| To: Ptaskmaster who started this subject | 5/7/2002 2:17:44 PM | | From: peter snowdon | | | | does anyone here follow Trend Mining, the Kaplan/Edelman/Soros PGM vehicle?
i have inherited a very small position in this company, and as a non-geologist, find it almost impossible to evaluate. but then, since it is basically a land position with no established resource, let alone reserve, maybe i need a fortune teller, not a geologist?:-)
be interested to hear from anyone who has an opinion (reasoned or otherwise).
TIA:
peter |
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| To: Ptaskmaster who started this subject | 5/10/2002 11:30:56 AM | | From: Natasha_Kidd | | | | News Release should be on the wire any minute...
Platinum Group Metals Ltd.
Suite 800 – 409 Granville Street, Vancouver BC, V6C 1T2
Telephone: (604) 899-5450 Fax: (604) 484-4710
E-mail: info@platinumgroupmetals.net Web Site: www.platinumgroupmetals.net CDNX: PTMSEC Form 20F, File No. 0-30306
No. 02-31 NEWS RELEASE MAY 10, 2002
WHEATON RIVER TO OPTION AND FUND DRILLING ON PART OF PLATINUM GROUP METALS LAC DES ILES AREA HOLDINGS
Platinum Group Metals Ltd. (PTM: TSX Venture Exchange) is pleased to announce that it has entered into an Option Agreement with Wheaton River Minerals Ltd. (“Wheaton River”) whereby Wheaton River can earn up to a 25% interest in the Shelby Lake and Lac des Iles River Properties by funding exploration expenditures totalling $400,000. An initial $200,000 exploration program, which will allow Wheaton River to earn a 10% interest in both properties, is planned to start immediately. PTM will be the operator of the exploration program.
The initial program will include ground geophysics and drilling of approximately 1,000 meters. A minimum of four drill holes, totalling approximately 800 meters are planned to test the Stinger Zone where surface grab sampling returned values of 5.7g/t palladium, 1.0g/t platinum and 0.7g/t gold. This is the first drill test of the Stinger Zone, which is hosted by the Towle Lake Intrusive Complex (TLC). The TLC can be traced for over 20km and hosts at least two other significant platinum-palladium occurrences within PTM’s holdings. The second target, to be targeted by 2 holes, is a distinct geophysical feature near the western end of this trend.
PTM can earn a 50% interest in the Shelby Lake Property by completing expenditures of $500,000 over 4 years and a 60% interest by expending an additional $500,000 over an additional 30-months under an underlying Option Agreement with New Claymore Resources Ltd. PTM holds the right to earn a 50% interest in the Lac des Iles River Property by undertaking exploration expenditures of $1,000,000 over 5 years and a 60% interest by funding a feasibility study under the terms of an underlying agreement with East West Resource Corp. and Maple Minerals Ltd. Wheaton River’s Option is contingent on PTM completing its underlying Option earn -ins. At the end of the initial $200,000 program Wheaton River and PTM have the option of converting the Wheaton River’s property interest to PTM common shares. The obligations of PTM are subject to the approval of the TSX Venture Exchange.
About Platinum Group Metals Ltd.
PTM remains firmly focussed on platinum and palladium mineral exploration and development opportunities and has a large portfolio of mineral rights. PTM recently completed an amalgamation with New Millennium Metals Corp. Both companies have been active platinum-palladium explorers since 2000. A program of 9,000 meters of drilling, as part of a $1.25M program, funded by Anglo Platinum on the company’s Agnew Lake Project was announced April 18, 2002.
PTM has also recently announced (April 24, 2002) a $1,000,000 brokered private placement at $0.25 per Common Share with Pacific International Securities Ltd. contingent on, and to close part and parcel with, a confidential property acquisition target. The Company has received full interest in the potential placement and is now pursuing the acquisition targets. |
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| To: Natasha_Kidd who wrote (499) | 5/15/2002 9:06:54 PM | | From: CIMA | | | | SRU.V - Second Drill Rig To Define Open-Pit Potential - Western Boundary Staked To Cover UTEM Extension (enews)
Ferguson Lake Nickel-Copper-Cobalt-Platinum-Palladium Project,
Nunavut, Canada
The Starfield Resources Inc. (CDNX: SRU; OTC-BB: SRFDF) 2002 drill program, underway since March 2002, has been designed to achieve three objectives. The initial stage of drilling consists of coring three wedged offset holes from drill hole FL01-101 which reported on October 3, 2001 a 0.35 meter intersection grading 103 g/t palladium, 26.7 g/t platinum and 2.74 g/t rhodium at a depth of 962.28 meters. The three offset intersections, to be compiled and reported to the Company by independent consultant, Dr. N.C. Carter, P.Eng., upon his receipt of all results, are designed to determine orientation of this new PGE horizon to direct further detailed exploration.
A second drill rig on site will immediately commence coring approximately 2,600 meters in 22 holes of definition and fill-in drilling of higher grade, near surface West Zone massive sulphides located between Sections 40W and 50W. Currently, this region of West Zone is estimated to contain 8.1 million tonnes grading 1.07% copper, 0.83% nickel, 1.53 g/t palladium and 0.20 g/t platinum at a 1.5% copper + nickel cutoff and includes 2.5 million tonnes grading 1.18% copper, 1.04% nickel, 1.78 g/t palladium and 0.29 g/t platinum at a 2.0% copper + nickel cutoff. Preliminary mineral resource estimates for West Zone between Sections 40W and 50W are based on 50 drill holes, including historic Inco holes for which nickel, copper and only partial PGE assays are reported. The holes drilled by Starfield during 1999 and 2000 were analyzed for nickel, copper, palladium, platinum and cobalt. Dr. Carter's 22 hole program is designed to upgrade the mineral resource from an "inferred" to an "indicated" category as defined by the CIM Standing Committee, to further increase the resource estimate and to establish PGE and cobalt values. The combined drill results should also provide sufficient information to allow a preliminary assessment and design of open pit mine potential in this area.
Additional exploration is scheduled to test extensions to the West Zone, as indicated by UTEM and magnetic geophysical anomalies, at depth in the area of Section 6160W (below drill holes FL01-84, 99, and 104) and along strike in the areas from Section 80W to 84W and Section 106W to 110W.
After reviewing geophysical data Starfield has acquired, by staking, two additional mineral claims which increases the Company's land holding by 4,100 hectares to a new total of 28,100 hectares. These claims adjoin the western boundary of the Ferguson Lake property and protect a 10-kilometer long area into which the West Zone is projected to extend.
Crews to operate the second rig are on site and will commence drilling immediately.
On Behalf of the Board of Directors,
"Glen Macdonald"
Glen Macdonald, P.Geol., Director
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Contact information: Glen Indra Starfield Resources Inc. 604-608-0400
Corporate Office:
Suite 420-625 Howe Street
Vancouver, BC CANADA
V6C 2T6
Tel: (604) 608-0400 Fax:(604) 608-0344 Toll Free: (877) 233-2244
Email: info@starfieldres.com Website: starfieldres.com |
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| To: CIMA who wrote (500) | 5/16/2002 1:27:08 AM | | From: hank2010 | | | | Great drillresults if they are anywheres near true widths!
Wednesday May 15, 10:00 am Eastern Time
Press Release
SOURCE: Fort Knox Gold Resources Inc.
via BCE Emergis e-News Services
Fort Knox-Dynatec Sudbury Joint Venture Discovers New Nickel Mineralization and Confirms Previous Drill Results
Toronto, Ontario
Fort Knox Gold Resources Inc. (FNX-TSE) and Dynatec Corporation
(DY-TSE) are pleased to announce the discovery of new nickel
mineralization in a previously undrilled area within the McCreedy
West property and that Cu-Ni-Pt-Pd -Au mineralization has been
confirmed within known mineralized zones at the McCreedy West and
Levack properties.
HIGHLIGHTS
McCREEDY WEST PROPERTY
* The discovery of high-grade nickel mineralization in a
previously undrilled and readily accessible part of the
McCreedy West mine has the potential to be a new mineralized
zone (Inter Main Zone).
* At the PM Zone, the intersection of significant Cu-Ni-TPM
mineralization over a 250-ft. core interval along with shorter
sections of much higher grade mineralization, confirms the
previous drill results.
* Inter Main Zone: 52.3 ft. 0.4% Cu, 3.2% Ni, 0.2 g/t TPM
* Upper Main Zone: 35.0 ft. 0.6% Cu, 1.7% Ni, 0.2 g/t TPM
* PM Zone: 250.7 ft. 1.2% Cu, 0.2% Ni, 6.2 g/t TPM
(including) 24.6 ft. 2.1% Cu, 0.5% Ni, 24.6 g/t TPM
(including) 24.7 ft. 1.7% Cu, 0.5% Ni, 15.1 g/t TPM
(including) 67.0 ft. 2.2% Cu, 0.3% Ni, 11.3 g/t TPM
(including) 15.3 ft. 7.5% Cu, 0.8% Ni, 30.7 g/t TPM
LEVACK PROPERTY
* Significant Cu-Ni-TPM mineralization was intersected in the
1300 and 1900 Zones and a strong borehole geophysical anomaly
indicates that the two zones may be connected and warrant
extensive drilling.
* 1300 Zone: 35.7 ft. 0.6% Cu, 2.0% Ni, 0.8 g/t TPM
(including) 19.3 ft. 0.9% Cu, 2.6% Ni, 0.9 g/t TPM
* 1900 Zone: 20.0 ft. 2.8% Cu, 2.0% Ni, 3.0 g/t TPM
(including) 8.7 ft. 5.3% Cu, 4.4% Ni, 5.1 g/t TPM
13.5 ft. 1.3% Cu, 2.1% Ni, 1.7 g/t TPM
(including) 6.1 ft. 2.1% Cu, 4.2% Ni, 3.2 g/t TPM
Notes:
* The lengths reported are drill intersected core lengths and
not an estimate of true widths.
* TPM refers to Total Precious Metals defined as Pt+Pd+Au. ??g/t
refers to grams per metric tonne
* Above intersection summaries are detailed in attached Tables
1 and 2
The above intersection summaries are part of the initial results
from the previously announced Cdn$14 million exploration and
development program being conducted by the Fort Knox-Dynatec
Sudbury Joint Venture (see April 29, 2002 FNX and DY press
release). Fort Knox is the exploration operator and conducts all
exploration on behalf of the Sudbury Joint Venture, which is owned
75% by Fort Knox and 25% by Dynatec. The on-going drill program was
initiated on March 21, 2002 and nine drill rigs are currently in
operation. Seven boreholes, totaling 15,887 ft., have been
completed to date on the McCreedy West and Levack properties.
The Sudbury Joint Venture properties (McCreedy West, Levack,
Victoria, Norman and Kirkwood) are all former copper (Cu), nickel
(Ni), platinum (Pt), palladium (Pd) and gold (Au) producers. The
properties are located in the Sudbury District of northeastern
Ontario and are covered by previously announced agreements between
Fort Knox and Inco (see January 11, 2002 FNX press release) and
Fort Knox and Dynatec Corporation (see February 3, 2002 FNX and DY
press release). For a detailed description of the properties and
previous work on the properties please go to the Fort Knox website
"www.fnxmining.com " and Fort Knox's Annual Information Form dated
December 21, 2001.
References to previous or historical drill assays are extracted
from Dr. J.M. Patterson's November 7, 2001 report entitled Property
Report, Sudbury, Ontario, Cu-Ni-PGE Properties or have been
independently verified by Fort Knox 's Qualified Persons and are
the sole responsibility of Fort Knox. The full text of Dr.
Patterson's report can be found on Fort Knox's website.
Inter Main Zone, McCreedy West Property
The discovery borehole (DDH 3020) in a potential new zone (the
"Inter Main Zone") was designed to test the Cu-PGM rich PM Zone at
depth in the footwall of the McCreedy West property. It passed
through a previously undrilled area of McCreedy West contact zone
and intersected 52.3 ft. of mineralization grading 3.2% Ni at the
base of the Sudbury Igneous Complex (SIC).
The Inter Main Zone consists of nickel-rich, Sudbury Basin
contact-type mineralization. A previous borehole drilled in the
East Zone approximately 270 ft. up-dip from the discovery borehole
contains two mineralized intersections grading 0.4% Cu, 3.4% Ni
over 10.3 ft. and 0.5% Cu, 2.8% Ni over 15.8 ft. A borehole drilled
420 ft. to the west of the discovery borehole cut 0.8% Cu, 3.0% Ni
over 9.5 ft. and a borehole located 222 ft. down dip from the
discovery borehole intersected 0.1% Cu, 1.0% Ni over 33.1 ft. The
Inter Main Zone, situated between the unmined East Main Zone and an
unmined portion of the Lower Main Zone, is interpreted by Fort Knox
to represent a possible, previously undetected, embayment/terrace
at the base of the SIC. Embayment/terrace structures at the contact
of the SIC are traditional hosts of Sudbury Basin contact-type ore
deposits.
A borehole UTEM geophysical response associated with the Inter Main
Zone discovery intersection indicates that a significant anomaly
extends down dip from the intersection.
The discovery of a possible embayment/terrace containing a
relatively thick intersection of high-grade nickel mineralization
in a readily accessible part of the McCreedy West mine has the
potential to influence the Sudbury Joint Venture's near term
operating plans. A second drill rig has been deployed to the area
to test the significance of the discovery.
Upper Main Deposit, McCreedy West Property
The Ni-Cu contact-type Upper Main deposit occurs at the base of the
SIC. It was previously mined from the 250 ft. Level to the 600 ft.
Level. Mineralization is known to extend 100 to 150 ft. below 600
Level and remains un-mined at this location. Fourteen previous
boreholes drilled below the 600 Level intersected 25 significantly
mineralized intersections (e.g. 0.8% Cu, 2.2% Ni, over 44.6 ft. and
0.4% Cu, 2.2% Ni, over 76.8 ft).
Fort Knox's first borehole in the Upper Main (DDH 3000) was
designed to confirm the previous Upper Main drill results and to
continue into the footwall to test the PM Zone. DDH 3000 cut three
intersections in the Upper Main Zone, with the highest grade
intersection being 0.6% Cu, 1.7% Ni, 0.2 g/t TPM over 35.0 ft. The
Upper Main Zone will continue to be tested by boreholes designed to
explore the underlying PM Zone. An engineering/economic evaluation
is required to determine the viability of mining the Upper Main
deposit.
PM Zone, McCreedy West Property
The PM Zone occurs in the footwall of the McCreedy West Property
between the 1450 ft. and 2500 ft. Levels and is approximately 1500
ft. by 1500 ft. in size. Forty three previous drill holes yielded
42 significant drill intersections, with 32 greater than 20 ft. The
previous drilling demonstrated that the PM Zone contains long
intersections of significant Cu and TPM values (e.g. 1.1% Cu, 0.3%
Ni, 5.6 g/t TPM over 126.0 ft) and narrower intersections of higher
grade Cu, Ni and TPM values (e.g. 10.8% Cu, 2.8% Ni, 121.9 g/t TPM
over 7.5 ft.).
Fort Knox's first borehole into the PM Zone (DDH 3000) intersected
the strongest mineralization reported to date. DDH 3000 cut 250.7
ft. grading 1.2% Cu, 0.2% Ni, 6.2 g/t TPM with shorter sections of
much higher grades (2.2% Cu, 0.3% Ni, 11.3 g/t TPM over 67.0' and
7.5% Cu, 0.8% Ni, 30.7 g/t TPM over 15.3 ft.). Although the true
width of this intersection cannot yet be determined, it is
estimated that the true width will be approximately 60% of the core
length.
It appears that portions of the PM Zone may not give strong UTEM
responses due to low sulphide content. However, a prominent, good
quality, offhole UTEM response was detected to the west of the
known extent of the PM Zone in an area of limited drilling.
The PM Zone will continue to be tested with boreholes designed to
also intersect the overlying Upper Main and Inter Main contact-type
deposits at the base of the SIC.
1300 Zone, Levack Property
The Ni-Cu 1300 Zone is a contact-type Sudbury Basin deposit that
occurs at the base of the SIC. It has a known strike length of at
least 650 ft. and is open in all directions. It is untested down
dip where it may connect to the 1900 Ni-Cu-PM Zone. Seven previous
boreholes cut 6 intersections (e.g. 1.1% Cu, 3.3% Ni over 65.7 ft.
and 0.8% Cu, 3.6% Ni over 5.8 ft.).
Fort Knox's first borehole in the 1300 Zone (DDH 2000) intersected
the fringes of the 1300 Zone and cut minor sulphides over two
intervals of 25 ft. and 40 ft. The borehole continued through the
1900 Zone and cut 35.7 ft. of mineralization containing two short
sections (2.9 ft. and 2.0 ft) of massive sulphides for which assays
are awaited. The second borehole to test the 1300 Zone (DDH 2001)
intersected 0.6% Cu, 2.0% Ni, 0.8 g/t TPM over 35.7 ft., including
0.9% Cu, 2.6% Ni, 0.9 g/t TPM over 19.3 ft.
The 1300 Zone will be further tested in conjunction with the
drilling of the 1900 Zone.
1900 Zone, Levack Property
The 1900 Zone occurs within the same embayment structure as the
1300 Zone. It contains high Ni, Cu and TPM values and has a known
strike length of at least 1300 ft., a dip length of at least 900
ft. and is open in all directions. Fifteen previous boreholes cut
18 significant intersections (e.g. 1.9% Cu, 2.6% Ni, 4.4 g/t TPM
over 87.4 ft. and 1.1% Cu, 2.1% Ni, 2.2 g/t TPM over 11.8 ft.).
DDH 2001 continued beyond the 1300 Zone into the 1900 Zone and
intersected 1.0% Cu, 1.0% Ni, 1.8 g/t TPM over 82.6 ft., including
two narrower intersections with higher grades (2.8% Cu, 2.0% Ni,
3.0 g/t TPM over 20.0 ft. and 5.3% Cu, 4.4% Ni, 5.1 g/t TPM over
8.7 ft.).
DDH 2003 was designed to test a previously detected borehole UTEM
anoma ly interpreted to indicate a continuation of the 1300 and
1900 Zones. DDH 2003 intersected mineralization which graded 1.3%
Cu, 2.1% Ni, 1.7 g/t TPM over 13.5 ft., including 2.1% Cu, 4.2% Ni,
3.2g/t TPM over 6.1 ft.
Borehole UTEM geophysical surveys from the two 1900 Zone boreholes
indicate strong conductivity anomalies associated with the
mineralized intersections and warrant further testing.
Analytical Techniques and Methodology
The drill core is processed at Fort Knox's secure core handling
facility in Sudbury, Ontario. The core is logged, and marked for
sampling by qualified personnel. The core to be sampled is sawn in
half; one half of the sawn core is securely bagged and the
remaining half is retained for future reference and study. The
bagged core samples are shipped by commercial transport to ALS
Chemex sample preparation facility in Mississauga, Ontario. ALS
Chemex crushes the samples to 10 mesh and a 250-gram split of the
crushed sample is pulverized to -200 mesh. A 100-gram split of the
pulp is shipped to the ALS Chemex laboratory in Vancouver for
assaying. Remaining crushed sample material and pulverized rejects
are stored at the ALS Chemex sample preparation lab in Mississauga.
All ALS Chemex Sample Preparation facilities and Analytical
Laboratories are registered under the ISO 9001:2000 quality
standard. Assays for base metals are done by ICP-AES (Inductively
Coupled Plasma - Atomic Emission Spectroscopy) following Sodium
Peroxide Fusion. Assays for Precious Metals (Pt, Pd Au) are carried
out by ICP-MS (Inductively Coupled Plasma - Mass Spectrometry).
Quality control samples (reference materials, blanks and
duplicates) are inserted by the laboratory. The analytical results
are transmitted to Fort Knox's Sudbury office, verified and merged
with the borehole logs. Check assaying is systematically conducted
on the remaining half of the core, the pulps and crusher rejects.
Fort Knox is the exploration operator for the Sudbury Joint Venture
and James M. Patterson, Ph.D, Member AGO, and Vice President
Exploration of Fort Knox Gold Inc. is the designated Qualified
Person and is responsible for the verification and quality
assurance of the exploration data and analytical results.
The Fort Knox-Dynatec Sudbury Joint Venture drill program will
continue to operate with two drill rigs on the Levack, Norman and
Victoria properties and three drill rigs on the McCreedy West
property. A tenth drill rig will be added shortly. Exploration
results will be released on the Norman and Victoria properties as
results are received and processed.
This press release contains certain forward-looking statements,
which may materially differ from actual results.
For further information, please contact:
Fort Knox Gold Resources Inc.
Terry MacGibbon, President and CEO
Telephone: 416-628-5929, fax: 416-628-5911,
Email: info@fnxmining.com, www.fnxmining.com
Dynatec Corporation
Bob Dengler, President and CEO
Telephone: 905-780-1980, fax: 905-780-1990,
Email: dengler@groupwise.dynatec.ca, www.dynatec.ca
TABLE 1: McCreedy West Property - Drill Results
---------------------------------------------------------------
From To Length
Zone Borehole East North Az Dip (ft.) (ft.) (ft.)
---------------------------------------------------------------
Inter FNX 3020 313823 449497 343 -71 1326.7 1379.0 52.30
Main
---------------------------------------------------------------
Upper FNX 3000 312055 449210 055 -56 650.85 664.5 13.65
Main
---------------------------------------------------------------
725.50 760.5 35.00
869.6 901.8 32.20
--------------------------------------------------------------
PM FNX 3000 1941.0 2191.7 250.70
Including 1975.4 2000.0 24.60
2066.9 2091.6 24.70
2124.75 2191.7 66.95
Including 2139.5 2154.8 15.30
---------------------------------------------------------------
Continued.....
---------------------------------------------------------------
% g/t
Zone Borehole Cu Ni Au Pt Pd TPM
---------------------------------------------------------------
Inter Main FNX 3020 0.37 3.17 0.01 0.06 0.12 0.19
---------------------------------------------------------------
Upper Main FNX 3000 0.35 0.72 0.01 0.05 0.06 0.12
0.55 1.74 0.01 0.07 0.12 0.20
0.33 0.62 0.01 0.03 0.04 0.08
---------------------------------------------------------------
PM FNX 3000 1.17 0.22 0.67 2.13 3.44 6.24
---------------------------------------------------------------
Including 2.10 0.52 3.54 7.51 13.55 24.61
1.72 0.48 1.13 6.11 7.88 15.11
2.21 0.26 1.18 3.55 6.58 11.31
Including 7.45 0.80 2.84 8.91 18.98 30.72
---------------------------------------------------------------
TABLE 2: Levack Property - Drill Results
---------------------------------------------------------------
From To Length
Zone Borehole East North Az Dip (ft.) (ft.) (ft.)
---------------------------------------------------------------
1300 FNX 2000 319872 454752 332 -75
---------------------------------------------------------------
1900 FNX 2000
---------------------------------------------------------------
1300 FNX 2001 319540 454326 359 -64 1470.0 1505.7 35.7
Including 1470.0 1489.3 19.3
---------------------------------------------------------------
1900 FNX2001 2067.8 2150.4 82.6
Including 2130.5 2150.4 19.90
Including 2141.7 2150.4 8.70
---------------------------------------------------------------
1900 FNX 2003 319694 453919 332 -85 1959.9 1973.4 13.50
Including 1963.1 1969.2 6.1
---------------------------------------------------------------
Continued....
------------------------------------------------------------
% g/t
Zone Borehole Cu Ni Au Pt Pd TPM
------------------------------------------------------------
1300 FNX 2000 Assays awaited
------------------------------------------------------------
1900 FNX 2000 Assays awaited
------------------------------------------------------------
1300 FNX 2001 0.64 1.98 0.05 0.40 0.36 0.81
Including 0.94 2.60 0.06 0.40 0.44 0.90
------------------------------------------------------------
1900 FNX2001 0.96 0.97 0.06 0.84 0.89 1.79
Including 2.81 1.95 0.18 1.67 1.15 3.00
Including 5.28 4.35 0.13 3.08 1.87 5.07
------------------------------------------------------------
1900 FNX 2003 1.26 2.05 0.19 0.72 0.82 1.72
Including 2.14 4.18 0.37 1.26 1.59 3.22
------------------------------------------------------------
Please note: The map is available on the Emergis(R) e-News
website at www.e-newsservices.com .
####
SOURCE: Fort Knox Gold Resources Inc. |
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| To: Ptaskmaster who started this subject | 5/16/2002 9:14:49 AM | | From: Natasha_Kidd | | | | Check this out. The information should be out at the opening:
PLATINUM GROUP METALS SEES INCREASED POTENTIAL AT LEVACK BLOCK FOLLOWING THE McCREEDY WEST DISCOVERY
Platinum Group Metals Ltd. (PTM: TSX Venture Exchange) is pleased to announce that it has completed a ground magnetic geophysical survey and reviewed the regional gravity data and geological setting on the Company’s, 100% owned, Levack Block 3km north west of the discoveries announced today at the McCreedy West and Levack Mines, Sudbury Ontario. The survey completed in the past few weeks along with the gravity data and the new model for the area, indicate potential for a previously unmapped Offset Dyke and mineralization on the Levack Block.
A significant new embayment of the Sudbury Intrusive Structure was announced in the McCreedy West area today. Embayments are important structural controls for mineralization along the Sudbury Intrusive Structure and the mineralization along them commonly extend outwards. There is a 1.9% Nickel occurrence in Sudbury breccia rocks, on surface, on the Levack Block.
The Levack Block will be targeted for sampling and geological mapping and an Electromagnetic Survey looking for conductors, to test the new model for the property.
PTM holds three properties covering 1328 hectares (3281 acres) in the very active West Sudbury Basin area.
PTM maintains a large portfolio of mineral rights in Canada focused on PGE potential. The Company also continues to pursue confidential property acquisitions. |
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| To: Natasha_Kidd who wrote (503) | 5/30/2002 10:26:10 PM | | From: ali | | | | Hi Natasha, I shall glance at PTM now and then, but as I do not invest outside Canada, I won't buy it regardless.I'm quite committed in Sudbury where my hopes are on fgr.a /glb.I don't know if you are following it or not, but for me it is THE play to watch.Drilling is underway and it was not even their priority to drill there.Their # 1 interest is Cobalt Hill and the ELO is #2.Wolf lake should remain #3, except if gold goes to $350 ,then it may get faster attention as they have anywhere from one to two hundred thousand (no official figure available)oz at shallow depth,easily to be accessed.A ramp may be planed there.If you live around Sudbury,you can buy yourself a pan and get your gold out of the Wolf Lake which is northeast of Sudbury.And it's free if you don't mind the black flies.There is also a foot thick vein of gold 700 feet under the lake yielding 22 (twenty-two) oz /t.If you are familiar with the mining jingo,a read of the Schandle report, which is available from the Vancouver exchange, would be an interesting bit for the exploration in the Sudbury mining camp.
Despite all the criticism,Flag has a pool of knowledgeable people it can call on for assistance at little or no cost and it is just a matter time before it will pay of.
I wish you the best of luck with your endeavour and hope we both strike it rich.
Best regards,ali |
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| To: ali who wrote (504) | 6/2/2002 7:38:43 PM | | From: Natasha_Kidd | | | | Ali,
Okay, I just thought I would mention Platinum Metals Group (PTM) because you have posted on the thread in the past. The company has an interest in the Sudbury area, for sure - but is also expanding it's horizons.
I usually hold my breath when a small junior like this wants to go globe-trotting, but in my opinion, this is an exception.
You mention Wolf Lake. Correct me if I'm wrong, but isn't that where Callanan Mines has a stake? |
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| To: Ptaskmaster who started this subject | 6/3/2002 2:28:02 PM | | From: Natasha_Kidd | | | | Whoa! Even better a release than I expected!
Platinum Group Metals Ltd.
Suite 800 – 409 Granville Street, Vancouver BC, V6C 1T2
Telephone: (604) 899-5450 Fax: (604) 484-4710
E-mail: info@platinumgroupmetals.net Web Site: www.platinumgroupmetals.net TSX: PTMSEC Form 20F, File No. 0-30306
No. 02-33 NEWS RELEASE JUNE 3, 2002
PLATINUM GROUP METALS ACQUIRES HIGHLY PROSPECTIVE BUSHVELD, PLATREEF AREA PROPERTIES IN SOUTH AFRICA
Platinum Group Metals Ltd. (PTM: TSX Venture Exchange) is pleased to announce that it has acquired the option to purchase 100% of two platinum properties, covering 4,573 hectares in the Northern limb or Platreef Area of the Bushveld Complex. The Bushveld Complex is the large geological feature that hosts most of the world’s Platinum.
The first of the two groups is the War Springs Property located south directly along the Platreef contact, 17 kilometers from the currently producing Anglo PPRust Platinum Mine hosting more than 50 million ounces of PGE resources, and 10 kilometers south of the active large-scale drilling program of African Minerals Ltd. This property covers 2,396 ha. The prospective Platreef contact zone has been mapped to cross the property for more than 5 kilometers. This zone is not known to have been tested with a large-scale systematic drilling program previously. Applications for prospecting permits will be filed immediately to start surface work to target a drilling program of more than 5000 meters by PTM as soon as possible.
The second property, Tweespalk Property, is located approximately 25 kilometers north of the PPRust Mine along the Platreef contact. This property covers 2177ha and approximately 3km of the prospective contact and again applications will be filed to start work immediately.
A $1,000,000 Brokered Private Placement, previously announced will close with this acquisition.
The Contract provides the Option for PTM to Purchase 100% of the Mineral Rights at any time over three years. The agreement is with a Private Partnership that has brought together previously fragmented mineral rights. PTM has agreed to pay $2.50USD per hectare, $2.75 per hectare and $3.25 per hectare in the Prospecting fees to the mineral rights holders in years one, two and three. PTM can purchase the mineral rights for $475USD per hectare in year one, or $570USD per hectare in year two or $690USD per hectare in year three. If the mineral rights were purchased in year three the cost would be $1.6 million US for War Springs and 1.5 million US for Tweespalk. PTM has also agreed to pay a 1% Net Smelter Returns Royalty to the Mineral Rights holders subject to PTM’s right to purchase the NSR at any time for $1,400,000USD. The Mineral Rights holders may require PTM to purchase the NSR upon the commencement of commercial production for $1,400,000USD.
GeoActiv Dynamic Geological Services will be paid a 5% finders fee by PTM on payments to the mineral rights holders when paid. GeoActiv is very experienced in platinum exploration and resource definition. GeoActiv is further engaged by PTM to pursue additional South African acquisitions. |
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| To: Ptaskmaster who started this subject | 6/19/2002 10:04:30 PM | | From: Natasha_Kidd | | | | June 19th News Release
Platinum Group Metals Ltd.
Suite 800 – 409 Granville Street, Vancouver BC, V6C 1T2
Telephone: (604) 899-5450 Fax: (604) 484-4710
E-mail: info@platinumgroupmetals.net Web Site: www.platinumgroupmetals.net TSX: PTMSEC Form 20F, File No. 0-30306
No. 02-35 NEWS RELEASE JUNE 19, 2002
PTM Grants South African Team Incentive Stock Options
Platinum Group Metals Ltd. (TSX Venture Exchange: PTM) has granted two principals of GeoActiv Dynamic Geological Services a total of 300,000 incentive stock options, subject to final documentation and regulatory approval. The Options are exercisable at a price of $0.60 per share and will expire after a term of five years.
GeoActiv and the Company recently entered into an agreement whereby GeoActiv will serve as the Company’s acquisitions, technical and operational team in the Republic of South Africa. As our consultants in South Africa, GeoActiv was instrumental in our most recent acquisitions of the War Springs and Tweespalk properties along the Platreef contact of the Bushveld Intrusive Complex (see press release dated June 3, 2002). GeoActiv is a highly qualified and respected firm with extensive exploration and development experience. Their clients have included some of the world’s largest producers of platinum and palladium and they have worked extensively on projects in the Bushveld area of South Africa. GeoActiv is currently laying the groundwork for exploration and drilling on both of the Company’s new South African properties.
Stock options previously issued to purchase 530,000 shares at $0.35 will expire in March 2007 and 1,085,000 stock options at $0.55 will expire January 2005 and March 2007. The Company currently has 21,519,975 shares issued and outstanding and fully diluted shares are 25,472,771. After the Option issuance noted above the Company will have 25,772,771 shares fully diluted.
In addition to its South African properties, PTM is the largest mineral rights holder surrounding the Lac des Iles palladium mine. Lac des Iles is one of only two primary producing platinum or palladium mines in all of North America. The company’s Lac des Iles area land position has several drill-ready platinum-palladium targets. Four holes, totaling about 800m, will be drilled by Wheaton River (TSX: WRM) as they incur $200,000 in expenditures pursuant to an option agreement announce by the company on May 10, 2002. PTM also holds significant land positions in the Sudbury area, including all of the Agnew Lake Intrusion, located west of Sudbury. Anglo American Platinum Corporation Limited is currently financing a major exploration program managed by Pacific North West Capital (TSX: PFN) on the Agnew Lake property. Recently PTM brought the total committed funding on Canadian properties up to $1.55M through the agreement with Arcata Resources (TSX Venture Exchange: ARR) to fund exploration on PTM’s Western Sudbury Basin Properties. |
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