CR cuts massive sulphides

Canadian Royalties (CZZ-V) has uncovered impressive base and precious metal values in the South Raglan trend in northern Quebec.

Hole 4, drilled at the wholly owned Phoenix property in the Ungava Peninsula, returned 2.7% nickel, 0.78% copper and 0.126% cobalt, plus 2.67 grams combined platinum-palladium-gold, over 5.37 metres. The next 1.15 metres ran 6.48 grams precious metals, but carried no significant base metal values.

Mineralization occurs near the base of the TK ultramafic intrusion, in the form of massive pyrrhotite, pentlandite and chalcopyrite. Results from geophysical surveys and from an earlier hole drilled 3.5 km to the west suggest the pluton is mineralized over a much wider extent. The hole returned 32 metres grading 0.91% nickel, 1.73% copper and 4.43 grams platinum-palladium-gold.

This is the third discovery of massive sulpides in the South Raglan trend. The others are deposits, one of which is owned by Falconbridge (fl-t). The major has pegged the Delta deposit with a resource of 1.02 million tonnes grading 2.62% nickel, 1.11% copper and 2.25 grams platinum and palladium. The Expo Ungava deposit was discovered by previous owners but is now owned by Canadian Royalties.

South Raglan is a 150-km-long belt of sedimentary, basaltic and ultramafic rocks that trends in a northeasterly direction. It parallels the North Raglan trend, which sits 55 km away and hosts Falconbridge’s Raglan mine and milling complex.