Vancouver — Canadian Golden Dragon Resources (CGG-V) has added to its promising portfolio of platinum group metals properties in northern Ontario.
The junior’s latest acquisition covers a 10-km-long portion of the Back Sturgeon fault and came with a price tag of $16,200 and 200,000 shares. The claims host a number of copper, palladium and chromium geochemical lake sediment anomalies.
Geologically, the region resembles the Noril’sk area of Siberia. Thick dolerite sills occur with olivine-rich piorite phases in contact with sulphur-bearing sediments.
In its heyday, Noril’sk was a huge find, cranking out 2.5 million oz. palladium and 800,000 oz. platinum per year. Output is now falling as the operation moves from the mining of massive ore to disseminated and copper-rich ore grades.
The Nipigon area is marked by a deep-seated regional fault structure, where ultramafic intrusions from deep mantle sources are found in contact with abundant sulphur source rocks. These are favourable locations for continental tholeiite, enriched with platinum group elements.
The area also has impressive platinum group elements and copper-lake-sediment geochemical anomalies which are comparable to (and may even be superior to) the anomalies near the Lac des les deposit. North American Palladium’s (PDL-T) open-pit Lac des les mine lies midway between Lake Nipigon and Thunder Bay.
The new property lies 40 km north of the Grand Bay property.
Canadian Golden Dragon now holds an interest in 11 nickel sulphide-platinum-palladium projects in northwestern Ontario.
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