Crusehrs are used in Western areas
With the identification of high tenor vanadium pentoxide (V2O5) during the past exploration program (up to 1.57%), and the subsequent analysis of the geophysics underlying the area, the Company believes that there are at least two trends of vanadium-bearing magnetite gabbro with intersections up to 64.5m with strike lengths of 6 and 7 kilometers respectively.Ballast Stone Crushing
Vanadium-bearing magnetite in the form of ferrovanadium is used as a strengthener and hardener for high-strength tools, and specialty steels. The Company believes that the delineation of vanadiferous trends on the Butler Property would be of particular interest to steel companies interested in vertical integration. As such, the Company will test the strike length of these potentially vanadiferous horizons with diamond drilling during the upcoming exploration program.
The recognition of the similarities in geologic setting within the Butler Lake property and that found at Kidd Creek by Dr. James Franklin, P.Geo has resulted in a focused analysis and subsequent synthesis of all geologic, geochemical, and geophysical data within areas prospective for VMS mineralization. This multidisciplinary synthesis has resulted in the selection of high priority drill targets which the company will test with approx. 3000m of drilling during the upcoming program.Crusehrs are used in Western areas
The identification of unequivocal komatiites and magmatic nickel sulphides on the Butler Lake property by Dr. Larry Hulbert, P.Geo, has demonstrated to the Company that the property has the potential to host significant Ni-Cu-PGE mineralization of a similar tenor to that observed at Noront Resources’ Eagle 1 deposit. The economic importance of komatiite was first widely recognized in the early 1960s with the discovery of massive nickel sulfide mineralization at Kambalda, Western Australia. Komatiite-hosted nickel-copper sulfide mineralization today accounts for about 14% of the world’s nickel production, mostly from Australia, Canada and South Africa. The Company will target high priority Ni-Cu-PGE targets with diamond drill holes during the upcoming program.
Coalcorp Mining Inc. announces that it has entered into an agreement with Formation Metals Inc. for the prepayment by Formation of the 12% unsecured convertible debenture in the principal amount of $8 million issued by Formation to Coalcorp on May 6, 2010 (the “Debenture”). Currently, the principle amount outstanding on the debenture is $7 million, and Coalcorp holds 795,638 of Formation common shares. Pursuant to this agreement, Coalcorp will surrender the Debenture to Formation upon receipt of approximately $9.33 million in cash and 400,000 common shares in the capital of Formation (“Formation Shares”). The prepayment and surrender of the Debenture is subject to certain conditions, including the completion of Formation’s previously announced public offering of Formation Shares by Formation and regulatory approval. The closing of the transaction is expected to occur on or about March 15, 2011.Jaw Crusher For Stone Crushing
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