2003 News Releases
Lac Des Iles River Property-Thunder Bay Mining Division - Drill Program
October 16, 2003
Maple Minerals Corp. (“Maple”) and East West Resource Corporation (“East West”) have been informed by Platinum Group Metals (“PTM”) that a $280,000 diamond drill program has commenced on the Lac des Iles property Powder Hill Pd-Pt zone and its extension to the northeast to the Stinger zone on the adjoining property. The gabbro–pyroxenite rocks on the property are related to the Lac des Iles complex to the north which hosts the Lac des Iles palladium mine which is a major producer of palladium, platinum and gold as well as nickel and copper. Both open pit low grade underground high grade reserves occur in this setting
and results to date at the Lac des Iles River suggest that the same styles of mineralization occur on the Power Hill – Stinger trend.
The Lac Des Iles River Property is currently owned 50% by Maple and 50% by East West. Pursuant to a property option agreement dated May 5, 2000, PTM may earn a 50% interest by spending $1,000,000 over 5 years and a 60% interest by completing a feasibility study. To date, PTM has spent approximately $400,000 on the property. The following is a press release recently issued by PTM:
“LAC DES ILES-THUNDER BAY, ONTARIO PLATINUM PALLADIUM PROJECT UPDATE"
Platinum Group Metals (PTM-TSXV) announces that a 2,800-meter diamond drill program has commenced on its Lac des Iles-Thunder Bay Ontario, Canada Area Platinum-Palladium (“PGE”) Project. PTM controls over 200 square kilometers of mineral rights in the area of Canada’s only primary palladium mine.
The fall 2003 drilling will test along strike and down dip of the high-grade PGE-Copper-Nickel mineralization of the Stinger Zone intersected in 2002. Drilling at Stinger by PTM in 2002 intersected zones including 3.1 metres grading 4.92 grams per tonne platinum palladium plus gold within a broader PGE mineralized system with returned intercepts including 19.2 metres grading 1.06 g/T Pt+Pd+Au. All of the intercepts are reported in previous releases. T he Stinger Zone intercepts represent the most ignificant results in terms of grade-thickness and continuity in the Lac des Iles camp outside those from the Lac des Iles platinumpalladium mine owned by North American Palladium Ltd. (Reserves: open pit 39 million tonnes grading 1.89 grams per tonne palladium and 0.21 grams per tonne platinum and underground 5.0 million tones grading 5.86 g/t palladium and 0.35 grams per tonne platinum).
The Stinger platinum-palladium zone has been traced in surface trenches and drilling for 700 meters along strike. This PGE bearing system is hosted by the central portion of the 19 kilometer long Towle Lake Mafic Intrusion.
The 2003 drill program will also test the area along strike from the Powder Hill PGE Zone located 6 kilometers southwest of Stinger within the Towle Lake Intrusion.
Additional diamond drill holes, spaced at 1 km intervals, will target the Towle Lake Intrusion between the Powder Hill and Stinger Zones, where the intrusion is very poorly exposed. A four hole drill section is also planned across the Towle Lake Intrusion in the Towle Lake area where a lake sediment survey completed by the Ontario Geological Survey in 2002 identified an unexplained multi-element (Ni-Cu-Pd-Cr-Co-Au) anomaly.
The Stinger PGE Zone is located on the Shelby Lake Property in which PTM has an option to earn a 60% interest from New Claymore Resources (NCS:TSXV). The Powder Hill Zone is located on the adjacent Lac des Iles River Property in which Platinum Group Metals is earning a 60% interest from East West Resource Corporation (EWR:TSXV) and Maple Minerals Corp. (YMP:TSXV). This PTM drill program is budgeted at approximately C$280,000.
QUALIFIED PERSON AND QUALITY CONTROL AND ASSURANCE
PTM Exploration Manager, Mr. Darin Wagner, M.Sc., P.Geo, has acted as the qualified person for the Lac des Iles –Thunder Bay Area PGE Projects. PTM conducts one of the most rigorous quality control programs in the exploration industry. Drill core is split or sawn with half being retained for future study. The samples collected from the second half of the drill core are sealed on site and transported directly to the analytical lab. Blind blanks (one in 20 samples), duplicate samples (one in 20 samples) and certified reference materials (one in 24 samples) are inserted by the company in the sample stream sent to the lab to insure the lab results are contamination free, reproducible and accurate.”
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Maple’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Maple disclaims any intent or obligation to update these forward-looking statements.
The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.
Maple Minerals Corp.
L.M. (Gino) Falzone