Vancouver — A $250,000 financing is paving the way for Denstone Ventures (DST-V) to start exploring the North Elbow Lake platinum-palladium property, some 140 km west of Thunder Bay, Ont.
The program will include mapping, prospecting and trenching. The recently discovered JR showing will be the initial focus. The showing hosts up to 5% chalcopyrite and pyrrhotite in a coarse-grained pegmatitic gabrro. A total of 21 grab samples from a 25-by-25-metre area averaged 1.9 grams combined platinum-palladium per tonne. Individual samples returned up to 5 grams platinum, 0.81 gram palladium, 3.7% copper and 0.2% nickel.
To fund the program, Denstone has agreed to a non-brokered private placement consisting of up to 875,000 special warrants priced at 35 each. One warrant grants the holder one share and one purchase warrant exercisable at 45 for a one-year period.
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