Large platinum group metals claim reported in Peru
RioSol SAC LLC and Compania Minera Rio Sol SAC ("RioSol" or "The Company") last month announced a significant rare earth element and poly-metallic claim discovery in Peru, with reports indicating the 10-kilometer Capacscaya and adjacent claims as having the highest ranges for any rare earth prospect in Peru containing both light rare earth elements (LREEs) and heavy rare earth elements and metals (HREEs).
Today the company announces the next strategic claim it is bringing to market – an approximately 39 square kilometer claim located 70-75 kilometers from Cusco and potentially the first gabbroic PGM claim in Peru or South America that includes platinum and palladium.
Testing in the late 1950s at an adjacent claim [Source: Bellido & Killsgaard (1959)] indicated platinum levels as high as 23.65 grams per tonne, 2.33 grams per tonne of gold and up to 54 grams per tonne of silver within the same area.
RioSol in 2012-14 acquired seven claims (called the Gabby PGM claim) either within or next to this area and has conducted preliminary economic and geologic testing over the past three years, using company and third-party geologists to verify earlier testing. Results to date report platinum throughout the claim, although the earlier geologic report did not test for palladium. RioSol's geologists and third-party geologists reported palladium during initial assay evaluations, as well as other commercial minerals. The claim is bisected by infrastructure, including a road across the claim and sufficient water for more advanced operations.
Further work to delineate this large, early stage claim area is in development. According to geologists, RioSol's Gabby site contains large, intrusive gabbro diorite bodies, with jasorite-quartz enriched intrusions interfacing with and dissecting a carboniferous shale formation.
Companies are encouraged to contact RioSol directly to gain more information or express indications of interest in the project and to access the company's virtual data room. Interested parties can contact [email protected] or [email protected].
The company intends to employ gravimetric analysis and aerial magnetometer survey of the site, followed by a LIDAR (Laser Illuminated Detection and Ranging) survey. Ellis GeoSpatial, headquartered in California, will integrate this information into the company's geospatial database. Ellis GeoSpatial was involved as a remote sensing consultant for the U.S. Department of Defense Task Force for Business and Stability Operations (TFBSO), which supported mineral exploration projects in Afghanistan from 2009-2012.
Uses of Platinum and Palladium & Historical and Current Perspective
Platinum group metals, especially platinum and palladium, are useful for industrial, strategic and investor demand. The world's supply of platinum is about one-tenth that of gold's supply, and palladium supply is reaching critical shortage levels. Russia and South Africaaccount for more than 85 percent of global platinum production. Historically, platinum was officially discovered in the 1700s. However, its use in South American ceremonial jewelry is well documented, dating back to the 1500s or even earlier. The early Spaniards inSouth America first came across platinum in alluvial deposits in nugget form, which is relatively uncommon. They named it "platina" or "little silver" due to its small size. Platinum is more normally found in association with other metals.
Palladium is 15 times rarer than platinum, with 40 percent of the world's supply coming from Russia and some from North Americaand South Africa as well.
New production of platinum and palladium in the Western Hemisphere would provide an alternative to relatively few operations of commercial size in the Americas, providing strategic options to the current supply-demand and geopolitical unrest in other regions.
About RioSol SAC LLC and Compania Minera Rio Sol SAC
RioSol SAC LLC is based in Portland, Ore., United States, while its operating arm, Compania Minera Rio Sol SAC is headquartered in Cusco, Peru, with legal offices in the U.S. and Peru. The company has operated in Peru for 14 years, building a diverse portfolio of claims ranging from base metals to platinum group metals to rare earths and construction materials, including lime and aggregate claims.
Robert (Bob) Hess