-43 43+50 1+60 -45.3 45.0 101.0
VA-44 -4350 150 -46 45.0 149.0
VA-45 -4300 220 -45.3 45.0 116.0
VA-46 -4300 165 -44.8 45.0 161.5
VA-47 -4240 200 -45.9 45.0 122.0
VA-48 -4240 250 -47.9 45.0 158.0
VA-49 -4245 125 -55.5 45.0 244.0
VA-50 -4190 150 -45 45.0 269.0
VA-51 -3830 240 -45.7 45.0 95.0
VA-52 -3930 210 -45 45.0 110.0
VA-53 -4190 150 -60 45.0 284.0
VE-17 500 -1350 -45 0.0 356.0
VE-18 500 -1250 -45 0.0 389.0
VE-19 550 -1250 -45 0.0 284.0
Benton Resources to buy Par Lake near Bermuda project
2005-04-21 11:15 MT - News Release
Mr. Stephen Stares reports
BENTON RESOURCES CORP (BTC) SIGNS AGREEMENT WITH NEWMONT TO PURCHASE 100% OF PAR LAKE PROPERTY.
Benton Resources Corp. has signed a purchase agreement with Redstone Resources Inc., a subsidiary of Newmont Mining Corp., to purchase a 100-per-cent interest (subject to a 2-per-cent net smelter return payable to Newmont) in the Par Lake property located in Northwestern Ontario. Under the terms of the agreement, the company will pay Newmont $100,000 in cash upon regulatory approval of the agreement. The Par Lake property consists of 37 lease claims totalling 1,261 hectares. The property adjoins the western extension of the company's Bermuda property and covers the strike extension of the eastern border gabbro (EBG). The EBG hosts more than 90 per cent of the significant platinum, palladium, gold and copper mineralization found to date in the Proterozoic-aged Coldwell intrusive complex.
Limited surface grab sampling on the Par Lake property completed by Redstone Resources in 1991 returned assays up to 1.8 grams per tonne combined Pt plus Pd plus Au. Redstone Resources Inc. also completed four shallow drill holes totalling 443 metres. All of the drill holes intersected anomalous values of Cu-PGE. One of these shallow drill holes located at the west end of the property intersected anomalous values of 0.33 per cent Cu and 0.466 gram per tonne combined Pt plus Pd plus Au over 26 metres. The company believes the property has excellent potential to host higher grades and greater widths of mineralization within the EBG.
According to Ontario geological survey, OFR No. 6148 (Schnieders et al., 2004, p. 36), the property also hosts two large low-grade deposits containing historical resources of 60 million tonnes grading 0.2 per cent Cu, 5 per cent Ti, 27 per cent Fe and 5 per cent P, and 32 million tonnes grading 0.3 per cent Cu, 2.48 per cent Ti, 23 per cent Fe, 0.02 per cent Ni and 0.36 per cent P. Redstone Resources calculated the resources in 1991 and although not compliant with National Instrument 43-101 standards, the company believes them to be significant. Of interest is the association between elevated titanium and PGE mineralization on the company's adjacent Bermuda property and the apparent lack of PGE assaying in the titanium-rich deposits by operators prior to Redstone Resources.
Benton Resources is very excited about this acquisition as it increases the total strike extent of its Cu-PGE-rich EBG horizon to more than 15 kilometres. The company will be starting ground exploration immediately and drilling on the Bermuda property will begin in late April. Updates will be given as the exploration continues. Clinton Barr, PGeo, vice-president of exploration for Benton Resources, is the qualified person responsible for this release.
Southern Platinum receives takeover bid from Lonmin
2005-03-22 08:25 MT - News Release
Mr. Patrick Evans reports
LONMIN PLC AND SOUTHERN PLATINUM CORP ANNOUNCE A CASH BID BY LONMIN TO ACQUIRE SOUTHERN PLATINUM
Southern Platinum Corp. and Lonmin PLC have entered into an agreement pursuant to which Lonmin will offer to acquire the outstanding common shares of Southern Platinum for a cash consideration of $2.66 per common share. The offer values Southern Platinum at $190-million (U.S.).
The board of directors of Southern Platinum has, upon the recommendation of a special committee of its directors established to consider the Lonmin offer, unanimously approved the Lonmin proposal and will recommend that shareholders accept the offer. The board and officers of Southern Platinum have agreed to tender their shares to the offer. Southern Platinum's financial adviser, RBC Capital Markets, has advised the board that the consideration being offered under the Lonmin proposal is fair from a financial point of view to Southern Platinum shareholders.
"The offer by Lonmin provides Southern Platinum shareholders with a premium for their investment, payable in cash," said Brad Mills, chief executive officer of Lonmin. "It also alleviates concerns about their company's uncertain operations and financial position. Discussions have been held with Southern Platinum's bankers who have agreed to consider granting deferment in the event of Messina being in breach of financial covenants until the conclusion of the acquisition by Lonmin."
The benefits of the Lonmin offer for Southern Platinum shareholders include:
a 39-per-cent premium over the closing share price on Nov. 23, 2004, the last trading day prior to Southern Platinum's announcement that it was in continuing discussions with its lenders to arrange the restructuring of the Messina project debt facility and that, in parallel, Southern Platinum was in discussions with various other parties, including major platinum companies, to replace or eliminate its syndicated project debt facility;
a 100-per-cent cash consideration and low transaction execution risk; and
a solution to the operating and financial risks facing Southern Platinum and its shareholders.
"The board of directors of Southern Platinum has pursued and considered several investment and financing alternatives to address Messina's current debt service obligations and short-term working capital deficiencies and has concluded that the offer from Lonmin is in the best interests of Southern Platinum and its shareholders," said Dr. Christopher Jennings, chairman of Southern Platinum.
Southern Platinum owns 91.5 per cent of Messina Ltd., a company listed on the JSE securities exchange. Messina Ltd. operates the Messina platinum mine on the eastern limb of South Africa's Bushveld complex, approximately 250 kilometres from the Lonmin platinum operations. The Messina lease area has a strike length of 23 kilometres with an attributable platinum group metal (PGM) resource of about 20 million ounces (5PGE+Au).
Current mining operations at Messina are under way on a strike length of four kilometres and, in 2004, Messina produced about 86,300 ounces of 5PGE+Au, of which platinum production is estimated at 45,000 ounces. Lonmin sees potential for Messina's platinum production to rise to 75,000 ounces per year. In the opinion of Lonmin, sustained production at this level will require additional expenditure of about $75-million (U.S.) over a period of three years on shaft deepening, underground developments, mechanized mining and processing capacity. After the completion of the acquisition, Lonmin plans to examine the viability of additional production from the remainder of the Greater Messina resource base.
Lonmin also announces that it has reached an agreement with Impala Platinum Holdings Ltd. (Implats) to acquire the Messina concentrate offtake contract for $15-million (U.S.) in cash plus deliveries of fixed quantities of metals in concentrate to Implats for approximately 16 months from Feb. 1, 2005, conditional on the successful acquisition of Southern Platinum. Lonmin expects to smelt and refine Messina concentrate from mid-2006 onward.
Lonmin is capitalized at $2.8-billion (U.S.) and has proven expertise in platinum mine management in South Africa. Benefits of the transaction for Lonmin include:
an improvement in the near-term performance of the Messina mine through the application of Lonmin's financial resources and extensive operating skills;
removal of smelting value leakage through the purchase of the offtake contract from Implats;
considerable synergies through smelting the higher copper/nickel Messina concentrate at Lonmin platinum operations and through rationalization of head office costs; and
future growth through the maximization of the Greater Messina resource base.
The total cost of the acquisition of Southern Platinum will be $263-million (U.S.), composed of the equity value of $190-million (U.S.), acquired debt of $58-million (U.S.) and the Implats contract of $15-million (U.S.). Lonmin will finance the acquisition using existing banking facilities. While this will result in higher debt, increasing gearing to 43 per cent, Lonmin expects its interest cover to remain at more than 10 times, a level with which the board is comfortable in the current environment. The transaction is expected to be both earnings and cash flow accretive from fiscal 2007 onward when the benefits of smelting the Messina concentrate will fully accrue. In both fiscal 2005 and 2006, it will be marginally dilutive to earnings and cash flow excluding amortization of goodwill and transaction costs.
At Sept. 30, 2004, Southern Platinum had net assets of $148-million (U.S.). It reported an EBITDA (earnings before interest, taxes, depreciation and amortization) loss of $10-million (U.S.) and a net loss after tax of $26-million (U.S.) in the nine months to Sept. 30, 2004. Southern Platinum reported a positive operating profit at Messina for November, 2004. Industrial action during the current quarter has negatively impacted Messina's production buildup and cash flow.
The transaction will be subject to customary conditions including that a minimum of 66-2/3 per cent of Southern Platinum shares, on a fully diluted basis, are tendered to the takeover bid. The agreement between Southern Platinum and Lonmin provides that a break fee of $6-million will be payable to Lonmin in certain circumstances. The transaction is also subject to regulatory requirements in both Canada and South Africa. The offer document is expected to be filed with the Canadian securities regulators and mailed to shareholders within 15 business days. Regulatory approval and completion of the transaction is expected within 90 days after the filing of the offer.
Lonmin is being advised by BMO Nesbitt Burns Inc., as lead adviser, and JPMorgan Cazenove Ltd.
Southern Platinum is being advised by RBC Capital Markets.
We seek Safe Harbor.
Beartooth bites into PGE program; Johnson named CEO
2005-03-22 05:59 MT - News Release
Mr. Jean Lafleur reports
BEARTOOTH APPOINTS NEW PRESIDENT AND CEO TO LEAD MAJOR EXPLORATION PROGRAM FOR PLATINUM/PALLADIUM AT STILLWATER COMPLEX
Beartooth Platinum Corp. has appointed Michael D. Johnson, PGeo, to the position of president and chief executive officer of the company. Mr. Johnson will also join the board of directors of the company. Current president and chief executive officer, Stan Bharti, will become Beartooth's chairman and the current chairman, Gerald McCarvill will become vice-chairman.
Michael D. Johnson has over 30 years in exploration and mining. The last 15 years have been in executive and senior management positions, evaluating, developing, constructing and mining mineral properties located in North, Central and South America, and Australia. Most recently, Mr. Johnson was the principal of M.D. Johnson & Associates and in that capacity, he and his team have been responsible for the evaluation and development of numerous underground and open pit mines across the United States, Mexico and Brazil. Mr. Johnson holds a BSc degree from the University of London, England. Mr. Johnson also held various project and senior geologist postings with mid- to large cap companies mostly in the U.S. His commodity expertise includes base and precious metals, porphyry copper and uranium.
"We are very excited about Mr. Johnson's appointment," stated Stan Bharti, former president and chief executive officer. "His experience and background will prove to be a tremendous asset as the company moves forward in developing its properties, particularly at the Stillwater complex, where the new management team will continue its aggressive exploration program to outline higher grade platinum group elements. In addition, Beartooth is also pleased to announce the hiring of Mr. Jonathan Findlay, PGeo, a specialist in PGEs, as senior geologist for the company."
Members of the new management team are:
Michael D. Johnson, PGeo, president and chief executive officer;
Jean Lafleur, PGeo, vice-president exploration;
David Meyer, vice-president corporate development;
Dr. Jonathan Findlay, PGeo, senior project geologist;
John Andrews, technical adviser corporate affairs;
Dr. Reid Keays, technical adviser on PGEs; and
John Buckle, PGeo, technical adviser geophysics.
Beartooth recently initiated a major program to identify one or more zones with higher grade PGEs. The work includes a compilation and synthesis of the extensive historical database (one metric tonne of documents) to prioritize the approximately 90 sectors already permitted for exploration work and also to generate new targets. A comprehensive geochemical sampling program will be implemented this summer to determine the orientation and extent of existing and new PGE-bearing horizons, as well as corroborating the projected trends from the airborne magnetic-electromagnetic geophysical interpretation. This will ultimately lead to diamond drilling in the third quarter 2005. Combining geology and geophysics has shed new light on the projected trends of known PGE targets, which have kilometric extents. This adds new potential for Beartooth's Stillwater property, which, according to the management team, could eventually translate into significant mineral resources.
Stillwater complex -- a PGE enriched complex
Beartooth controls 809 unpatented lode mineral claims over the exposed 50-kilometre strike length of the Stillwater complex. The complex hosts the largest known resource of PGEs in North America, and includes the Stillwater Mining Company (SMC), which operates two mines in a mineralized rock unit known as the J-M reef (the Stillwater and East Boulder mines). SMC reports proven and probable reserves at the Stillwater mine of 15.9 million tonnes grading 22.63 grams per tonne of combined platinum-palladium, with a platinum to palladium ratio of 3.4:1, and proven and probable reserves at the Boulder East mine of 20.6 million tonnes grading 18.17 g/t of combined platinum-palladium, with a platinum to palladium ratio of 3.7:1 (source: Stillwater Mining company website). Beartooth's mineral claims are contiguous with the SMC property.
Beartooth's Stillwater mineral claims and diamond drilling campaign in 2004
Previous work by Beartooth has defined a number of PGE targets that lie within its claim group, particularly within at least one "reef" (Picket Pin) similar to the J-M reef, and a 2,000-metre thick ultramafic unit that hosts numerous chromite horizons and nickel-copper sulphide mineralization (Camp zone), both of which carry PGEs.
There are two major chromite units enriched in PGEs on Beartooth's ground in the Iron Mountain area. Historical drilling by Beartooth returned significant values of 1.24 grams platinum per tonne (g Pt/t) and 2.75 grams palladium per tonne (g Pd/t) over 2.8 metres, and 1.36 g Pt/t and 2.57 g Pd/t over 7.1 metres from chromite units. The main mineralized sector at Iron Mountain is the nickel-copper Camp zone, containing anomalous PGEs. The Camp zone hosts a historic mineral inventory estimated by AMAX (prior to NI 43-101 standards) at 5.45 million tonnes grading 0.43 per cent nickel and 0.25 per cent copper. This historic mineral inventory was previously reported by Beartooth in news in Stockwatch dated Oct. 12, 2004, and Nov. 19, 2004). Limited diamond drilling (four holes for 500 metres) by Beartooth's in 2004 on the Camp zone and one other Iron Mountain target identified a number of anomalous intervals for future testing as follows:
One hole at the Iron Mountain grid (DDH-IMC04-01) returned 0.50 g Pt/t and 1.42 g Pd/t over 3.1 metres.
Two holes at the Camp zone grid intersected:
i) 1.39 g Pt/t over 1.1 metres, 0.25 per cent Cu and 0.35 per cent Ni over 21.2 metres (including a 0.5-metre interval with 1 per cent Ni and an additional 0.9-metre interval with 0.70 per cent Cu) from DDH-CZ04-01; and
ii) 1.51 g Pt/t and 0.52 gram gold per tonne over 0.7 metre, 0.51 per cent Cu and 0.40 per cent Ni over 3.9 metres (including a 0.6-metre interval containing 1 per cent Cu and 0.54 per cent Ni), and finally, 1.80 g Pt/t and 0.51 g Au/t gold over 1.0 metre from DDH-CZ04-02.
Jean Lafleur, PGeo, Beartooth's vice-president exploration, is the qualified person (under NI 43-101 guidelines) responsible for reviewing the technical information in the press release.
In other matters, the company has entered into an agreement to settle an outstanding note owed to Tomasovich 1999 Revocable Trust. The amount of the note is $40,000 (U.S.) with $4,458 (U.S.) owed in interest. Under the terms of the agreement, which remain subject to regulatory approval, the company would issue 445,480 common shares to Tomasovich 1999 Revocable Trust as settlement for the entire amount owing, being $44,458 (U.S.), which represents a conversion rate of debt for shares at 10 U.S. cents per share.
We seek Safe Harbor.
N.A. Gem acquires prospective uranium lands in Alberta
Noooooooooooo I say! NIMBY!!! Just kidding, I have no idea if what they're talking about here is a bunch of BS or not. Kind of makes you wonder about all that shallow gas they pull out of Milk River though.
2005-03-16 16:26 MT - News Release
Mr. Charles Desjardins reports
NORTH AMERICAN GEM INS. ACQUIRES OVER 200,000 ACRES OF URANIUM PROPERTY IN SOUTHERN ALBERTA.
North American Gem Inc. has signed a letter of agreement for the acquisition of four major formations comprising more than 200,000 acres of prospective uranium land in Southern Alberta. The four target formations are known as Willow Creek, Milk River, St. Mary River and Ravenscrag.
Upon signing of a formal agreement and subject to due diligence, North American Gem is to pay the vendor $10,000 and 100,000 shares for 1-per-cent interest in the property, subject to a 2-per-cent net smelter royalty (NSR). North American Gem will have the option to purchase 1 per cent of the NSR from the vendor under the following conditions:
the payment of $25,000 if purchased within two years of signing the final agreement;
the payment of $200,000 if purchased within two to five years after signing the final agreement; and
$1-million if purchased after the fifth year.
The claims were acquired on the basis of favourable geology and structure within tertiary fluvial sandstones of the Willow Creek formation known to contain uranium values greater than 2,000 parts per million from rock samples with associated vanadium and molybdenum, (Alberta Geological Survey, open file report 1994 to 1998).
There is easy access across the Southern Alberta rangeland, which consists of upper-Cretaceous to lower-Tertiary sandstones and silty limestones that occurs near surface. Roll-front uranium has been observed in the Willow Creek formation along drainages that contain naturally high concentrations of uranium. Reconnaissance sampling programs carried out in 1981 and 1982, including samples taken from a roll front exposed in a river bank, returned up to 2,000 parts per million uranium (0.2 per cent U3O8). The technique used to analyze the reconnaissance samples had an upper detection limit of 2,000 parts per million uranium. Normally, samples running at upper detection limits are reanalyzed with different laboratory techniques, but in this case there is no record of such overlimit analyses having been performed. The area is easily accessible far resampling.
This roll-front uranium found in the Willow Creek, Milk River, St. Mary River and Ravenscrag formations is similar to the deposits in Wyoming, South Dakota, Colorado, Utah and New Mexico. The major uranium deposits of Wyoming have produced over 200 million pounds of uranium.
In the event that an economic deposit is developed, the Southern Alberta roll-front uranium appears to occur in a form that can be processed by in situ leaching (ISL). That is, the uranium can be solution-mined using injection and production wells rather than being excavated with open pits or underground mining. The ISL process is simple, it uses local groundwater that is naturally enriched in uranium and returns purified, less radioactive water to the environment. There is virtually no land disturbance and the process does not require waste or tailings facilities.
"We are excited about this first uranium project," said Charles Desjardins, president of North American Gem "The company is also in talks with several other uranium vendors and potential partners, with the goal being to secure a portfolio of uranium prospects."
Glenn Hartley, PGeo, is the qualified person for the property, in accordance with regulations under National Instrument 43-101. It should be noted that North American Gem is commencing due diligence work and has not verified any of the results reported at this news release.
The diamond drilling program on Louise Lake is progressing well, the company has now begun its second of six drill holes in phase 1.
Carl Schulze, BSc, PGeo, is the qualified person for the Louise Lake project, in accordance with regulations under National Instrument 43-101.
Anooraq reviews Drenthe and Overysel North assessment
2005-03-09 11:07 ET - News Release
Mr. Ronald Thiessen reports
PRELIMINARY ASSESSMENT INDICATES STRONG RETURNS FOR DEVELOPMENT OF DRENTHE & OVERYSEL NORTH PLATINUM GROUP METALS DEPOSITS
Anooraq Resources Corp. has released the results of a preliminary economic assessment of the Drenthe and adjacent Overysel North platinum group metals (PGM) deposits. The Drenthe and Overysel North deposits are being explored and developed under the Boikgantsho platinum mine joint venture agreement (Boikgantsho JV) between Anooraq and Anglo American Platinum Corp. Ltd. Anooraq is the operator of the joint venture. The Boikgantsho JV property is located on the northern limb of the Bushveld complex, about 250 kilometres north of Johannesburg, South Africa.
The preliminary assessment is based on a conventional open-pit mining and milling operation with a 32-year mine life. Currencies used are United States dollars and South African rand (ZAR), with an exchange ratio of 7:1. At expected long-term metal prices of $650 (U.S.) per ounce for platinum, $250 (U.S.) per ounce for palladium, $375 (U.S.) per ounce for gold, $4.00 (U.S.) per pound for nickel and $1.00 (U.S.) per pound for copper used for the base case, the pretax and preroyalty economic model forecasts the net present value (NPV) of the project at a 5-per-cent discount rate of $300.5-million (U.S.) and at 10-per-cent discount is $138.8-million (U.S.) with an internal rate of return (IRR) of 25 per cent. The estimated capital cost is $152.8-million (U.S.) with a payback of 3-1/4 years.
At current metal prices of $850 (U.S.) per ounce for platinum, $180 (U.S.) per ounce for palladium, $400 (U.S.) per ounce for gold, $6.60 (U.S.) per pound for nickel and $1.40 (U.S.) per pound for copper, and an exchange rate of 6:1, the economics for the project are even more robust. The net present value at a 5-per-cent discount rate is $576.7-million (U.S.) and at 10-per-cent discount is $293.3-million (U.S.) with an IRR of 35 per cent.
The preliminary assessment is based on indicated and inferred mineral resources outlined to mid-September, 2004, in the Drenthe and Overysel North deposits. Mineral resources for these deposits at a $20 (U.S.) gross metal value per tonne cut-off were announced in Stockwatch news issued on Nov. 22, 2004, however, the current study indicates favourable financial results using a cut-off grade of approximately $10.50 (U.S.) per tonne. As the preliminary assessment is based, in part, on inferred resources that are geologically speculative, there is no certainty that the economic considerations or results will be realized.
The mine plan for the study encompasses operations in two main pit areas on the Drenthe and Overysel North deposits. The northern pit area is 5,500 metres long and the smaller pit area is 2,000 metres long. The maximum pit shell is 700 metres wide and 300 metres deep. Whittle 4D (an open-pit modelling software) was used to produce an economic pit shell and outline total in-pit resources of 256 million tonnes grading 1.03 grams per tonne 3PGM (0.43 gram per tonne platinum, 0.52 gram per tonne palladium, 0.08 gram per tonne gold), 0.11 per cent nickel and 0.07 per cent copper at a $10.50-(U.S.)-per-tonne cut-off. This pit was then capped for a mine life of 32 years for the study, resulting in an in-pit resource of 160 million tonnes grading 1.05 grams per tonne 3PGM (0.44 gram per tonne platinum, 0.53 gram per tonne palladium, 0.08 gram per tonne gold), 0.12 per cent nickel and 0.08 per cent copper.
The mill feed rate for the preliminary assessment is five million tonnes per year. The average head grade ranges from 1.1 to 1.4 grams per tonne platinum group metals in the first five years of mining and 0.8 to 1.0 gram per tonne in the last five years. Metallurgical studies on core samples show good results for a conventional mill circuit, comprising crushing, grinding and two-stage flotation. From this work, the following head grade driven concentrator recoveries were used in the study: platinum 75 per cent, palladium 75 per cent, gold 75 per cent, copper 80 per cent and nickel 75 per cent.
Mining costs for the study are based on budget estimates provided by South African mining contractors and processing costs are derived from studies by Dowding Reynard & Associates, the company's metallurgical consultants in South Africa. Administrative and environmental costs are based on estimates from contract submissions.
As operator, Anooraq is responsible for exploration and engineering activities. This preliminary assessment has been conducted by in-house and external independent qualified persons employed by Anooraq. Anglo Platinum has not been involved in the preparation of the preliminary assessment nor in the evaluation of the results thereof. The study uses industry standard costs for all phases of the proposed development including the smelting and refining, and makes assumptions about the concentrate to be produced. Industry standard costs are also used in estimates of the cost for socio-economic activities, that is, community involvement, relocation and other related issues, however, until there are final agreements on these and related matters there is no assurance that these costs will not change.
The block model and mineral resource estimate that formed the basis for the preliminary assessment was prepared by Geologix (Pty.) Ltd., under the direction of G.J. van der Heever, an independent qualified person (QP) as defined under NI 43-101. The pit optimization work and in-pit resource estimate was carried out by Thomas Tulp, MAusIMM, of Hatch Australia, also an independent qualified person. A technical report co-authored by in-house qualified person David Reeves, AusIMM, and Mr. Tulp and Mr. van der Heever will be filed on SEDAR.
Property interests
The Drenthe and Overysel North deposits are being explored and developed under the Boikgantsho platinum mine joint venture agreement between Anooraq and Anglo American Platinum Corp. Ltd. Pursuant to the terms of the JV, Anooraq and Anglo Platinum will form an initial 50/50 joint venture to explore Anooraq's Drenthe and Witrivier farms and the northern portion of Anglo Platinum's Overysel farm for a period of up to five years. During that period, Anooraq will operate the exploration programs, and spend up to 12.35 million South African rand on behalf of the JV. Anooraq will then have the option to proceed on a year-by-year basis and to take the project to a bankable feasibility study.
Once the BFS has been completed, the parties, by agreement, may proceed to exploitation subject to relevant regulatory requirements. If both partners decide to proceed, then a joint management committee will be established to oversee development and operations. At commencement of exploitation, the joint venture interest allotted to each of Anooraq and Anglo Platinum will be determined in proportion to the relative value of the metals contained in each contributed property as reflected in the BFS. However, at that time each party has the option to "top up" to bring their interest to 50 per cent. At this early stage, there has been no assessment of the relative value of the metals in the ground contributed by each of the parties.
Current programs
The Boikgantsho JV project is located in a region of sparse water resources but the Department of Water Affairs has already engaged a long-term plan to provide additional water supply. One part of the scheme is due to come on-line in 2006, and the second in 2010. Planning to access these resources will be part of the prefeasibility studies. In the mining scenario used for the preliminary assessment, the open pits were designed with pit walls at a nominal 42 degrees in the near-surface oxide and weathered zones, and 52- to 60-degree walls in the more competent sulphide zones. Under the model used, all of the in-pit material was mined but only the fresh sulphide (unweathered) material was processed. Testing is under way on core samples to determine metallurgical characteristics of the weathered material so that it can be integrated into the mine processing plan.
There is also additional upside potential for the project. There is excellent potential for milling and mining optimization using higher throughputs, which would further enhance the project economics. The mineral resource is open to the north, and down dip, with potential for additional resources to be outlined. Current metallurgical testwork suggests that the recoveries used in this study may be conservative and could increase. Other improvements, such as acid leaching of oxide mineralization within the deposit to enhance recovery of base metals, optimizing cut-off grades to produce a higher grade mill feed, and geotechnical studies aimed at supporting steeper pit wall angles during mining are being assessed in prefeasibility programs that are currently under way. Completion of the prefeasibility study is expected in the third quarter of 2005.
Also as part of prefeasibility studies, the geological models and mineral resource estimates are currently being updated with information from drilling to December, 2004. A 24,000-metre multirig drilling program was initiated in January, 2005, focusing on the Drenthe deposit. Drilling is planned to proceed at 50-metre intervals along 50-metre spaced lines in order to define measured mineral resources within the deposit, and advance the project toward a feasibility study.
Blackstone Ventures begins phase 2 of Norway drilling
2005-03-14 13:37 ET - News Release
Mr. Donald McInnes reports
PHASE 2 DRILLING COMMENCES IN NORWAY TO FOLLOW UP HIGH GRADE NICKEL INTERSECTIONS
Blackstone Ventures Inc. has initiated its phase 2 drilling program at the Espedalen property in central Norway. Drilling will focus on the Stormyra discovery, where two drill holes, spaced 200 metres apart, intersected 6.91 per cent nickel over 1.9 metres, within a 14.6-metre intersection grading 1.73 per cent nickel (hole ES2004-09) and 2.07 per cent nickel over 2.7 metres (hole ES2004-08), during the 2004 program. A UTEM geophysical survey recently completed in the discovery area (see news in Stockwatch on Feb. 28, 2005) has extended the geophysical anomaly associated with the discovery holes to a total length of 1.1 kilometres. The 2,000-metre drilling program currently under way will test for continuity of mineralization along the full length of the UTEM conductor at the Stormyra zone. A total of 17 holes are planned, with one to two holes per line of section to be drilled on sections spaced 100 metres apart.
The Stormyra nickel discovery lies on the southwestern part of the property in an area with little bedrock exposure. A UTEM survey -- extending the coverage five kilometres to the northwest of Stormyra and one kilometre to the southeast of Stormyra, as well as a number of grids covering new airborne conductors and extending the previously reported P4 anomaly grid -- is currently in progress. Maps displaying the targets at Espedalen can be viewed on Blackstone's website at www.blv.ca. As well, a summary of the project, entitled "Exploration progress report," and dated March 4, 2005, can be viewed on Noranda's website at, www.noranda.com, in the company's section for newroom and news releases.
The Espedalen property is situated in central Norway in rocks of similar age and geological setting as the Voisey's Bay deposits in Labrador. The property is traversed by paved roads and electrical transmission lines, and is approximately 150 kilometres from an ocean port. Blackstone is earning a 60-per-cent interest in the Espedalen property from Sulfidmalm A/S, a wholly owned subsidiary of Falconbridge Ltd. Blackstone will have vested its interest in the Espedalen project part way through the current drill program, at which time Falconbridge has indicated that it plans to exercise its back-in right and finance its share of expenditures. Falconbridge will spend approximately $5-million to earn an additional 20-per-cent interest in the Espedalen project to complete the exercise of the back-in option.
In addition to properties in Norway, Blackstone has executed a definitive purchase agreement with Falconbridge to complete the purchase of a 100-per-cent interest in the Kenbridge nickel deposit in Northwestern Ontario. The deposit hosts a partially developed nickel-copper deposit with a historical resource of 2.7 million tons, grading 1.05 per cent Ni and 0.54 per cent Cu along with cobalt, gold and PGE credits.* As well, Blackstone owns the James River property located south of High Lake, Nunavut, which is currently under option to Wolfden Resources.
*The resource estimate is not in accordance with the classification categories and definitions set out in National Instrument 43-101. The results as reported by Falconbridge should be considered historical, but are believed to be reliable and reflect the standards of reporting at the time.
Blackstone to acquire 97% interest in Kenbridge
2005-03-09 09:51 ET - News Release
Mr. Donald McInnes reports
BLACKSTQNE SIGNS FINAL ACQUISITION AGREEMENT FOR KENBRIDGE NICKEL DEPOSIT, WORK PROGRAM UNDERWAY
Blackstone Ventures Inc. has executed a definitive purchase agreement to complete the acquisition of a 97-per-cent interest in Kenbridge Nickel Mines Ltd. from Falconbridge Limited (see Stockwatch on June 3, 2004). Kenbridge Nickel Mines owns a 100-per-cent interest in the Kenbridge property, which hosts a partially developed nickel-copper deposit containing 62.5 million pounds of nickel and 32 million pounds of copper along with cobalt, gold and PGE credits. The property is located approximately 70 kilometres east-southeast of Kenora, Ont., and proximal to road and rail. The deposit is open at depth and there is excellent potential to expand the deposit along strike and to locate additional deposits on the property.
During the 1950s, Falconbridge carried out extensive exploration and development work on the Kenbridge property and estimated a mineral resource at the Kenbridge deposit totalling 2.7 million tonnes grading 1.05 per cent nickel and 0.54 per cent copper to a depth of 2,000 feet. The resource includes a higher-grade area that extends from surface to the 500-foot level with an inventory of 544,300 tonnes grading 1.41 per cent nickel and 0.62 per cent copper using a cut-off grade of 0.5 per cent nickel over a minimum width of six feet. Falconbridge also estimated an additional inferred resource of 594,000 tonnes grading 1.55 per cent nickel and 0.90 per cent copper in mineralization below the 2,000-foot level.*
Blackstone recently commenced a 60-line-kilometre ground-based UTem geophysical survey that will be followed by 2,000 metres of diamond drilling in the Kenbridge deposit. The UTem survey will be carried out on a five-kilometre-long grid extending northeast and southwest from the Kenbridge deposit to evaluate a broad structural corridor with excellent potential to host additional mineralized zones. Drilling within the deposit is designed to verify nickel and copper grades from previous drilling, determine grades of platinum group metals plus cobalt and to collect samples for metallurgical testing. Additional drilling elsewhere on the property may be carried out depending upon the results of the geophysical survey and ice conditions.
In addition to the Kenbridge property, Blackstone and its partner, Falconbridge, are currently conducting UTem geophysical surveys and diamond drilling on the Espedalen property in Norway where the company recently announced the discovery of high-grade nickel mineralization at the Stormyra target. Blackstone also owns the James River property located south of High Lake, Nunavut, which is currently under option to Wolfden Resources.
*It should be noted that the reserve and resource categories quoted above do not comply with current NI 43-101 standards. The results as reported by Falconbridge should be considered as historical, but are believed to be reliable as they reflect the standards of reporting at the time.
Franconia Minerals Corporation is an Alberta corporation trading on the TSX-V in Canada and the OFEX in London under the symbol FRA.
Franconia's property portfolio consists of the Birch Lake property in the Duluth Complex of Minnesota which contains an inferred platinum-group metal-copper-nickel resource of 51 million tones at a grade of 0.675% copper; 0.211% nickel; 0.01% cobalt; 0.216 grams per ton (g/t) gold; 0.972 g/t palladium and 0.46 g/t platinum (according to a NI 43-101 compliant audit of a resource estimate recently completed by Roscoe Postle Associates of Toronto);
San Francisco property, a high-grade zinc exploration target in the western US (up to 55ft of 19% Zn in limited previous drilling);
Mahoney property, a high-grade zinc target in New Mexico; and platinum-palladium targets in the Duluth Complex of Minnesota. Franconia currently has exploration agreements with Teck Cominco American Inc. and Impala Platinum Holdings.
Franconia acquires seven Mahoney mining claims
2005-03-07 08:48 MT - News Release
Mr. Brian Gavin reports
FRANCONIA MINERALS CORPORATION ACQUIRES KEY LANDS AT MAHONEY HIGH-GRADE ZINC PROPERTY, NEW MEXICO
Franconia Minerals Corp. has acquired a key group of seven privately held patented mining claims (totalling 134 acres) at the Mahoney high-grade zinc property in New Mexico. This exploration lease and option to purchase agreement calls for lease payments totalling $90,000 (U.S.) over five years with a final purchase price of $250,000 (U.S.) payable at any time during the option period.
The Mahoney zinc property, located in Luna county, New Mexico, comprises 54 unpatented lode mining claims (1,080 acres) surrounding the newly acquired patented claims. This land package contains several high-grade zinc showings and old mine workings referred to as the Mahoney mines area. This project is the subject of a proposed exploration and option agreement between Franconia Minerals and a major mining company.
Minor zinc and lead production at Mahoney from about 1915 to 1948 focused on high-grade zinc and lead oxide manto-style deposits accessed through a number of shallow workings to a maximum depth of 200 feet. Sampling in 2001 returned assay grading from background values up to 52.4 per cent zinc and 1.5 per cent lead with minor amounts of silver. Preliminary hydrometallurgical testing yielded zinc recoveries of 98 per cent. Assay results for selected grab samples from the newly acquired patented claims are shown in the following table. Brian Gavin, president of Franconia Minerals, an appropriately qualified person under NI 43-101, has reviewed all results.
Location (a) Zinc Lead Silver
(%) (%) (ppm)
Mahoney --
comfort workings 52.4 0.15 1.6
Mahoney --
comfort workings 39.1 0.31 1.2
Mahoney --
comfort workings 36.4 0.33 1.1
Mahoney --
central workings 24.1 5.87 22.2
Mahoney --
central workings 15.9 4.00 13.7
Mahoney --
Lindy Ann 11.0 1.55 53.3
Mahoney --
Lindy Ann 10.6 9.99 329
Mahoney --
Lindy Ann 8.5 1.72 67.7
Location Copper Cadmium
(ppm) (ppm)
Mahoney --
comfort workings 181 1625
Mahoney --
comfort workings 1379 3432
Mahoney --
comfort workings 969 3026
Mahoney --
central workings 1364 183
Mahoney --
central workings 333 454
Mahoney -- Lindy Ann 244 450
Mahoney -- Lindy Ann 386 347
Mahoney -- Lindy Ann 202 370
(a) Analytical results for zinc greater than 1 per cent are only estimates due to limitations of analytical technique.
Seems like PGM's go along with copper and nickel.
Globe says FNX's new Levack holes show promise
2005-03-01 08:04 ET - In the News
Also In the News (C-DY) Dynatec Corp
The Globe and Mail reports in its Tuesday, March 1, edition that FNX Mining jumped 95 cents to finish Monday in Toronto at $6.80 after the company announced the discovery of two deep copper and nickel veins near its 75-per-cent-owned Levack mine, which is part of its Sudbury joint-venture properties in Ontario. The Globe's Tip Sheet column reports that the two veins are about 3,900 feet below surface and 1,500 feet east of the Levack No. 2 shaft, which is being reconditioned by the joint venture. The 10-foot intercept and the deeper 26-foot intercept both graded 26 per cent copper. The two veins also contain a combined 0.42 ounce and 0.45 ounce a ton of platinum, palladium and gold. FNX has four drill rigs testing targets on the Levack property. "Follow-up drilling is planned soon with an additional rig to be added to the four exploration rigs," said Haywood Securities analyst Chantal Gosselin. She described the results as a "very promising hole discovery" but cautioned the exploration is still in its early stages. The new discoveries are near existing major deposits, FNX said. Dynatec, the mine operator, owns 25 per cent of the joint venture. Its shares rose 12 cents to $1.07.
More platinum in South Africa
http://www.mineweb.net/sections/platinum/424128.htm
By: Rhona O'Connell
Posted: '13-MAR-05 19:36' GMT © Mineweb 1997-2004
LONDON (Mineweb.com) -- While some of the platinum majors, notably AngloPlat, are re-shaping their expansion plans in the face of narrow margins associated with the strength of the rand, the juniors are ploughing on relentlessly – one of them in association with AngloPlat. Two recent announcements highlight the level of activity in the sector, with Jubilee Platinum intersecting the Merensky Reef in South Africa and Platinum Group Metals (PTM) announcing the completion of its Competent Person’s Report on the same complex.
Jubilee Platinum was incorporated in June 2002, is listed on AIM and has a current market capitalisation of £26.8 million (US$52 million). The company has announced high-grade intersections from the first hole in its drilling programme on the Tjate project on the Merensky Reef, albeit at some depth. (Jubilee has a 25% stake in the project and can earn a further 10%). Hole DT1 on the Dsjate farm, which covers 2,162 hectares, has intersected 7.78g/t platinum group metals plus gold over a 1.0 metre reef. The Dsjate farm is one of three contiguous farms in the Tjate project, Dsjate 249KT; Fernkloof 539KS; and Quartzhill 542KS covering 5,143 hectares in total, lying on the eastern limb of the Bushveld Complex and immediately downdip of Anglo Platinum’s Twickenham and Impala Platinum’s Marula mines.
Although drilling is very early stage, there is an inferred resource of 282 million tonnes at an inferred grade of 7.25g/t (five PGM+Au) Merensky and UG2 weighted average, alhtough the directors believe that the grades will be higher than those currently inferred. The inferred metal content is 65.8 million ounces (five PGM+Au). Anglo Platinum is known to have drilled three diamond boreholes on the Dsjate property and intersected the Merensky and UG2 chromitite reefs.
The weighted average grades for the individual metals are 4.45g/t platinum, 2.49g/t palladium 0.22g/t rhodium and 0.62g/t gold with 0.33% nickel and 0.19% copper. The company believes the Tjate property to be on one of the “largest unmined blocks of PGMs in the world close to infrastructure and mature mining operations” and Jubilee intends to continue the drilling programme aggressively in order to advance the feasibility study. Jubilee, as project manager, elected to drill the first drill hole DT1 considerably downdip of and stepped out from the eastern boundary of the farm in order to establish continuity of the reef, which the directors believe subcrops at around the 650 metre contour at the eastern boundary.
The directors believe, as advised, that the three farms are all underlain by the Merensky and the UG2 chromitite reefs. Drilling of hole DT1 is continuing towards the projected UG2 chromitite reef, the second PGE bearing reef in the stratigraphic sequence. Intersection of this reef is expected in about two weeks, at some 350 metres below the Merensky reef, and the results will be reported as soon as they are received and Jubilee intends to wedge up to three deflection holes (about 100 metres) per reef to allow multiple intersections on the reef from the “mother” hole and so confirm the immediate reef extension, grade and thickness from the initial intersection.
Meanwhile PTM has announced that its in that its independent qualified person has now completed a review of the resource estimate for the south-eastern property area of the Western Bushveld Joint Venture, which is 1,000 metres to the northwest of AngloPlat’s Bafokeng Rasimone property, and reported an increase in grade from the earlier AngloPlat estimate. The resource estimate for the UG2 reef has, however, decreased. PTM and Anglo Platinum each hold a 37% interest in the joint venture, with BEE partner Africa Wide Mineral Prospecting and Exploration Company (Pty) Limited holding 26%.
The independent estimate, now gives an inferred resource as follows: Merensky Reef: 15.41 million tons at 7.92 g/t- 3PGM + gold with a metal content of 0.93 million ounces 4E; UG2 Reef: 10.05 million tons at 2.52 g/t- 3PGM + gold, inferred metal content 0.82 million ounces 4E. These estimates factor in a 30% geological loss. The resource includes mineralisation from approximately 100 metres to 600 metres deep.
The company reports also that Merensky and UG2 have been intercepted in holes to the north of the resource area that the independent report did not include in the resource estimate as a result of the drill intercept density in these areas. These results include drill hole FG34, which is about 1,500 metres from the nearest point of the declared resource area, with an average of 9.16 g/t three PGM+Au over 1.15 metres on the Merensky. The value for the UG2 Reef is still pending second PTM drill rig has commenced drill testing in this area with the objective of increasing the inferred resources as soon as possible.
The independent resource update results in a total of 4.74 million ounces 3PGM+Au for the project compared with 5.87 million ounces estimated by Anglo Platinum for the same area, although the company expects that the drilling currently underway will both increase the calculated resource and the confidence interval of the resulting estimate. Although the AngloPlat resource estimate did not specify the prill split of the resource, the independent person’s reports makes the following assessment. Merensky Reef: Pt 64.00%, Pd 27.45%, Rh 4.80% and Au 3.75%; UG2: Pt 59.15%, Pd 29.55%, Rh 10.50% and Au 0.80%.
PTM’s drilling programme on the Western Bushveld Joint Venture Project continues with three objectives: to increase the level of confidence on the known resources adjacent to the Bafokeng Rasimone platinum mine; to increase the calculated resources on the project and to explore along strike and up-dip of the Styldrift platinum project.
A number of analysts take the view that the platinum market is moving back towards balance from a period of deficit, notably as price considerations are stimulating a reversion to white gold from platinum in the Chinese jewellery sector.; with accelerating environmental legislation driving a continued increase in PGM usage in emission control catalysts and strong increases in offtake for glass production there should be ample space for new projects, be they from South Africa, Canada or Russia.
AFO has had a great run off their results in South Africa. Which one will be next?
Have you ever heard about Anglo Platinum's PPRust Mine?
Open pit reserves of 348M tonnes grading 2.67 g/t. Nearly 40 million ounces of PGE's !!
Platinum Group completes Western Bushveld estimate
2005-03-07 13:37 ET - News Release
Mr. R. Michael Jones reports
Platinum Group Metals Ltd.'s independent qualified person has now completed a review of the resource estimate for the southeastern property area of the Western Bushveld joint venture. An increase in the grade on the Merensky reef from an earlier Anglo Platinum estimate (as reported in Stockwatch Feb. 17, 2005) is reported. The Merensky reef remains the focus of PTM's exploration and development plans in the joint venture area. The Merensky reef is actively being mined as the primary orebody at the adjacent Anglo Platinum-operated Bafokeng Rasimone platinum mine, which lies 1,000 metres to the southeast of the resource area. The resource estimate for the UG2 reef has decreased from the earlier estimate. A specific type of high-grade Merensky reef has been identified and correlated on the joint venture property as a result of the detailed work completed with the qualified person.
Anglo Platinum reported in its 2004 annual report (see news in Stockwatch Feb. 17, 2005) inferred resources totalling 21 million tonnes grading 5.88 grams per tonne on the Merensky reef (3.96 million ounces) and 13 million tonnes grading 4.25 grams per tonne on the UG2 reef (1.77 million ounces) for the southeastern property area. The independent qualified person has now provided the following estimate:
Merensky reef: 15.41 million tonnes at 7.92 grams per tonne for four elements (platinum, palladium, rhodium and gold), or 3.93 million ounces of four elements; and
UG2 reef: 10.05 million tonnes at 2.52 grams per tonne of four elements, or 820,000 ounces of four elements.
The estimate includes dilution to a minimum of one metre mining width on both the Merensky reef and UG2 reef. Estimated geological losses of 30 per cent have been factored into the estimate. The resource includes mineralization from approximately 100 to 600 metres deep. A specific facies or reef type, namely the Harzburgitic Merensky reef, has been identified in the resource area and is above the average grades for the Merensky reef. This facies has been confirmed in PTM's recently commenced infill drilling program in the resource area and the assay result from this additional intercept is pending.
The Merensky and UG2 reefs also have been intercepted in holes to the north of the resource area that the qualified person did not include in the resource estimate at this time as a result of the drill intercept density in these areas. These results include drill hole FG34 with an average of 9.16 grams per tonne of four elements over 1.15 metres on the Merensky. The value for the UG2 reef is still pending. FG34 is located about 1,500 metres from the nearest point of the declared resource area. A second PTM drill rig has commenced drill testing in this area with the objective of increasing the inferred resources as soon as possible.
The independent resource update results in a total of 4.74 million ounces of four elements for the project, compared with 5.87 million ounces estimated by Anglo Platinum for the same area. The estimates by the qualified person and Anglo Platinum were developed using independent approaches and different data sets. Since Anglo Platinum operates the adjoining mine, it was able to consider a broader statistical data set and regional information when assessing the resources for the joint venture project area. It is anticipated that drilling currently under way will both increase the calculated resource and the confidence interval of the resulting estimate.
The resources reported by Anglo Platinum were subject to the SAMREC code and were the subject of an independent audit. The PTM resource estimate report will be filed in satisfaction of Canadian National Instrument 43-101 standards. In keeping with industry practice in South Africa, the breakdown of the four elements was not specifically assessed in the Anglo data set; however, the qualified person makes the following estimates of the four-element breakdown based on PTM's assay data on the edge of the resources area and regional experience on the reefs which is as follows: Pt 64.00 per cent, Pd 27.45 per cent, Rh 4.80 per cent and Au 3.75 per cent for Merensky, and for Pt 59.15 per cent, Pd 29.55 per cent, Rh 10.50 per cent and Au 0.8 per cent for UG2.
Drilling on the Western Bushveld joint venture project by PTM continues with three objectives:
to increase the level of confidence on the known resources adjacent to the BRPM platinum mine;
to increase the calculated resources on the project; and
to explore along strike and updip of the Styldrift platinum project.
PTM and Anglo Platinum each hold a 37-per-cent interest in the joint venture, with black economic empowerment partner Africa Wide Mineral Prospecting and Exploration Co. Pty. Ltd. holding 26 per cent.
Qualified person, quality control and assurance
E.H. Siepker, MSc, Pr. Sci. Nat. (No. 400094/84), assisted by C.J. Muller, BSc (honours), Pr. Sci. Nat. (No. 400201/04), are both registered professional scientists and both of them have in excess of 20 years of experience in the field of precious metal/planar tabular orebody evaluation. Both qualified persons reviewed the project and have independently assessed the merits thereof. All material available has been reviewed, inspected and used in the resource estimation.
Comments pertaining to FG34 have been scrutinized by W.J. Visser, BSc (honours), Pr. Sci. Nat. (No. 400279/04), who is the exploration manager for PTM (RSA) Pty. Ltd. Mr. Visser has in excess of 15 years of experience on similar deposits and has, among others, held the position of resource manager for major RSA companies.
Elgin, Jonpol JV partner sells interest to consortium
2005-03-07 12:15 ET - News Release
Also News Release (C-JON) Jonpol Explorations Ltd
Mr. Ian Rozier of Elgin reports
B.E.E. CONSORTIUM LED BY AFRIMINERALS HOLDINGS TO ACQUIRE 26% INTEREST IN SPITZKOP PLATINUM LTD.
Ian Rozier, president of Elgin Resources Inc., and Gordon Keep, president of Jonpol Explorations Ltd., have been informed that a black economic empowerment (BEE) consortium led by Zwelakhe Sisulu of Afriminerals Holdings Pty. Ltd. has entered into an agreement to acquire a 26-per-cent shareholding in Spitzkop Platinum Ltd., Elgin's joint venture partner in South Africa. The BEE consortium includes companies and organizations representing historically disadvantaged South Africans (HDSAs).
Under the terms of previously reported transactions, the company entered into a 50-50 joint venture with Spitzplats, whereby the company will finance further exploration and development of the Spitzkop platinum group metal project through to feasibility. In a related transaction, Jonpol Exploration entered into an agreement to purchase a 74-per-cent interest in Spitzplats from the Spitzkop syndicate, and the company and Jonpol have agreed to amalgamate (see news in Stockwatch on Nov. 1, 2004).
The South African Minerals and Petroleum Resources Development Act 28, of 2002, became effective on May 1, 2004. The act requires that companies holding existing, old-order mining rights apply for conversion to new-order mining rights within a period of five years. One of the most significant prerequisites for this conversion is the participation by HDSAs in the equity of the operating company. As part of the act and the broad-based socio-economic empowerment charter, it is a requirement that there be an equity participation by a BEE group in the South African entity that owns the mineral rights of at least 15 per cent within five years, and at least 26 per cent within 10 years. Current South African foreign policy exchange regulations do not permit the issue of shares in foreign corporations, such as Elgin, to South African residents for long-term investment, hence the BEE transaction must begin in South Africa.
As a result of the purchase of the 26-per-cent interest in Spitzplats by Afriminerals, Spitzplats will have achieved full equity compliance within the charter. On completion of all the transactions involving the company, Jonpol and Spitzplats, the amalgamated company, Eastern Platinum Ltd., will have a 50-50 joint venture interest in the project, as well as a 74-per-cent interest in Spitzplats. This will result in Eastplats having a direct and indirect interest in Spitzkop of 87 per cent. The full BEE equity compliance of Spitzplats at this early stage of corporate development places the company in good standing going forward with its plans to develop Spitzkop in a timely manner.
The chairman of Afriminerals, the lead partner in the BEE consortium, is Mr. Sisulu, a South African national educated in Swaziland and Soweto, and later at the INSEAD Institute in Paris, France, and as a Nieman fellow at Harvard University. Mr. Sisulu began his career as a journalist in South Africa in the 1970s. A notable political correspondent, his writings and political activities led him to be placed under house arrest during the apartheid era, later returning to work as the editor of the New Nation newspaper. In 1994, he joined South African Broadcasting Corp. as chief executive officer. Mr. Sisulu's current business interests include mining and energy, media, telecommunications and manufacturing. He is currently chairman of Savannah Resources Pty. Ltd. and Dirleton Minerals & Energy Pty. Ltd., as well as executive chairman of Afrimineral Holdings and Universal Media Pty. Ltd. As chairman of Savannah Resources, Mr. Sisulu was the lead partner in the Savannah consortium that recently completed the acquisition of a 29.5-per-cent interest in Aquarius Platinum (South Africa) involving an equity contribution of approximately $132-million (U.S.). Mr. Sisulu was recently appointed to the board of directors of Aquarius Platinum Ltd., an extremely successful South African PGM producer.
The BEE consortium led by Mr. Sisulu also includes the Dithamaga Trust, which represents the interests of the local community in the Steelport area of Mpumalanga province, where the Spitzkop PGM project is located. The company's BEE partners have the requisite corporate skills, political relationships and industry relationships, in addition to the local knowledge necessary to develop a successful company in the South African PGM sector. Spitzplats is now in a position to actively seek further growth opportunities in the PGM sector that will benefit all parties involved in the joint venture.
"We are extremely encouraged by the participation of Zwelakhe Sisulu leading the BEE consortium on Spitzkop. As a newly empowered company, Spitzplats is an excellent example to the international investment community of how a successful BEE/foreign partnership can be created in South Africa," commented Mr. Rozier. "Elgin looks forward to working with Afriminerals and the Dithamaga Trust on the rapid development of the high-grade Spitzkop PGM project."
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