Two layered intrusive complexes are known to exist on the property. The program calls for 7,650 metres of core drilling and metallurgical testing.
Gold Fields can earn an initial 30% interest in the partnership by spending US$5 million on exploration over the next three years. It can increase its interest to 51% by spending at least another US$6 million and completing a bankable feasibility study by the end of 2005.
Already, drilling has started on one of four resource areas at the Portimo complex. Two of the areas contain broad zones of copper and nickel mineralization in addition to platinum group elements; the third area consists of reef mineralization; and the fourth is a high-grade structure at the base of the mafic intrusion.
Outokumpu has outlined the SJ reef at the Penikat complex over a distance of 23 km. Drilling there averaged 8 grams of combined platinum, palladium, rhodium and gold per tonne over 1 metre.
Some of the northern sections showed a width of 2.4 metres grading more than 15 grams per tonne. Drilling on this target should begin in May, after Gold Fields establishes an assay procedure for measuring PGM values. The company believes metal values were underrepresented by previous drilling.
The property is northeast of Outokumpu’s Kemi chromeworks.
Be the first to comment on "Gold Fields, Outokumpu ink PGM deal"