Geological detective work has led Platinova A/S (TSE) to a large zone of zinc-rich massive sulphides in previously unexplored terrain on the northeast coast of Greenland.
By following favorable stratigraphy east from a known zinc occurence, Platinova has uncovered a flat-lying zone with all the earmarks of a sedimentary-exhalative (SEDEX) deposit.
Chip and channel samples have traced the zone over a 200×1,200-metre area with exposed widths of 10 to 40 metres.
Although assays are pending, Platinova raced to a 52-week high of $2.70 (compared with a low of 40 cents) on the news.
In mid-July, the company will fly a drill and geophysical crew into the site to establish the continuity and extent of the find, says President Robert Gannicott. The $600,000 program will include 10 to 15 holes, geological mapping and geophysical surveying.
If warranted, he says, a larger drilling program will follow this winter when the junior will be able to land a Hercules on the ice of a nearby fiord. The mineralization, mainly sphalerite and pyrite with minor galena, is hosted by a black shale and confined within a 10-km-wide graben.
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