Aurora Platinum options Anglier property (December 17, 2001)

Vancouver — Junior Aurora Platinum (ARP-V) has acquired Paramount Ventures & Finance‘s (PVF-V) remaining interest in the Anglier platinum-palladium property in Quebec.

The 16-sq.-km Anglier property is in the Baby segment of the Belleterre-Anglier greenstone belt in the southern superior geological province. It is 25 km east of Lake Timiskaming and adjacent to Aurora’s Midrim property.

Aurora is required to pay the underlying vendor $65,000 and spend an additional $570,000 on exploration. Paramount retains the obligation to issue $50,000 worth of its shares to the vendor by February 2003 in return for a 1.5% net smelter return royalty. The royalty can be purchased for $1 million.

Earlier this year, Aurora optioned half of Paramount’s 70% interest in the property. Aurora agreed to spend the first $300,000 of the required $800,000 in exploration expenditures (over three years). After the earn-in, the companies will share the costs on a 50-50 basis.

Recent drilling at the Midrim-Belleterre project identified disseminated-to-massive sulphides at a depth of 200 metres in hole 76. The hole cut 7.65 metres grading 0.8% nickel and 1.2% copper, plus platinum and palladium. Four separate zones of nickel-copper-PGM mineralization have been drilled, all within gabbro bodies interlayered with mafic-to-felsic volcanics.

Results from an earlier airborne geophysical survey over the Midrim-Belleterre-Anglier property area identified 36 electromagnetic conductors. Several of these occur along the gabbro horizon hosting the deep mineralization at Midrim.