Vancouver — An updated resource estimate at the River Valley project, near Sudbury, Ont., indicates a 20% increase in contained platinum group metals.
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The measured and indicated resource at Dana and Lismer’s Ridge stands at 25.4 million tonnes grading 0.98 gram palladium, 0.34 gram platinum and 0.06 gram gold per tonne, which is equivalent to 798,300 oz. palladium, 273,200 oz. platinum and 49,700 oz. gold.
There is also an inferred resource, which includes the Varley zone, of 3.6 million tonnes grading 0.76 gram palladium, 0.28 gram platinum and 0.05 gram gold.
Anglo Platinum, which can earn up to a 65% interest in the project by taking it to production, plans to spend $3 million on exploration for the remainder of this year. The company will try to expanding resources and delineate new ones through drilling, surface exploration, and an aeromagnetics.
Platinum group metals at River Valley occur in what is classified as “contact style” magmatic sulphide mineralization; they are hosted in a contact breccia zone of the River Valley layered mafic intrusive — an early Proterozoic layered gabbro-anorthosite that is part of the Huronian-Nipissing magmatic belt.
Zones of PGM mineralization and enrichment have been outlined along 9 km of strike length on the property’s breccia unit.
Anglo Platinum, the world’s largest producer of primary platinum, has committed to spending more than $12 million on the project.
Pacific North West Capital has 29 million shares outstanding and trades in the range of 55-65 per share.
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