| | Mon Sep 20, 1999
Excerpt from Bottom-Fish Action for week of September 13 - 17, 1999
Publisher: Kaiser Research Online
Author: Copyright 1999 John A Kaiser
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| | Excerpt from Bottom-Fish Action for week of September 13 - 17, 1999
Altoro
Ross Beaty's Altoro Gold Corp (ATG-V: $0.25) has started exploration of the Pedra Branca platinum-palladium prospect in Brazil. Altoro owns part of this package 100% and has optioned 70% of the rest from Eldorado Gold for US $2 million exploration over three years. The program, expected to be finished by the end of October, will include trenching and channel sampling of known PGM bearing chromitite and serpentinite outcrops within an ultramafic complex in which PGM mineralization has been traced over a 40 km strike length. Altoro controls about half of this strike length. Altoro will follow with 2,000 metres of drilling on the Trapia 1 West and Esbarro zones to confirm previous drill intersections pulled by Gencor and Rio Tinto respectively. Why should this not be dismissed as a reject by the majors? The palladium to platinum ratio is about 3:1, and palladium's rapid price rise to near parity with platinum has only occurred during the past two years. This is a classic case of radical commodity price changes forcing the economic rethinking of known mineralized systems. Bottom-fishers can make huge profits when their company scoops projects during the transition phase. Altoro also controls the Rincon del Tigre PGM bearing ultramafic complex in Bolivia as well as the Birch Lake project in Minnesota. Ross Beaty regards Altoro as a grassroots PGM exploration play that doesn't deserve any promotion until it delivers a major discovery. But he recently discovered that raising money for a grassroots budget is tougher than financing a silver mine in Chaostan. One has to imagine that when the Great Ross Beaty comes to town, passes the hat for a very worthwhile cause, and gets it back empty, he is not going to slink back to his vault and count ducats. Altoro remains a top priority bottom-fish buy.
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