Partners discover new Pt-Pd zones

Vancouver — Recognizing the potential for a bulk-tonnage platinum-palladium deposit, partners Mustang Minerals (YMU-V) and Falconbridge (FL-T) have identified a number of new zones at the East Bull Lake property near Sudbury.

The mineralization covers 90% of the promising East Bull Lake gabbro-anorthosite layered intrusion of platinum-palladium. It has been identified at the contact between the intrusion and surrounding country rocks.

The ongoing $850,000 exploration program is designed to locate drill targets for the upcoming winter program. So far, the mapping and sampling program has identified the following showings:

• The Kid zone — values of up to 5 grams platinum-palladium-gold over a strike length of 1.2 km;
• The Parisien zone — hydrothermally altered rocks with up to 2.4 grams platinum-palladium-gold over a 750-metre strike length;
• The East Lobe South zone — values of up to 2.6 grams platinum-palladium-gold over a 2-km strike length;
• The East Lobe Central zone — values of up to 2.1 grams platinum-palladium-gold; and
• The Bullfrog Extension — mapping and sampling have extended the strike length of the Bullfrog zone by 1 km to the east — values yielded up to 2.1 grams platinum-palladium-gold (previous drilling over this zone returned 2.5 grams platinum-palladium-rhodium-gold over 12 metres).

The partners plan to complete additional mapping and induced-polarization geophysical surveys before launching a drill program in 2002.

Falconbridge can earn up a 50% stake in the property by spending $5 million by Nov. 2005, including $1 million by Nov 2002.