2004 News Releases
Lac Des Iles River PGE Exporation Continues, Thunder Bay, Ontario
February 18, 2004 – Maple Minerals Corp. (MPM-TSXV) and East West Resource Corporation (EWR-TSXV) have been update by our joint venture partner Platinum Group Metals that a 3,040 meter diamond drill program has been completed that was aimed at tracing the extension of the Powder Hill and other PGE showings on the Lac des Iles River property. These showings are contained in a pyroxenite - gabbro complex that appears to be similar to the Lac des Iles complex that hosts North American Palladium’s Lac des Iles Mine; an important producer of palladium, platinum, gold, nickel and copper from a 14,000 ton per day open pit operation. The showings are roughly 10 km south of the mine at the junction of a southward extension of the Lac des Iles intrusion and the Towle Lake intrusion. Holes near Powder Hill have produced 2.83 gm Pt + Pd (PGE) over 1.2m previously and the south west extension of the Stinger showing has now been found to continue another 700 m toward the Powder Hill zone. The Powder Hill zone has now been traced for 2400 m by 3 more holes and is open along strike (see previous news release and details about Powder Hill and Stocker showings). Powder Hill has only been tested to a 65m depth. The expectation of this work and future efforts is to identify a long shear or stratigraphic zone containing higher grade platinum – palladium – gold values similar to the high grade core of the Lac des Iles Mine where the Roby Zone contains grades exceeding 5 gm PGE per tonne and occasional sections of over 15 gm/tonne (North American Palladium annual report).
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. T o date, PTM has spent approximately $540,000 on the property.
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