PFN ups River Valley resource

Partners Pacific North West Capital (PFN-T) and Anglo American Platinum of South Africa have nearly doubled resources at their River Valley palladium project in northern Ont.

Combined measured and indicated resources in the Dana Lake and Lismer’s Ridge zones now stand at 18.05 million tonnes averaging 1.02 grams palladium and 0.34 gram platinum per tonne, plus 0.05 gram gold, 0.02% nickel and 0.1% copper. Another 5.38 million tonnes, at a grade of 0.82 gram palladium, 0.29 gram platinum, 0.05 gram gold, 0.02% nickel and 0.09% copper, is classified as an inferred resource.

The updates, which were provided by Derry, Michener, Booth and Wahl Consultants, incorporate results from 83 new drill holes. The holes represent the fifth phase of drilling on the property and bring to 210 the total number drilled to date. Most holes were sunk into the three known zones.

Metal prices and recovery rates were excluded from the process, so each resource represents in-situ material. Also, no material grading less than 0.7 gram palladium was included, similar to original estimates.

At Dana Lake, mineralization is divided among the Dana Lake North and Dana Lake South zones. Only the southern zone has grown in size, though both remain open along strike and at depth.

Combined, the two host 12.58 million tonnes averaging 1.12 grams palladium and 0.36 gram platinum, plus gold, nickel and copper. This includes material in all categories.

Lismer’s Ridge has also grown, being 75% bigger than before, but remains the lowest-grading of the three deposits. The zone lies 2 km south of Dana Lake, along the contact between the host intrusion, after which the property is named, and the surrounding country rocks.

Total resources there stand at 10.78 million tonnes running 0.79 gram palladium and 0.3 gram platinum, plus gold, nickel and copper. The deposit is close to surface, similar to the Dana Lake zones.

Here, mineralization also remains open along strike and at depth.

PFN and Anglo each own a half-interest in River Valley, though Anglo can boost its stake to 65% by funding the project to production. PFN is the operator, and it has requested additional funds to continue exploring known mineralization and underexplored areas.