Vancouver — Junior Mustang Minerals (YMU-V) has added the Truman project to its promising portfolio of platinum-palladium properties in Ontario.
Located 40 km southwest of Sudbury, the 2,528-hectare property covers a large part of the Lac Panache gabbro, an intrusion that measures 20 km long by up to 2 km wide.
The property lies within the Huronian-Nipissing magmatic belt and contains platinum-palladium mineralization associated with copper-nickel sulphides (chalcopyrite, pyrrhotite and pentlandite). The sulphides occur as disseminations and coarse blebby grains within layered gabbroic rocks at or near the margin of the intrusion.
Initial mapping and prospecting by Mustang have identified a zone of magmatic sulphides over a 1.5-km strike length.
So far, grab samples have returned up to 1.4 grams palladium, 0.7 gram platinum and 0.18 gram gold per tonne.
A $75,000 program is under way. It consists of mapping and ground geophysics.
The junior can earn a 100% interest in the property by:
- making total cash payments of $167,500 and issuing 75,000 shares; or
- making total cash payments of $242,500.
On the completion of a positive feasibility study, Mustang must issue 100,000 shares or make a $1-million cash payment. The vendors retain a 3% net smelter royalty.
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