Mar 22, 2011 06:00 ET Mustang Announces New Platinum and Palladium Discovery in Manitoba
TORONTO, ONTARIO--(Marketwire - March 22, 2011) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) ("Mustang") and 19.9% shareholder Western Areas NL (TSX:WSA)(ASX:WSA), are pleased to announce a significant new drill discovery of platinum and palladium ("PGM") mineralization at shallow depth at Mustang's 100% owned Mayville Property. The Mayville Property covers a large part of the northern portion of the Bird River Intrusive Complex in southeastern Manitoba.
Diamond drill hole MAY11-07 intersected 9.15 meters at an average grade of 9.5 g/t combined platinum and palladium (from 55.5m depth) within a wider zone of 41.16 meters at an average grade of 2.9 g/t PGM. The highest grade interval in MAY11-07 is 1.52 m at 8.9 g/t platinum and 22.6 g/t palladium. This interval also assayed 0.7 g/t rhodium in addition to the platinum and palladium with the 9.1 meter section from 55.5 meters assaying 0.27 g/t rhodium.
TORONTO, ONTARIO -- (Marketwire) -- 06/02/11 -- Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF)("Mustang") today announced that exploration drilling for platinum group metals is resuming at its Mayville Property in southeast Manitoba. The Company also updated other exploration information from the project including results from May11-28 which was drilled 100 meters to the west of the discovery drill section which returned highly anomalous PGE results and plans for a concerted drill out of the PGM Zone.
Drilling has commenced on the Road Anomaly which is located to the east of the PGM discovery area. This target was identified during a recent survey and consists of a prominent (480m x 240 m) induced polarization (IP) and magnetic anomaly. This anomaly is also featured on the VTEM airborne survey flown at Mayville in 2005. The target is situated 620 meters northeast of the PGM discovery hole and 1700 meters east of the Mayville M2 Cu+Ni Deposit. A series of holes will be completed to test and explain the anomaly. The Road Anomaly is readily accessible by road even with spring break up conditions.
Mayville Project Exploration
Mustang is planning a systematic drill out of the PGM Zone target area as well as related exploration at the Mayville Property during the remainder of 2011. In addition to drilling exploration will include ground and airbone geophysics, litho-geochemical and bio-geochemical surveys and further geological mapping of areas of interest. Further details will be forthcoming from the Company as plans are implemented. Carey Galeschuk P. Geo. will be the supervising site geologist.
Drill results were also received for drill hole MAY11-28 which was drilled 100 meters west of MAY11-07 (see Mustang Minerals news release March 22nd, 2011). MAY11-28 intersected several zones of anomalous mineralization with values of 1.9 g/t pgm+Au, 0.29% nickel and 0.35% copper ( over 1.2m ) with 1.4 g/t pgm+Au over 1.5m. The geology of MAY11-28 consisted of an alternating package of ultramafic, peridotite and gabbro. Elevated PGM values were noted throughout the rock units. Mineralization is different is this hole compared with the others in the PGM Zone as it contained elevated copper and nickel values. Anomalous intervals of PGM included 3.0m at 0.7 g/t from 57.0m; 5.9m at 0.6 g/t pgm from 160.6m and 4.2m at 0.9 g/t from 180.8m.
Makwa Feasibility Study
The feasibility study for Makwa is proceeding with contracts awarded for feasibility level metallurgical testing, pit slope design, tailings and waste management design and Environmental Impact Assessment and Permitting. The mill components purchased from Bouchard Hebert are being dismantled and moved off site by third party contractors.
All core samples were sent to Accurassay Laboratories in Thunder Bay, Ontario. Analysis was completed for nickel, copper, cobalt and silver using an Aqua Regia digestion followed by AAS/ICP finish. For gold, platinum and palladium, fire assay of 30g aliquots followed by combination fire assay and AAS finish was employed. Drill core is logged and split on site at the Makwa site with half the core retained and stored. Mustang conducts an ongoing QA/QC program on drill core including inserting blanks, duplicates and standards at regular intervals with all sample submissions to the laboratory.
The Company also announced that it is issuing a total of 920,000 incentive stock options to employees of the Company pursuant to the stock option plan of the Company. The term of the options is for 5 years. The exercise price of the options are a minimum of $0.30 per share and are subject to regulatory approval.