Galactic earmarks $4 million for yukon property in 1988

Another $4.25 million will be spent this year at Galactic Resources’ (TSE) Wellgreen property in the Yukon. The work program will also include metallurgical and environmental studies “with the goal of doubling known reserves, and leading to a full-scale feasibility study in late 1988 or early 1989,” says Robert Friedland, chairman.

This highly touted property, which has generally been promoted as a platinum group metals play, has “reserves” of 20.4 million tons grading 0.67% copper, 0.36% nickel, 0.026 oz platinum and 0.014 oz palladium per ton in the east zone.

Friedland notes that assay results from 15 holes completed this year, in conjunction with the re-assaying of available drill core from previous programs, “has tripled the known tonnage of disseminated mineralization in the east zone.” The recent program involved 23 drill holes and totalled 8,200 ft.

Friedland also claims that previous sampling has revealed “an unusually high content of the associated rarer platinum group metals — rhodium, iridium, osmium and ruthenium,” without giving any grade averages. “These metals are expected to add a value comparable to the platinum/palladium on a dollar-per-ton basis,” he asserts.

The upcoming program will probably include 50,000 ft of surface and underground drilling in both the east and west zones which are open along strike and down dip. Three other areas of mineralization discovered in 1987 will also be looked at. All-North Resources, (VSE) which is 68%-owned by Galactic, is participating along with Chevron Minerals. In response to a Business Week article last year, which included a mention of Wellgreen as a potential platinum/palladium producer, a senior executive at Chevron in the United States used the word “trace” in describing the content of these elements at Wellgreen.