American Platinum starts exploration work for ’87

A trenching and surface diamond drilling program has been started by American Platinum Inc. on ground near Lac des Iles, Ont. Funded by a flow-through share offering with First Exploration Fund which raised $400,000, the exploration work will focus on the 15-claim Angle Bay property which adjoins claims held by Madeleine Mines to the west. Madeleine, which soared to a high of $16.50 in June, controls a large tonnage low grade platinum group metals deposit.

Reconnaissance work completed on the Angle Bay claims in 1986 outlined 10 target areas which yielded assays ranging up to 0.17 oz platinum group metals per ton from grab samples. The platinum values come from a gabbro unit which strikes from the Madelines Mines property. This unit strikes across American Platinum’s ground for a distance of 4,600 ft and is up to 260 ft in width. The company also holds an option on 125 claims covering the entire southern extension of the Lac des Iles intrusive.

In Alaska, exploration work has also started on the company’s Salt Chuck property. American Platinum has the right to earn a 50% interest in these claims. Work will examine a 1,000-ft long and 300-ft wide geochemical platinum- palladium anomaly. The zone extends from a glory hole from which 5,000 oz of platinum and more than 20,000 oz of palladium were produced as a byproduct of copper-silver mining.

Drilling is also planned this year on the Rottenstone project in northern Saskatchewan. Placer Development, which holds the right to earn an 80% interest in the property, is the project operator. The claims protect old mine workings from which 5,500 tons were mined in 1965. The limited operation yielded a grade of 0.14 oz platinum and 0.11 oz palladium per ton.