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.
