Partners discover third PGM layer at River Valley

Drilling appears to have intersected a third mineralized horizon at the River Valley platinum group metals property in the Sudbury region of Ontario.

Toronto-based Mustang Minerals (YMU-V) and its South African partner, Impala Platinum, report that hole MR01-33, collared to test an induced-polarization anomaly, returned 7 metres (starting at a down-hole depth of 101 metres) of massive gabbronorite carrying 1.37 grams combined platinum-palladium-gold per tonne, plus 0.02% nickel and 0.16% copper. Higher grades were detected over 1.5 metres of that interval.

The massive gabbronorite lies stratigraphically above the so-called Chaotic layer, which has carried most of the mineralization intersected so far. Another prospect, associated with a layer of olivine gabbronorite, sits in the stratigraphic footwall of the Chaotic layer.

The drill results suggest that the new prospect may be relatively enriched in platinum and copper. The associated geophysical anomaly suggests it may extend for more than 1,000 metres in strike length.

Meanwhile, holes 22-25 and 30-32 intersected 2-59 metres of Chaotic layer averaging between less than a gram to 2.18 grams combined platinum-palladium-gold. The holes bring to 2.6 km the total length of the contact area that has been tested by drilling. Another 2 km remain untested.

Impala is funding the reconnaissance drill program as part of its requirements to earn a 60% interest in the project. The company must fund $6 million in exploration over five years.

The River Valley property shares its northern boundary with a similarly named property owned by Pacific Northwest Capital (PFN-V). Pacific Northwest, which has similarly outlined mineralization along the contact area, has granted South African giant Anglo American Platinum the right to acquire a 65% stake in return for funding the project through to production.