Playfair continues to advance rapidly towards its goal of becoming one of the world's principal developers of new high grade tungsten resources.
Playfair has 100% controlling interest in four advanced stage Canadian tungsten projects, Risby, Lened, Clea and Grey River, each with historical resources*. Each of these high profile targets possesses considerable potential to add more resources with further exploration. In addition, Playfair controls Granite Lake, an early stage tungsten project, which also has excellent exploration targets already identified.
In the short term, the company's key priority is to aggressively advance its Grey River tungsten deposit toward production.
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Why Invest In Playfair?
- Highly experienced management team and board with a history of mining discoveries and development.
- All tungsten properties are located in previously explored regions, each with significant exploration results and development prospects.
- Grey River is on fast track to reportable tungsten reserves. Grey River boasts established infrastructure with strong presence and support.
What is Tungsten?
Tungsten (symbol W) is an extremely hard, heavy, steel-grey to white metal that is one of the heaviest of all the elements, remarkable for its robust physical properties and many uses. In its purest form it is quite pliant and can easily be processed. With high binding energy, tungsten alloys and some tungsten compounds cannot be substituted in many important applications in different fields of modern technology.
Tungsten has a wide range of uses, the largest of which is as tungsten carbide, a wear-resistant material used by the metalworking, mining, petroleum, military construction and jewellery industries. Tungsten is widely used in light bulb and vacuum tube filaments, as well as electrodes, as it can be drawn into very thin metal wires that have a high melting point, similar to the temperature of the sun.
- Global demand for tungsten has recently increased with continuing growth of the world’s principal economies.
- China is the largest consumer and producer of tungsten in the world.
- Current mine production in the west is significantly less than western consumption.
- Supply of tungsten concentrates is tightening while ore reserves of operating mines are being depleted.
- Current world mine supply is believed to be less than usage, with the difference coming from stockpiles.
- For the past 20 years, prices for tungsten concentrates have been in the broad range of US$40-100/MTU (metric tonne unit) and have recently increased to over US$260/MTU.
The property is located adjacent to the fishing village of Grey River (population of ~350 people) on the south coast of Newfoundland. Grey River is serviced daily by coastal boat from Burgeo, a coastal port about 40 km to the west. The claims are accessed by foot and helicopter, while the Main Zone adit portal is within 150 metres of the Grey River village, only 40 metres above sea level.
Past work carried out by Asarco from 1957 to 1970 includes surface geological mapping, trenching and diamond drilling on five of the better veins, driving a 6,300 foot (1,920 metre) long exploration adit into and along the Main (#10) vein, driving 20 short raises into the vein and collecting a 275 ton bulk sample for a number of metallurgical tests by Asarco and CanMet. In today’s dollars an estimated $15 million was invested in the project. Asarco has shown there is significant and widespread tungsten-quartz vein hosted mineralization with an important "mineable reserve"* of high grade tungsten. Despite finding dozens of tungsten greisen veins only two were seriously explored with excellent results. A very significant potential still exists within the Grey River Project for locating new tungsten trioxide reserves both in high-grade veins and lower grade bulk tonnage deposits.
In early February 2006, Playfair acquired 100% interest in a suite of tungsten skarn properties from Yukon prospector Ron Berdahl; these are the Risby, Lened and Clea properties.
The Risby tungsten deposit is scheelite-bearing skarn occurrence in the Ross River area, Yukon and is accessible by a 25 km tractor road from an all-weather highway. In 1982 Hudson Bay Exploration and Development Company Limited (HBED), based on 40 diamond drill holes, calculated an “ore reserve”* of 2.7 million tonnes of 0.81% tungsten trioxide using a 0.4% tungsten trioxide cutoff grade and a minimum 3 metre thickness. HBED note that “The drilled intersections have been critically reviewed in terms of geologic continuity, realistic cutoffs and practical mining”. The Lened deposits are also scheelite-bearing skarns and are located between the world-class Cantung and Mactung tungsten deposits along the Yukon — Northwest Territories border. A winter road from the town of Tungsten to the Howard’s Pass lead-zinc deposit passes within 13 km of the Lened property which is some 40 km north-northwest of Cantung. The Clea property is located in the Selwyn Tungsten Belt, one of the world’s largest tungsten districts. Previously explored by HBED and Placer Dome, the Clea property hosts two high grade siliceous tungsten skarn showings, with reported historical highlight drill intercepts of 1.4% tungsten trioxide over 1.6m and 2.3% tungsten trioxide over 2.2m.
The Granite Lake property is located in south central Newfoundland and includes numerous sheeted high-grade, wolframite veins similar to those at Grey River. The property hosts 22 well documented tungsten occurrences and extensive geochemical anomalies. Historical documents report trench samples with 4.44% tungsten trioxide over 5.0m, 1.90% tungsten trioxide over 5.0m, and 3.06% tungsten trioxide over 2.0m.
TSX Venture Exchange (TSX-V): symbol PLY
Frankfurt Stock Exchange (FWB): symbol P1J
Shares Outstanding: 44.2 million
Fully Diluted: 48.4 million
Working Capital: $2.0 million CDN
Grey River: 473,000 tonnes of 0.97% tungsten trioxide (10.1 million lbs or 458,500 MTUs)
Risby: 2,700,000 tonnes of 0.81% tungsten trioxide (48.2 million lbs or 2,187,000 MTUs)
Lened: 737,000 tonnes of 1.14% tungsten trioxide (18.5 million lbs or 840,200 MTUs)
Clea: 257,000 tonnes of 0.93% tungsten trioxide (5.3 million lbs or 239,000 MTUs)
* Estimates of tungsten resources are historical in nature, predate and are noncompliant with NI 43-101. Playfair is not treating the historical estimate as current mineral resources or reserves. Playfair has not undertaken any independent investigation of the resource estimates nor has independently analyzed the results of the previous exploration work in order to verify the resources, and therefore the historical estimates should not be relied upon. However, Playfair believes that these historical estimates provide a conceptual indication of the potential of the occurrences and are relevant to ongoing exploration.
Corporate Profile on Stockhouse
Donald G. Moore
Chairman & CEO
Mr. Moore's connection with the mining industry began over thirty years ago while working summers in the Dickinson Mine in Red Lake Ontario during university. Following graduation, Mr. Moore worked as a stockbroker beginning in 1968 and then as the economic development director in Kirkland Lake, Ontario, starting in 1975. He returned to the mining industry in 1981 as Executive Vice President of International Corona in Vancouver, B.C. where he worked with David Bell in the early stages of the development of Ontario's prolific Hemlo gold deposits. He then launched a career as an independent consultant to the mining industry. His expertise now includes organizing, restructuring, promoting and negotiating complex acquisitions and joint ventures for junior and senior mining companies, based in North America and in Europe. Mr. Moore is a director and officer of several other public companies, including Rupert Resources and Kermode Resources.