Royal Standard seeks PGMs

Denver — Royal Standard Minerals (RSM-M) has signed a letter of intent to acquire a half-interest in a platinum-palladium project in far-eastern Russia.

The company will pay Geoprospects International US$150,000 in cash over two years and issue 500,000 shares, with an additional payment of US$25,000 due at closing. The transaction has yet to be approved by regulators.

The project comprises more than 3,000 sq. km within the Proterozoic Lantarsky gabbro-anorthosite complex, 700 km southeast of Magadan.

No drilling has been done, though surface trenching, mapping and sampling have outlined layered sulphide zones with copper, nickel and cobalt mineralization that can be traced for several kilometres. These sulphide horizons also carry significant platinum, palladium and rhodium values of up to 5 grams per tonne.

A program of regional airborne and ground electromagnetic and magnetic surveys is planned, to be followed by drilling.

The company is seeking joint-venture partners to assist with financing.

Royal Standard explores for platinum group elements in Nevada and Minnesota, and is developing coal-bed methane opportunities elsewhere in the U.S.