GOLD AND PRECIOUS METALS — Cross Lake reports platinum-palladium find

Drilling by East West Resource (EWR-V) has led to the discovery of a zone of platinum-palladium and nickel-copper mineralization at the Reeves-Sewell project, 50 km southwest of Timmins, Ont.

The Reeves and Sewell properties are held by Cross Lake Minerals (CRN-V).

East West has an option to acquire a half-interest in both by spending up to $1 million by Jan. 31, 2003.

The newly discovered mineralized zone was intersected in a layered ultramafic body. Three holes encountered two zones of sulphides in stringers and disseminations ranging from 1 to 4.5 metres in thickness.

Hole S98-3 hit 4.45 metres of mineralization at 125 metres below surface, within which was 0.55 metre grading 1.19% nickel, 0.23% copper and 1.5 grams combined platinum-palladium per tonne; other portions of the intersection were less strongly mineralized.

At a depth of 40 metres, hole S98-4 hit 0.12 metre grading 1.36% nickel and 1.86 grams platinum-palladium, followed by 0.75 metres grading 0.47% nickel and 1.3 grams platinum-palladium.

Mineralization in hole S98-5 was weaker, ranging up to 0.29% nickel and 0.36 gram platinum-palladium over 1 metre.

Holes S98-3 and S98-4 were drilled below a surface showing which assayed up to 2% nickel, 1 gram platinum and 1 gram palladium.

The sulphide zone dips vertically, strikes north-south and has been traced by induced-polarization surveys for more than 400 metres to the south of the drill holes.

A limited grid had been established over the nickel showing, and magnetic data suggest that the ultramafic body extends for more then 1.5 km to the south and widens into a large bulb-shaped mass measuring more than 1,200 metres in diameter.