Cdn Royalties drills Phoenix

Canadian Royalties (CZZ-V) reports encouraging platinum-palladium-gold grades at its Phoenix prospect in northern Quebec.

Hole 2, drilled at minus 45 to the northeast, targeted the western part of a coincident magnetic and electromagnetic anomaly that extends for several hundred metres toward the east. The hole cut 54.8 metres grading 1.35 grams combined platinum-palladium-gold (PPG), including 14 metres of 1.79 grams PPG and 6 metres running 2.33 grams PPG. Three intervals (from 6.3 to 16.2 metres in width) ran between 1.43 and 1.65 grams PPG.

Hole 3, drilled at minus 65, cut several mineralized zones from 35 to 135 metres below surface. The upper zone ran 1.12 grams PPG over 19.5 metres (from 51 metres below surface). A second zone returned 2.35 grams PPG over 6.5 metres (from 97 metres), and a lower composite zone averaged 2.27 grams PPG over 32.2 metres (from 115 metres). A 7.5-metre interval at the bottom of the hole ran 3.25 grams PPG.

Hole 4 (minus 85) was highlighted by a 6.5-metre interval running 3.35 grams PPG, including 2.5 metres of 6.31 grams PPG.

Hole 5 (minus 90) cut several narrower, less-well-mineralized zones including 1.26 grams PPG over 6 metres (from 92.5 metres).

Nickel-copper-cobalt assays for the holes are pending.

Mineralization is associated with disseminated, net-textured and even massive sulphides within, and adjacent to, an ultramafic host. The holes define a broad zone of platinum-palladium-gold and sulphide mineralization that extends from surface to a vertical depth of 130 metres and stretch in a north-south direction for some 75 metres.

The ultramafic host at the TK Area represents the same ultramafic body that extends easterly to the Mesamax Northwest and Mesamax Main platinum-group-metal (PGM) zones.

The first hole of this year’s program at Mesamax returned 0.9 metre (from 34.1 metres) grading 7.22 grams PGM; a second hole cut 32 metres (from 41.5 metres) of 4.43 grams PGM, plus 0.91% nickel and 1.73% copper, including 16 metres running 6.76 grams PGM, plus 1.65% nickel and 3.4% copper; a third hole cut two zones of chalcopyrite-pyrrhotite mineralization (the upper zone returned 18 metres (from 121.5 metres) of 1.33 grams PGM, whereas the lower zone yielded 2.58 grams PGM over 3.95 metres).