Seagull PGE Project Progresses
Thunder Bay, Ontario; East West Resource Corporation ("East West") has received an update from Black Panther Mining Corp. ("Black Panther") of its activities on the Seagull property. As referred to in the Company’s news releases dated November 5, 2008 and February 3, 2009, Black Panther acquired a 30% interest in the 159 claim unit Seagull Property from East West and Trillium North Minerals ("Trillium"). Black Panther also has the right to increase its ownership in the Seagull Property to a 51%, 60% and 75% interest, respectively, by incurring additional exploration expenditures on the Property.
Black Panther, who is earning an interest in the Seagull Property, located approximately 90 km north-northeast of Thunder Bay has recently staked additional claims and expanded the Seagull Property from 159 claim units to 359 units. As a result, the Property now encompasses the original Seagull Proterozoic ultramafic intrusion (the “Seagull Intrusion”) discovered in 2000, as well as numerous newly discovered feeder dike features along the western flank of the original claims.
From 2000 to 2004, there were three platinum-palladium-nickel-copper disseminated sulphide "layers" discovered in the Seagull Intrusion. In April 2004, Platinum Group Metals Ltd. (who previously held an interest in the Seagull Property), announced the discovery of a new platinum bearing layer, or "reef", within the Seagull Intrusion. At that time, Platinum Group Metals reported that drilling confirmed the northern half of the Seagull Intrusion as a target area for expanding platinum reefs discovered to date, and as well stated, that the mineralized horizons found within Seagull Intrusion compared favourably to the famous “Merensky” reef in South Africa.
More recently, in a news release dated April 22, 2009, Magma Metals Limited of Australia ("Magma") reported the discovery of PGE’s hosted in feeder dikes on Magma’s claims which are located 10 km to the south of Seagull Property.
All of the ultramafic intrusions (like the Seagull Intrusion) are related to the "Mid Continental Rift" event that occurred between 1000 to 1112 ma (million years). The Seagull Intrusion has been dated at 1111 to 1112 ma and represents magma that has been derived from deep in the mantle; hence the platinum-palladium values are almost 1:1 and are contained within the nickel-copper sulphides
Company Results To Date
In December 2008, the Black Panther completed a $650,000 phase one core drill program on the west side of the Seagull Intrusion (see February 3, 2009 news release). In January through to March, 2009, additional claims were staked to the west. Recent prospecting has been successful in identifying several potential feeder dikes, and as well, numerous boulders and outcrops of dike material have been discovered within the claims block. The Qualified Person for the Project, Mr. Robert Middleton, P. Eng., Geophysicist, states that "these newly discovered dikes are likely the conduits linked to the larger bodies such as the Seagull Intrusion and others in the immediate area".
Subject to the completion of its financing announced on July 3, 2009, Black Panther intends to proceed with a detailed airborne magnetic survey, followed by additional drilling. Black Panther has budgeted $350,000 for this program, which will bring its total exploration expenditures on the Property to $1 million (thereby resulting in Black Panther earning a 51% interest in the Seagull Property).
This news release has been reviewed and approved by Mr. Robert Middleton, P.Eng, Geophysicist, and is the Qualified Person supervising this project in accordance with regulations under NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
M.J.(Moe) Lavigne, President and CEO