Partners drill River Valley (June 17, 2002)

Vancouver — Mustang Minerals (YMU-V) and Impala Platinum Holdings (Implats) have released more drill results from the River Valley platinum property, situated east of Sudbury, Ontario.

Drilling identified more platinum group metal mineralization hosted in two layers within the River Valley intrusion. The drill program targeted an olivine gabbronorite and an inclusion-bearing chaotic zone. Both of these rock types were intersected in last year’s reconnaissance drill program. The zones are situated along the northwest margin of the intrusion on the property. The holes were collared over a 1.6-km strike length along this margin. Highlights of drill results are as follows;

• Hole MR-50 intersected 1.0 metre grading 0.10 gram gold, 3.92 grams platinum and 0.78 gram palladium, starting 65.5 metres down-hole.
• Hole MR-52 intersected 7.5 metres averaging 0.08 gram gold 0.22 gram platinum and 0.42 gram palladium, starting 85.0 metres down-hole.
• Hole MR-58 cut 2.0 metres grading 0.02 gram gold, 1.08 grams platinum and 2.61 grams palladium, starting 92.5 metres down-hole. This was followed by a 3-metre interval that averaged 0.01 gram gold, 1.02 grams platinum and 0.06 gram palladium starting 189.5 metres down-hole.
• Hole MR-59 cut 22.5 metres grading 0.05 gram gold, 0.27 gram platinum and 0.64 gram palladium starting 30.5 metres down-hole. This included a 9.0 metre interval that averaged 0.05 gram gold, 0.39 gram platinum and 1.03 grams palladium. Further down-hole another interval cut 1.5 metres averaging 0.03 gram gold, 0.62 gram platinum and 1.30 gram palladium at a depth of 108.5 metres.
• Hole MR-62 intersected 25.5 metres grading 0.06 gram gold, 0.31 gram platinum and 0.64 gram palladium, starting at a down-hole depth of 54.5 metres. Further down-hole another interval cut 5.2 metres grading 0.6 gram gold, 0.49 gram platinum and 1.60 gram palladium starting at a depth of 153.7 metres. This interval included a 2.1 metre section that assayed 0.10 grams gold, 0.96 grams platinum and 3.07 grams palladium.
• Hole MR-64 cut 27 metres grading 0.05 gram gold, 0.29 gram platinum and 0.69 gram palladium, starting 38.0 metres down-hole. This included a 4.5-metre section that averaged 0.12 gram gold, 0.67 gram platinum and 1.53 grams palladium.

The River Valley property is held by Mustang and Implats under a Joint Venture whereby Implats can earn up to a 60% interest in the project by spending $6 million on exploration and making cash payments of $255,000 over a period of five years.