Impala, Mustang sign JV

South African-based Impala Platinum (IMPAF-O)has spent a required $3.8 million on exploration to earn a 38% stake in the River Valley palladium-platinum project of Mustang Minerals (YMU-V).

Situated 80 km east of Sudbury, Ont., River Valley covers most of the southern contact of a large, layered mafic intrusion after which it is named. The property adjoins a similar one being explored by Pacific North West Capital (PFN-T) and Anglo American Platinum (AAPTF-O) of South Africa.

Mustang notes that future exploration on the property must be funded on a pro rata basis; otherwise, the delinquent party will have its interest diluted accordingly. The junior is the project operator.

Exploration will focus on areas where drilling has returned up to 2.82 grams platinum, 1.13 grams palladium and 0.5 gram gold per tonne over 1.49 metres. Upwards of 0.19% copper are noted as well.

Most of the known mineralization in the intrusion is found near the contact with surrounding country rock, in breccias and pegmatitic breccia. It mainly occurs in the form of disseminated and spotty sulphides (mainly chalcopyrite).