La Fosse platinum find sparks staking in Quebec

Several important platinum discoveries have been made by the La Fosse Platinum Group in the Labrador Trough, a major geological feature better known for its immense iron ore reserves. Located along the Quebec, Newfoundland border, the Labrador Trough was prospected by La Fosse during the summer. Funded by $650,000 raised from 13 individual unit holders contributing $50,000 a crack, the syndicate has come up with seven platinum group metals discoveries.

A creation of two well known geologists and prospectors, Fenton Scott and Peter Ferderber, La Fosse was put together to explore the Labrador Trough area after a 1986 Quebec government report noted the area’s geology was deemed favourable for hosting platinum mineralization.

The best values come from the Centre deposit, one of four showings near Retty Lake located 30 miles northeast of Schefferville, Que. Assaying of drill core, which was acquired by previous operators in the area, returned a 9-ft section grading 2.0 oz combined platinum group metals per ton. Ratios are 2:3 platinum to palladium. That translates to 0.8 oz platinum and 1.2 oz palladium per ton. Gold values in the section assayed 0.1 oz per ton with 4% copper.

Only three drill holes have been completed in the Centre deposit by previous operators who were searching for copper-nickel deposits. Mr Scott emphasized that none of the old core was assayed for gold or platinum group metals — a fortuitous oversight for the new companies venturing into the area. Other showings around Retty Lake, which are associated with northwest striking magnetic and EM anomalies, include the Pogo, immediately northwest of Centre. Pogo returned an assay in a 2-ft section of core, grading 0.42 oz combined platinum group metals. At the Blue Lake deposit, 4 km east of Centre, a 5-ft core assayed 0.06 oz combined platinum group metals.

“At Pogo we probably have (platinum) tonnage already,” Mr Scott says. “Of 15 drill holes sampled for platinum, 7 returned assays in excess of 3 g per ton.” The Pogo deposit is one of 14 copper-nickel sulphide deposits acquired by La Fosse which are located along the entire length of the Labrador Trough. Pogo hosts reserves totalling 692,600 tons grading 1% copper and 0.65% nickel.

A result of the new platinum discoveries is a staking rush which has gobbled up more than 30 concessions — equivalent to 12,000 claims. Targets are the copper-nickel showings scattered throughout the region and geology considered favorable for hosting such deposits. La Fosse controls more than 200,000 acres directly and holds royalty interests in another 300,000 acres of ground which was staked and then vended to a group of junior companies.

Exploration in the Labrador Trough is not a new endeavour. The feature, which represents a Proterozoic basin filled with faulted and disrupted sediments and volcanic rocks, hosts major world-class reserves of iron ore. Little work, however, has been devouted to gold and platinum exploration.

La Fosse, the major landowner in the area, will be correcting that discrepency this year. The group intends to go public this spring and is discussing underwriting deals with a number of Canadian and European dealers. The company is seeking between $10-$12 million which will fund a detailed follow-up program on the large tract of land.

“It’s the most ambitous program we (Scott and Ferderber) have been involved with,” Mr Scott notes. Other companies which have acquired ground in the Retty Lake area, include Stratmin Resources, Captain Consolidated Resources, Cream Silver Mines Ayrex Resources and D’Or Val Mines.

An airborne geophysical survey is in progress which will cover the entire area held by La Fosse and other companies around Retty Lake. Also, a 30 mile winter road is being built from Schefferville to Retty Lake.