CZZ cuts new PGMs at Phoenix

Drilling beneath a collection of rusty sulphide-bearing boulders in the TK area along the north edge of an ultramafic outcrop on its Phoenix prospect in northern Qubec, has returned some encouraging platinum-palladium-gold values for junior Canadian Royalties (CZZ-V)

The discovery hole, TK-01-2, was drilled at minus 45 to the northeast and targeted the western part of a coincident magnetic and electromagnetic anomaly that extends for several hundred metres toward the east under overburden. The hole cut 54.8 metres grading 1.35 grams combined platinum, palladium and gold (PGM), including 14 metres of 1.79 grams PGM and 6 metres running 2.33 grams PGM. Three intervals (from 6.3 to 16.2 metres in width) ran between 1.43 and 1.65 grams PGM.

Subsequently, hole TK-01-3 (drilled at minus 65) cut several mineralized zones from 35 to 135 meters below surface. The upper zone ran 1.12 grams PGM over 19.5 metres (from 51 metres below surface). A second zone returned 2.35 grams PGM over 6.5 meters (from 97 m), and a lower composite zone averaged 2.27 grams PGM over 32.2 metres (from 115 m). A 7.5-metre interval at the bottom of the hole ran 3.25 grams PGM.

Hole TK-01-4 (minus 85) was highlighted by a 6.5-metre interval running 3.35 grams PGM, including 2.5 metres of 6.31 grams PGM.

Hole TK-01-5 (minus 90) cut a number of narrower, less well mineralized zones including 1.26 grams PGM over 6 metres (from 92.5 m).

Nickel-copper-cobalt assays for the holes are pending.

Mineralization intersected in the 4 holes drilled into the discovery zone to date is generally associated with disseminated, net textured and even massive sulphides within and adjacent to an ultramafic host. The holes define a broad zone of PGM and sulphide mineralization that extends from surface to a vertical depth of 130 metres and extends in a north-south direction for some 75 metres.

The ultramafic host at the TK Area is interpreted to represent the same ultramafic body that extends easterly to the Mesamax Northwest and Mesamax Main PGM zones where drilling recently confirmed the prospect’s platinum-palladium potential.

The first hole of this year’s program at Mesamax returned 0.9 metre (from 34.1 m) grading 7.22 grams PGM. A second hole cut 32 metres (from 41.5 m) of 4.43 grams PGM, plus 0.91% nickel and 1.73% copper, including 16 metres running 6.76 grams PGM, plus 1.65% nickel and 3.4% copper. A third hole cut two zones of chalcopyrite-pyrrhotite mineralization. The upper zone returned 18 metres (from 121.5 m) of 1.33 grams PGM, and the lower zone yielded 2.58 grams PGM over 3.95 metres.

The TK Area lies more than 3.5 km to the west of the Mesamax area.