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.
