South African-based Anglo American Platinum, the world’s largest platinum producer, has formally earned a half-interest in Pacific North West Capital‘s (PFN-T) River Valley platinum-palladium project, near Sudbury, Ont.
Anglo can boost its strake to 60% by completing a feasibility study. It can further up its interest to 65% by arranging funding to bring the project to commercial production.
Anglo will, which has decided to continue as project manager, has approved an exploration budget of about $2.3 million for the property in 2002. A Phase 5 drill program began in late Nov. 2001 and ten holes were completed before drilling temporarily wrapped up for the holiday season.
Late last year, PFN reported combined in situ resources in the Dana Lake and Lismer’s Ridge zones tallying to 12.7 million tonnes averaging 1.04 grams palladium, 0.35 gram platinum and 0.07 gram gold, plus unspecified copper and nickel values.
Both zones remain open, and another 10 showings are known to occur elsewhere along the intrusion’s contact with surrounding country rock.
PFN recently concluded an agreement with International Freegold Mineral Development (ITF-V) to acquire a 70% interest in the 27.8-sq.-km PGM A property, immediately west of the River Valley property.
Freegold has an agreement to earn a 100% interest in the PGM A property, subject to a 3% net smelter royalty retained by the vendors. PFN can earn its interest by paying $55,000 in cash, issuing 20,000 shares and spending $50,000 on the property. PFN can then buy the remaining 30% stake in the property for $750,000.
A program of prospecting, mapping and geophysical surveying is underway.
Be the first to comment on "Anglo Platinum in at River Valley"