Explorer Mustang jumps on Manitoba PGM find

Subject: Explorer Mustang jumps on Manitoba PGM find Tue Mar 22, 2011 6:21 pm

Explorer Mustang jumps on Manitoba PGM find
TORONTO (miningweekly.com) – Shares in Canadian junior Mustang Minerals surged 87,5% on Tuesday morning, after the company said it has discovered shallow platinum and palladium mineralisation on a property in south-east Manitoba.
“While the extent of the zone of platinum-group metals (PGMs) mineralisation is not known at this stage, Mustang is planning a substantial drilling program to test the potential of the new discovery at depth and along strike from the two initial drill holes,” the firm said in a statement.
A diamond drill hole on the Mayville property intersested 9,15 m at an average grade of 9,5 g/t combined platinum and palladium, from a 55,5-m depth, the company said.
The intersection was located within a wider zone of 41,16 m, at an average grade of 2,9 g/t platinum and palladium, and the highest grade interval intersected by the drill was 1,52 m, at 8,9 g/t platinum and 22,6 g/t palladium.
A second drill hole also intersected “numerous” intervals of lower-grade PGM mineralisation, the firm said.
“These intersections represent a new grassroots discovery of platinum-palladium mineralisation at the Mayville property,” president Robin Dunbar said.
In addition to the planned drilling, Mustang will also conduct a detailed ground magnetics IP survey .
Shares in the company were trading at 22,5 Canadian cents by 11:27 in Toronto, after rising as high as C$0,26 apiece earlier in the day. Mustang has a market capitalisation of C$36,37-million.
The company has exploration properties in Ontario and Manitoba, and is 19,9% owned by TSX- and ASX-listed nickel-miner Western Areas.
Western Areas is providing Mustang with technical support to help with bringing the smaller firm's Makwa openpit nickel/copper/PGM deposit into production.
The Mayville discovery is “potentially significant”, Western Areas said in a separate statement.
Platinum and palladium are used mainly in emissions-reducing autocatalysts.

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