Madeleine cuts platinum values (September 15, 1986)

Drilling by Madeleine Mines on the company’s optioned Lac des Iles platinum-palladium deposit has cut an 80-ft section grading 0.2 oz platinum group metals per ton. Ratios previously supplied by the company are 1:7 platinum to palladium.

The drill section came from 686 ft to 762 ft. Included in the same section was a wider interval of 118 ft which assayed 0.15 oz platinum group metals per ton.

Located 50 miles north of Thunder Bay, Ont., the Lac des Iles area has become a focal point in the search for platinum group metals in Canada. Apart from strong prices, the main catalyst behind the exploration surge at Lac des Iles, is the presence of what is believed to be the best undeveloped platinum group metals deposit in Canada. Controlled by Boston Bay Mines, the Roby deposit has reserves of 22.5 million tons grading 0.18 platinum group metals per ton.