Mustang discovers PGEs at East Bull Lake property

Toronto-based Mustang Gold (MUST-C) has uncovered showings of platinum group elements at its East Bull Lake property, 80 km west of Sudbury, Ont.

Preliminary geochemical sampling returned up to 1.58 grams platinum, 4.37 grams palladium and 0.34 gram rhodium per tonne, plus 0.47% copper, 0.10% nickel and 0.39 gram gold. Samples were taken in a

200-metre-long-by-50-metre-wide portion of the East Bull Lake intrusion. The intrusion itself measues 22 km long by 3.5 km wide by 1 km thick.

Mustang optioned 1,538 ha of the intrusion earlier this year, after a withdrawn-from-staking order was lifted by the government. The restriction was put in place in the 1980s and was designed to allow Atomic Energy of Canada to test the pluton as a disposal site for nuclear waste. That study was followed up in the early 1990s by a joint investigation by the Ontario Geological Survey (OGS) and Laurentian University.

The East Bull Lake intrusion consists of massive and layered grabbroic and anorthositic rocks that dip into the intrusion and generally strike parallel with its margins. Several mineralized showings with values similar to those obtained by Mustang were reported in the OGS reports.

Since its initial acquisition, Mustang has optioned a further 4,532 ha; it now holds more than 90% of the intrusion. The company must make payments totalling $225,000 and issue 325,000 shares to earn 100% interests in each of the claim blocks it has optioned.