Vancouver — The world’s largest producer of platinum has given the nod of approval for a $2.26-million exploration program over Pacific North West Capital‘s (PFN-T) River Valley project in Ontario.
Anglo American Platinum (AAPTY-O) okayed the recommended budget, which includes a fifth round, 20,000-metre diamond drill program, additional prospecting, and geophysical surveys.
Drilling is expected to begin the three weeks with the aim of expanding the existing mineral resources at Dana Lake and Lismer’s Ridge. A recently tabled resource estimate, carried out by Derry, Michener, Booth and Wahl pegs the total resource in the Dana Lake and Lismer’s Ridge areas, at 12.7 million tonnes grading 1.46 grams combined platinum-palladium-gold per tonne. In its report, the consulting firm also states that further drilling on the mineralized zones, both along strike and downdip, could potentially increase the resource.
The program will also test several other prospective targets on the River Valley project. So far, 10 mineralized areas have been identified with drill testing complete on two of them.
To date, Pacific North West has drilled 138 holes at the property. Mineralization at Dana Lake is divided into two zones, both of which remain open. The Dana Lake South zone has been traced for 300 metres and to a depth of 290 metres, whereas Dana Lake North has been traced for 500 metres along strike and to a depth of 200 metres. Lismer’s Ridge, about 2 km to the southeast, is also a contact-mineralization target; it has been traced over a strike length of 500 metres.
Exploration at River Valley is funded by Anglo American Platinum as part of its requirements to earn up to a 65% interest in the project. The major must also raise financing for development.
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