American Platinum busy at Lac des Iles properties

Exploration work is under way on the platinum properties held by American Platinum Inc. in the Lac des Iles area, 50 miles north of Thunder Bay, Ont.

Linecutting, geochemical and geophysical surveys are being conducted on a 15-claim property which protects the extension of favorable geology striking from the Boston Bay Mines platinum- palladium deposit south of Lac des Iles. The Boston Bay property is believed to represent one of the best undeveloped platinum group metals deposits in North America.

American Platinum also controls 125 claims covering the southern extension of the Lac des Iles Complex; a large ultramafic intrusive. The claim group is adjacent to the southern boundary of the Boston Bay claims.

Exploration in progress on this larger block of claims includes an airborne geophysical survey, ground prospecting and geological mapping, President Richard P. Knie says. Mr. Knie adds that American Platinum has been given permission by Boston Bay for use of the latter company’s access road and docking facility in the area.

At the company’s principal platinum property, the Salt Chuck in Alaska, a $400,000(US) exploration program is being planned. Held equally with Orbex Industries, the Salt Chuck was a former platinum group metals, gold, silver and copper producer. Past production totalled 325,000 tons of ore from which approximately 5,000 oz of platinum and 20,500 oz of palladium were produced.

In order to finance the company’s exploration programs, American Platinum has completed a private placement with a Swiss institution and directors of the company which raised $192,000. An additional $600,000 public offering is also being completed.