Aquiline Resources (AQI-V) has agreed to acquire 16 claims adjoining its North Dana platinum-group-metal (PGM) property in the River Valley area near Sudbury, Ont.
To acquire the properties, Aquiline will pay $20,000 in cash and issue 50,000 shares. The vendors will retain a 3% net smelter return royalty, a portion of which Aquiline can buy back. The deal is subject to regulatory approval.
North Dana is contiguous to the Dana Lake PGM discovery at the River Valley platinum-palladium project, 70 km east of Sudbury, which is a joint venture between Pacific North West Capital (PFN-V) and Anglo Platinum, a subsidiary of South Africa’s Anglo-American (AAUK-Q). Anglo can earn a 65% stake in the property by funding it through to production. Recent drilling by the partners in the Dana Lake area returned between 0.36 and 1.4 grams platinum, 1.6 and 5.4 grams palladium plus generally about 0.1 gram gold per tonne. Intervals range from 2 to 149 metres.
Aquiline plans an extensive drilling program this summer to test a strong geophysical anomaly at North Dana. The company believes the anomaly may represent a northwest extension of the Dana Lake discovery.
A program will be carried out as soon as possible to extend the existing geophysical survey over the newly acquired claims.
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