Four drills on Brazil’s Pt bet

Initial platinum and palladium grades from a property in the northern part of Brazil have been obtained by The Northern Miner.

Being worked jointly by a subsidiary of mining giant Rio Tinto Zinc and Toronto-based Consolidated TVX Mining Corp., the property now has four drill rigs working on the second phase of drilling. This program follows encouraging results from 160 grab samples and seven diamond drill holes put down in an initial program in January.

The two companies previously announced that the initial seven holes intersected “high grade” zones between three and 10 m thick, but failed to state exactly what those grades where. The Northern Miner has now learned that assay results from the main zone on the property averaged 3 g platinum, 3 g palladium, 0.5 g rhodium and 0.1 g gold per tonne.

TVX was unable to release assay results earlier because of the corporate policy of Rio Tinto, sources say. The company expects to have a grid pattern drilled off by May or June and hopes to release more definitive assays and geological interpretations then.

Rio Tinto is committed to spend $15 million(US) to earn a 40% interest in the property.