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Seagull PGE Exploration Program Locates Potential Feeder Dikes in Outcrop and with Magnetics
Seagull PGE Exploration Program Locates Potential Feeder Dikes in Outcrop and with Magnetics
About this update from Rainy Mountain Royalty Corp
[{"type":"text","content":"\nSeagull PGE Exploration Program Locates Potential Feeder Dikes in Outcrop and with Magnetics\n\n\n Oct. 7, 2009 (Filing Services Canada) -- Trillium North Minerals Ltd. (TNM - TSX Venture), has been advised by Black Panther Mining Corp. (\"Black Panther\") that a detailed magnetic survey of 587.5 line kilometers has been flown over the west section of the Seagull Property and has located features that are interpreted to be feeder dikes to the Seagull Intrusion which are northward extensions of dikes occurring on the Magma Metals Property, 10km south of the Seagull Property (see NR July 8, 2009, November 5, 2008, February 3 2009).Black Panther Mining Corporation, who is earning an interest in the Seagull property, completed the magnetic survey on September 24, 2009, and prospecting and mapping has been going on over the past 30 days. Outcrops of ultramafic dike-like bodies have been located in the field, as well as numerous boulder fields of ultramafic rocks which are typical of the host rocks that contain the PGE (platinum-palladium) values in both the Seagull Intrusion and in the Magma Metals discovery south of Seagull.The area covered by the survey is 5 miles by 5 miles and doubles the size if the original Seagull project. Seagull now consists of 359 claim units, each claim being 16 hectares or 40 acres each.Black Panther has already earned a 30% interest in Seagull by expending over $500,000 by December 31, 2008 and can earn a 51% interest by spending a total of $1.0 million by February 28, 2011, which is expected to be attained with this ongoing phase of work, including the magnetic survey, ongoing mapping, a follow up drill program and possibly trenching. The remaining 49% interest is held 24.5% by East West Resource Corporation and 24.5% by Trillium North Minerals Ltd.Black Panther may increase its interest to 60% by spending an additional $1.0 million by February 28, 2012, and up to 75% interest by taking the property to commercial production, leaving East West Resources Corporation and Trillium North Minerals with a 12.5% interest each.The work program is being supervised by R.S. Middleton, P.Eng who is acting as the qualified person for East West, Trillium North Minerals and Black Panther Mining Corporation.For more information, contact Dr. Elliot Strashin, President, at 416-504-0077 xt 22, or for further information ...