Satisfied with its partner’s progress,
Amplats, as the major is called, can boost its half-stake to 60% by funding all exploration leading to the completion of a feasibility study. Another 5% can be acquired in return for financing the project to production, if warranted.
In late 2001, PFN tallied an in situ resource of 12.7 million tonnes averaging 1.04 grams palladium, 0.35 gram platinum and 0.07 gram gold per tonne, plus copper and nickel credits. The resource is divided between the Dana Lake and Lismer’s Ridge zones, both of which remain open.
The junior also highlighted several new areas of mineralization along the intrusion’s contact with surrounding country rock. Exploration is focused along the contact zone, where both of the known zones sit.
PFN is in the midst of a fifth phase of drilling, having sunk 10 holes before breaking for the holidays. Results from those holes are expected shortly.
PFN has also tied up a 27.8-sq.-km block of claims immediately west of River Valley. Accordingly, prospecting, mapping and geophysical surveying are under way.
To earn a 70% interest, PFN must spend $50,000 on exploration, plus pay $55,000 and issue 20,000 shares to
International Freegold retains a 3% net smelter royalty.
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