Anglo funds more work at Solitario’s Pedra Branca

Vancouver Internal scoping studies have prompted Anglo American Platinum (AAPTY-L) to fund another round of exploration at Solitario Resources’ (SLR-T) Pedra Branca platinum-palladium (PGM) project in northeastern Brazil.

Anglo Platinum can earn a 51% interest in the project by spending US$7 million on exploration over a five-year period, and boost this to 65% by completing a bankable feasibility study and arranging production financing. The South African company has already funded two drilling campaigns worth US$1 million over the past two years, and plans to spend US$1.25 million in next program.

Work to date, including previous campaigns carried out by Solitario, has revealed four near-surface deposits of PGM mineralization. Anglo Platinum recently completed internal preliminary studies, including metallurgical test-work and resource modeling, before deciding to fund the next phase of work. Solitario notes that much work remains to be done before the project can advance to the feasibility stage.

Solitario holds a number of properties in South America, including gold properties in the Tapajos region of central Brazil, the Bongara zinc project in Peru, and various polymetallic projects in Bolivia. Late last year, the company formed a strategic alliance with Newmont Mining (NMC-T, NEM-N) to explore for gold in southern Peru.