Vancouver — Partners
The second batch of channel samples collected from surface trenches returned up to 1.62 grams palladium, 0.43 gram platinum and 0.23 gram gold per tonne over 5 metres. A second trench lying 200 metres to the east returned only anomalous values. Mineralization is hosted within gabbro breccias similar to those that host the Lac des les mine.
The partners recently completed a 6-hole diamond drill program, targeting a geophysical anomaly measuring 2,300-by-125 metres. The first hole was collared over the strongest part of the anomaly, while five others tested prospective ground covering a 1.8-km strike length. The drilling is reported to have confirmed the correlation between the favourable gabbro breccias and geophysical anomaly, though assay results are still pending.
Platinum Group Metals can earn a 60% stake in the project by spending $1 million, making an additional $20,000 in cash payments, and completing a feasibility study.