Partners drill River Valley (June 24, 2002)

Drilling by Mustang Minerals (YMU-V) and South African-based Impala Platinum Holdings (Implats) has highlighted more platinum group metal mineralization in the River Valley intrusion of northern Ontario.

Following up on last year’s reconnaissance program, the partners targeted the olivine gabbronorite and inclusion-bearing chaotic layers, near the intrusion’s northwestern margin. The holes were widely spaced, covering 1.6 km of contact, and include the following:

– 1 metre (starting at 65.5 metres down-hole) grading 3.92 grams platinum, 0.78 gram palladium and 0.10 gram gold per tonne in hole MR-50;

– 7.5 metres (starting at 85 metres) grading 0.22 gram platinum, 0.42 gram palladium and 0.08 gram gold in hole 52;

– 2 metres (starting at 189.5 metres) grading 1.08 grams platinum, 2.61 grams palladium and 0.02 gram gold, followed by 3 metres averaging 1.02 grams platinum, 0.06 gram palladium and 0.01 gram gold, in hole 58; and

– 25.5 metres (starting at 54.5 metres) grading 0.31 gram platinum, 0.64 gram palladium and 0.06 gram gold in hole 62.

Several intersections contained higher-grading sub-intervals. For instance, the 5.2-metre section in hole 62 included 2.1 metres of 0.96 gram platinum, 3.07 grams palladium and 0.1 gram gold.

The partners believe the mineralized layers continue to the northwest, on to the adjoining property of Pacific North West Capital (PFN-T) and South African major Anglo American Platinum (AAPTF-O). That partnership also is exploring the intrusion’s margin but at a more advanced stage, having outlined two zones carrying a combined 12.7 million tonnes grading 1.04 grams palladium, 0.35 gram platinum and 0.07 gram gold per tonne, plus copper and nickel credits.

Implats can earn up to a 60% interest in Mustang’s property by spending $6 million on exploration and paying $255,000 over five years.