American Platinum Inc. has optioned its Rottenstone Lake platinum group metals property to Placer Development. Located in Saskatchewan, the Rottenstone property will be drilled by Placer this year. Placer has the right to earn an 80% interest by delivering a feasibility study before Dec 1, 1989.
In the Lac Des Iles area north of Thunder Bay, Ont., American Platinum says it was successful in tracing the favorable pegmatitic gabbro unit of the Lac des Iles intrusive onto its property. Immediately to the west, Madeleine Mines controls the Roby platinum group metals deposit, which is hosted in the same gabbro unit.
Surface sampling of the unit on American Platinum’s claims also yielded good assays ranging up to 0.17 oz platinum group metals per ton. A trenching and diamond drilling program is scheduled to begin in May, the company says. This work will test sections of the favorable gabbro zone along strike and at depth.
An underground exploration program is planned for the company’s Salt Chuck property on Prince of Wales Island, Alaska. A former platinum and palladium producer, the Salt Chuck mine is believed to host a low grade reserve of 285,000 tons in its workings. Surface exploration has outlined numerous platinum anomalies. These will be followed up by drilling starting this month.
Financing for the work will come from $370,000 raised in February. Also, American Platinum has concluded an agreement with First Exploration Fund, which will provide $400,000 in 1987 and $1 million in 1988 on a flow-through share basis.
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