After an unimpressive first round of drilling at the Stillwater platinum-palladium project in Montana, Idaho Consolidated Metals plans on raising $3 million via a private placement for a second round of drilling.
Each unit in the placement will be priced at 35 apiece, and will comprise one share plus half a non-transferable purchase warrant. Each whole warrant is exercisable at 70 for one share for one year. The private placement is subject to regulatory approval.
Idaho plans a 10-hole, 2,134-metre drilling program to test and delineate four distinct mineralized areas. Two holes will target the Iron Creek area. Four holes will target the Lost Mountain and Crescent Creek areas. Another four holes will be collared on the platinum-group-metal-bearing A and B chromite horizons. Previous surface sampling in the area returned between 1.16 and 15 grams combined platinum group metals per tonne. The average value of all the samples was 3.9 grams.
Earlier this summer, a 7-hole program at Stillwater failed to cut any significant platinum-palladium mineralization. Five holes were collared in the Iron Creek area and two holes tested the eastern end of the Stillwater complex at the Fishtail Creek prospect.
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