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HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: Cobalt & Platinum Group Metals in most recent drill hole of Eagle 2

Cobalt & Platinum Group Metals in most recent drill hole of Eagle 2

posted on Apr 02, 2008 06:41AM

The following quote was particularly interesting, regarding the most recent hole drilled on Eagle 2:

"The chromite beds are being analyzed for cobalt, precious metals and other possible potentially significant elements. The latest hole completed, 1G21, intersected the SHS (i.e., Shear Hosted Sulphide) occurrence from 169.5 to 190.1 meters with bands of semi-massive to massive bands of copper-nickel sulphide mineralization."

Cobalt has recently been selling for around $50/lb, and I think most of us know the high prices being paid for platinum, palladium, rhodium, etc. What is interesting is that these chromite beds could possibly contain all of these. We've not seen any significant cobalt showings on our properties yet, but then again we've not previously hit chromite beds. If just some of these elements show up in decent percentages, this will add to the overall commercially viable mineral tonnage and will definitely be a plus. If it turns out that PGM's (Platinum Group Minerals) are of good grade, this could be very valuable indeed. Certainly the management thinks there is a likelihood of this being the case, or otherwise they would not be having the assay labs test for these minerals. This is encouraging.

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