The Sudbury Star is the City of Greater Sudbury’s daily newspaper.
Officials with Vancouver-based Pacific North West Capital say they are excited by the latest test results from its River Valley property east of Sudbury.
In a release Tuesday, Pacific North West said it has increased the amount of gold and platinum group metals estimates at the site to 2.5 million ounces — a much larger amount than previous studies had indicated.
“The large increase in the estimated mineral resources confirms that River Valley is one of the largest undeveloped primary PGM projects in North America,” said William Stone, president and chief operating officer of Pacific North West.
“The strategy of including all the mineralized zones and the full value of the metal suite in the mineral resource estimation produced a very positive result. It greatly increases PFN’s confidence in River Valley as the project is advanced toward a preliminary economic assessment study.
“The company plans to further expand the PGM resources and to discover new resources with more drilling at the River Valley Project and its adjacent properties.”
River Valley is located 100 km from Sudbury. Pacific North West has been exploring the property for more than 12 years. The company took full control of the project last year.
“In only one year since regaining 100% ownership of the River Valley PGM Project, I want to congratulate our team for completion of a major milestone by delivering a very positive resource statement,” said Harry Barr, the company’s chairman and chief executive officer.
“Our aggressive exploration and development strategy aims to unlock the true potential of River Valley. Going forward, our plans are to continue exploration to expand the resource, drill test new targets, and complete a preliminary economic assessment in the next two years.”
Platinum group metals — palladium, platinum and rhodium — are rare and valuable minerals that have a number of uses, but are especially prized by the automotive sector, which uses them in catalytic converters that helps reduce a vehicle’s toxic emissions.
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