VANCOUVER , July 31, 2014 /CNW/ - Coronado Resources Ltd. (CRD.V) 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.
Platinum 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.
Numerous 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 .
Details of the permits awarded are summarized as follows. All five permits awarded reside on the South Island:
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Permit Number
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Permit Name
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Permit Size
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MEP 56411
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Longwood B
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18,755 acres
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MEP 56409
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Longwood C
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22,652 acres
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MEP 56410
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Murchison E-2
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29,207 acres
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MEP 56412
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Murchison E-4
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29,331 acres
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MEP 56413
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Murchison E-5
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29,257 acres
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129,202 acres
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Initial 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.
Daniel 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 ."
Platinum Group Metals Use and Markets
The suite of metals known as PGM includes platinum (Pt), palladium (Pd), iridium (Ir), rhodium (Rh), osmium (Os) and ruthenium (Ru). PGM have become critical to industry because of their extraordinary physical and chemical properties. The metals are refractory, are chemically inert even at elevated temperatures and display excellent catalytic activity. These properties are the basis for their principal uses: as catalysts in the automotive, chemical and petroleum refining industries and as corrosion-resistant materials in the chemical, electrical, glass and medical and dental industries.
World demand for PGM over the past decade has grown steadily, especially for palladium, which has been adopted as the standard for manufacture of auto catalysts. This has had far-reaching effects since the introduction of stricter pollution controls in the U.S. and Europe , which has caused demand for PGM to increase sharply. Since 1997, platinum and palladium demand has outstripped supply mainly because Russia , the world's biggest palladium producer, has been unable to meet demand from new production and has run down its stockpiles. As a result, there has been a strong move to substitute other PGM for palladium with a consequent sharp rise in demand and price.
About Coronado ResourcesCoronado Resources Ltd. is a venture company and controlled subsidiary (49%) of New Zealand oil and gas producer, TAG Oil Ltd. (TAO.TO) and (TAOIF), and is positioned for growth in the clean power and natural resource sector. Coronado generates revenues from its 100% owned and operated power generation business, which provides electricity to industry and residential customers. The Company is also exploring for Platinum Group Metals in New Zealand and is developing the Madison Gold property in Montana , which has mined high-grade gold and copper since 2008.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:
Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Coronado . Such statements can generally, but not always, be identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements and information concerning the commercial prospects of the newly acquired permits in New Zealand , mining prospectively and plans in New Zealand and Montana are based on management's assumptions using information currently available and include Coronado's expectations regarding the the proposed development of the permits and anticipated results. In making the forward-looking statements in this news release, Coronado has applied certain factors and assumptions that are based on information currently available to Coronado as well as Coronado's current beliefs and assumptions made by Coronado . Although Coronado considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Although Coronado has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Coronado does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Coronado Resources Ltd.