Rockwell drops Pedra Branca

Denver — Rockwell Ventures (RCW-V) has dropped the Pedra Branca platinum-palladium project in northeastern Brazil after drilling failed to return satisfactory results.

Rockwell was earning a 60% interest in the project from Solitario Resources (SLR-T) in return for spending US$7 million over four years. It has spent $2.7 million till now.

Solitario took control of the property in October 2000 through the acquisition of Altoro Gold.

A 24-hole program, which started in April, focused on the Esbarro prospect. Rockwell drilled two holes each into the Curiu and Trapia prospects and three holes in the Ipueiras zone. Seventeen holes intersected the ultramafic-chromite assemblage, which hosts mineralization, whereas 12 did not. Two holes were incomplete.

One highlight from the drilling was 12.8 metres grading 1.89 grams platinum and palladium per tonne in hole 11 at the Esbarro zone. Within the interval was 0.31 metre of 29.5 grams platinum and palladium per tonne. Hole 14 cut 14.65 metres of 1.81 grams platinum-palladium, including 3 metres of 3.69 grams, at Esbarro. Hole 25 cut 14 metres of 2.94 grams at the Curiu target, including 1.5 metres of 11 grams and 0.9 metre of 11.4 grams. Hole 27 hit 45 metres of 1.44 grams at the Trapia target.

According to Rockwell, “the initial four targets do not appear to have the size or continuity to harbour large-scale deposits.”

Solitario regains 100% control of the 998-sq.-km property, and expects to begin its own exploration.