 | | | Published : July 09th, 2007 | Announces 2007 Exploration Program for Stillwater Project |
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July 9, 2007
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Beartooth Platinum Corporation Announces 2007 Exploration Program for
Stillwater Project
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TORONTO, ONTARIO--(Marketwire - July 9, 2007) - Beartooth Platinum Corporation (TSX VENTURE:BTP) is pleased to announce the start of field work at the Company's Stillwater Project in south-central Montana, USA. Beartooth's land position at Stillwater is parallel and in very close proximity to Stillwater Mining Company's two platinum and palladium producing mines, the Stillwater Mine and the East Boulder Mine. Decision memos approving Beartooth's 2007 Plan of Operations have been received from the United States Forest Service, and a water right permit has been obtained from the Montana Department of Natural Resources and Conservation. Beartooth field personnel are currently conducting detailed geological mapping in high priority areas. Camp construction and drill mobilization is underway, and drilling is expected to commence by July 19, 2007.
Mr. Michael D. Johnson, P.Geo, President and CEO, commented "The compilation of over 40 years of historic data, coupled with the results of the Company's successful 2005 and 2006 work programs has led to the identification of a significant zone of PGM (Platinum Group Metals) mineralization associated with the B Chromitite layer in the Stillwater Complex. Most of the trend of this zone is untested by historic exploration work. In addition, the scale of the soil anomaly is such that we believe that disseminated to massive Ni-Cu-PGM sulphide accumulations are also present at the base of the intrusion. The planned 2007 exploration program will thus provide information on the grade and tonnage attributes of two, superimposed, styles of mineralization. We are convinced that this year's field program will confirm the very strong economic potential for both styles of mineralization in the Stillwater Complex."
The goal of the 2007 exploration program is to investigate the source of a major soil geochemical anomaly that overlies the lower part of the Stillwater Intrusive Complex. To achieve this goal, the Company will complete a C$2.0 million field program over the course of the summer. The program will include up to 6,100 meters (20,000 feet) of core drilling on its Iron Mountain property, as well as on the adjoining Beartooth-Premium Exploration Inc (TSX VENTURE:PEM) Chrome Mountain joint venture property.
The Nickel (Ni) -Copper (Cu) Platinum Group Metals (PGM) anomaly was identified, by Beartooth's geologists, during the course of a 10,000-sample soil geochemical survey completed in 2006. The anomaly extends for a total strike length of 15 kilometers, and is coincident with the interpreted position of the B Chromitite layer in the basal part of the Stillwater Complex. Drilling in 2006 encountered significant Gold (Au) +Platinum (Pt) +palladium (Pd) + Rhodium (Rh) mineralization associated with the B Chromitite, including intersections of up to 21.7 g/t combined PGM over 0.55 meters. The broad nature of the soil anomaly, particularly in the western part of survey area, is thought to reflect PGM mineralization associated with the B Chromitite, as well as disseminated to massive Ni-Cu-PGM mineralization at the base of the intrusion. Beartooth's drilling in 2006 intersected Ni-Cu-PGM mineralization associated with disseminated to massive sulphide zones below the B Chromitite layer. These intersections ranged up to 2.14% Ni, 0.13% Cu, and 1.3 g/t Au+Pt+Pd over 0.18 meters.
The planned 2007 drill program consists of 33 holes along the 15 km strike length of the soil anomaly (please visit www.beartoothplatinum.com to view our 2007 drill hole location map). The drill holes are designed to intersect the B Chromitite and to continue through the basal contact of the intrusion. This process will therefore test the economic potential of mineralization associated with both the B Chromitite layer, and the basal sulphide zone. Progressive Diamond Drilling Ltd. of Elko, Nevada, has been awarded the drilling contract, and will provide two core drills. The drill rigs are scheduled to arrive on site on July 16.
Mandatory archeological and cultural surveys were completed over 20 of the planned drill sites in 2006, and approval for drilling at these sites has been received from the United States Forest Service. Archeological and cultural surveys covering the remaining 13 drill sites, which lie on the BTP-PEM joint venture property, are scheduled for the week of July 9. An amendment to the Company's 2007 Plan of Operations requesting approval for drilling on the joint venture property will be submitted to the United States Forest Service upon completion of the surveys.
About Beartooth Platinum Corporation
Beartooth controls 872 unpatented lode mineral claims over the exposed 50-kilometer strike length of the Stillwater Complex, North America's largest known resource of PGM, where there are two operating mines of the Stillwater Mining Company (SMC) from the J-M Reef. Beartooth's mineral claims are contiguous with these significant resource properties.
Additional information about the Company and its properties is available on the Company's website at www.beartoothplatinum.com.
Michael D. Johnson, President, CEO and Director of Beartooth Platinum Corporation (BTP), is a Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and is responsible for reviewing the technical disclosure in this press release. Field work in the Stillwater Complex, Montana, USA has been performed under Mr Johnson's supervision.
If you would like to receive press releases via email please contact Catarina@chfir.com. Please specify "Beartooth press releases" in the subject line.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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Beartooth Platinum Corporation
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EXPLORATION STAGE |
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CODE : BTP.V |
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Beartooth Platinum is a platinum exploration company based in . Beartooth Platinum holds various exploration projects in USA. Its main exploration properties are CHROME MOUNTAIN, PETSITE, DEADWOOD and FRIDAY in USA. Beartooth Platinum is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 32.5 millions as of today (US$ 30.1 millions, € 21.3 millions). Its stock quote reached its highest recent level on December 30, 2004 at CA$ 0.45, and its lowest recent point on July 23, 2009 at CA$ 0.01. Beartooth Platinum has 162 682 000 shares outstanding. |
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