It contains assay data indicating low gold values in 10 surface rock samples taken from an area of Greenland’s Skaergaard intrusion, sampled by Platinova Resources (TSE) in 1987.
Release of the open file report comes after a recent flurry of media publicity surrounding exploration work by partners Platinova and Corona Corp. (TSE) on the remote Skaergaard gold project.
The Skaergaard intrusion, a well- known and extensively studied geological body, is on the eastern coast of Greenland. Corona and Platinova hold exploration permits covering the entire intrusive, an area about 100 square miles.
The geological feature had attracted only academic interest until November, 1989, when Last month, the shares of Platinova rose by more than 40% to a high of $2 before falling back to the $1.55 level recently. At the height of market activity, more than a million Platinova shares changed hands in a single day of trading.
The company attributed the share price increase to media reports by Danish newspapers which apparently exaggerated the potential of the exploration project.
Released last month, the 14-page technical report by the Greenland Geological Survey contains six maps as well as 10 independent gold assays from the mineralized horizon sampled previously by Corona and Platinova.
The two Toronto-based companies have been working on the Skaergaard intrusion since 1986 and are planning to do nearly 40,000 ft of diamond drilling starting next April. The $1.5-million program is designed to further evaluate a gold- bearing horizon in the middle of the layered intrusive body. Holes testing depths of up to 2,800 ft are planned, according to Platinova President Robert Gannicott.
Earlier this year, 11 holes totalling nearly 9,000 ft were completed with the deepest of those testing a depth of 1,800 ft. One of the holes intersected 0.10 oz gold per ton across a width of 6.5 ft.
The companies pursuing after what is essentially a narrow band of native gold mineralization that occurs in the middle layer of the intrusion. The geological setting is analogous to that of a narrow coal seam occurring within sedimentary layers of rock.
Assays from surface chip samples reported by the Greenland Geological Survey are as follows: SampleWidthGold
No (cm)(oz/t)
806 3.00.07
807 5.00.08
811grab0.01
815grab0.10
816grab0.13
81730.00.07
837grab0.003
838grab0.01
839grab0.01
840grabtr
These results compare with similar assays obtained by Corona and Platinova two years ago. The Geological Survey noted that the gold concentration “varies considerably with the selected parts of the mineralized horizon.”
The report also notes that “variations between 0.01 oz and 0.15 oz gold are observed within the mineralized horizon.”
It emphasized that the samples represent selected sections and spot samples from the mineralized horizon, and do not allow a meaningful calculation of the average grades or tonnages of the mineralization.
Copies of the open file report can be obtained for 30 krones (about $5) from the Geological Survey of Greenland in Copenhagen, Denmark.
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