Trend can earn a 100% interest in 104 claims in Albany Cty. by spending US$750,000 over three years, including property payments and an exploration expenditure of no less than US$150,000 in the first year.
In granting the option, General Minerals will receive US$40,000 in cash and 715,996 shares of Trend, representing 20% of the junior’s outstanding shares.
Trend has also located 40 claims adjacent to the property in the area of interest. It owns another six claims in the nearby Albany claims, bringing the total to 150 claims in the area.
Exploration for platinum group elements at the Lake Owens property has been limited. Since 1983, previous owners have drilled 13 core holes, concentrating on three layers in the layered igneous complex.
Highlights include a 1-metre interval grading 1.9 grams of combined platinum, palladium and gold per ton. Another hole encountered 1 metre of 0.9 gram.
Trend believes the property has considerable upside potential, as the drilling tested only a small portion of the 10-km strike length of the anomalous layers, and most of holes were less than 175 metres deep.
The junior is also exploring for platinum group metals in southern Nevada, western Oregon and Idaho.
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