Wolf Mountain
In November 2003, Avalon elected to sell its 40% working interest in the project to joint venture partners, Eastwest Resource Corporation ("EWR") and Canadian Golden Dragon Resources Ltd. ("CGD"), for $20,000 cash and a carried 0.4% NSR royalty interest in the two properties. The joint venture can purchase this royalty interest from the Company at any time for $1,000,000 cash. EWR and CGD continue to explore the property for platinum-palladium-gold ("Pt-Pd-Au") deposits and in 2006 reported that drill hole WM05-17 intersected 0.44 m grading 7.90 g/t Pt+Pd+Au (3.69 g/t Pt, 3.99 g/t Pd and 0.21 g/t Au) within a broader intercept of 1.72 m grading 3.25 g/t Pt+Pd+Au, but have not yet reported a resource estimate. |
The Wolf Mountain platinum-palladium project is located approximately 90 km northeast of Thunder Bay, Ontario and covers two Proterozoic aged layered ultramafic intrusions favourable for the occurrence of platinum-palladium plus copper-nickel deposits. The Wolf Mountain project consists of two properties: The Seagull property and the Disraeli Lake property, covering a total combined area of 12,383.38 ha. The project has been inactive since July 2002 due to a lack of financing.