Vancouver — The world’s largest platinum-palladium producer has approved a $1.18-million budget for Pacific North West Capital (PFN-T) and New Millennium Metals’ (PGM-V) Agnew property, some 60 km west of Sudbury.
Anglo American Platinum gave the okay to operator Pacific North West Capital to launch a geological mapping, prospecting, stripping and sampling program, followed by geophysical surveys and diamond drilling.
The program will focus on the intrusive contact, where values of up to 8.4 grams combined platinum-palladium per tonne were discovered in magmatic breccias.
Under an agreement inked last year, Pacific North West can earn 50% of New Millennium’s interest in the property by spending $500,000 on exploration, as well as paying $200,000 and issuing 50,000 shares.
Anglo Platinum can earn a 49.5% interest in the property by spending $6 million by Dec. 31, 2004. It can increase its interest to 57% by completing a feasibility study and to 60% by arranging 100% project financing and bringing the project into commercial production.
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