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Coronado Awarded Platinum Group Metals Exploration Permits in New Zealand
VANCOUVER , July 31, 2014 /CNW/ - Coronado Resources Ltd. (TSX-V: CRD) and (OTCQX: C...
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[{"type":"text","content":"\n\nVANCOUVER, July 31, 2014 /CNW/ - Coronado Resources Ltd. (TSX-V: CRD) and (OTCQX: CRDAF) reports that on July 23, 2014, New Zealand's Minister of Energy and Resources, Simon Bridges, announced that Coronado's 100% owned subsidiary, Lynx Platinum Limited, was awarded five mineral exploration permits totaling 129,202 acres in the New Zealand Petroleum and Minerals Platinum 2013 Blocks Offer.\n\nPlatinum Group Metals (\"PGM\") occurrences are common in New Zealand, and there is considerable potential for PGM production in New Zealand both from hard rock deposits and alluvial concentrations. All five permits awarded to Coronado are prospective for PGM discovery with the Longwood Range area, where Coronado has been awarded two permits, is considered to be the most advanced area in terms of exploration undertaken to date.\n\nNumerous publications have included mention of the PGM potential in the Longwood Range and recent aeromagnetic surveys, fieldwork and drilling have combined to give a new understanding of the geology and the potential for significant PGM discovery. GNS Science geologist, Nick Mortimer, said the Longwood has what geologists called a \"layered gabbro\" similar to those found in platinum-rich areas of South Africa and the United States. \n\nDetails of the permits awarded are summarized as follows. All five permits awarded reside on the South Island:\n\n\n\n\nPermit Number\n\n\nPermit Name\n\n\nPermit Size\n\n\n\nMEP 56411\n\n\nLongwood B \n\n\n18,755 acres\n\n\n\nMEP 56409\n\n\nLongwood C\n\n\n22,652 acres\n\n\n\nMEP 56410\n\n\nMurchison E-2\n\n\n29,207 acres\n\n\n\nMEP 56412\n\n\nMurchison E-4\n\n\n29,331 acres\n\n\n\nMEP 56413\n\n\nMurchison E-5\n\n\n29,257 acres\n\n\n\n\n\n129,202 acres\n\n \n\nInitial efforts of the Company will be focused on analyzing all existing data and conducting the necessary geological and economic modeling to determine the potential of any commercial mineral deposits within these permits.\n\nDaniel Brown, CEO of Coronado, commented, \"We are pleased to have been awarded this very exciting opportunity in New Zealand, which is complimentary to our gold development assets in Montana and the Company's growing clean power generation business for industrial and residential customers in New Zealand.\" \n\nPlatinum Group Metals Use and Markets\n\nThe suite of metals known as PGM includes...