Preliminary exploration work on Technigen Platinum Corp.’s Muskox property in the Northwest Territories has led to the discovery of two high grade platinum-palladium occurrences. Equinox Resources, the company’s joint venture partner (with 40%), is operator for the project.
President of Technigen is Larry Nesis, the president of Steadford Securities which is financing the work and will have 60%. Mr Nesis has come out of relative obscurity to become a major force in the Vancouver market. His investment firm has been a leader in tax shelters and has financed a number of very successful movies including “Meatballs” and “Atlantic City.”
According to Ross J. Beaty, Equinox president, the platinum- palladium ratio is about 1:5 and the results are probably the highest of their type reported in Canada this year. The two zones contained 1.65 oz per ton platinum-palladium respectively and an average of 0.11 oz gold, and he emphasizes the results were from grab samples. He says it’s not difficult getting platinum group values in the area but these are “an order of magnitude” better than anything else found there.
More than 100 grab samples were taken and he points out there are numerous sulphide occurrences along the margin of the Muskox intrusion. The two platinum- palladium occurrences were over one-half mile apart so more reconnaissance work will be required next season.The sulphide deposits were not drilled because of logistical problems but a winter geophysical program is planned, and drilling next season.
Results from a limited drill program showed that significant platinum and palladium occurred in two new lower layers of the Muskox intrusion. Further exploration is planned to test these new zones from surface. After drilling the Muskox Reef, the drill was demobilized and it was no longer feasible to move it back to test the two high grade zones.
This year’s program, which was reconnaissance in nature, located four highly significant areas worthy of further testing, says the company. It notes that “economic levels” of platinum-palladium-gold mineralization were found in the Muskox intrusion.
Technigen is currently expanding its commodity portfolio to include mica. The company is negotiating an 85% interest in the Valemount, B.C., mica project which is an asbestos replacement product. With 40 years in reserves, production has been tentatively set for 1987 with net profit projections of $2.5 million predicted for the first year, says Mr Nesis.
The company is also awaiting approval for the acquisition of a 70%-100% interest in a Canadian company which is preparing to market a computerized golf simulator.