Expo-Ungava yields more PGMs

Having taken another look at some assay pulps from four holes collared by a previous operator on the Expo-Ungava copper-nickel deposit in 1997, Canadian Royalties (CZZ-V) is reporting more platinum and palladium credits.

Previously, 56 of 65 samples derived from assay pulps from holes 1 through 3 returned combined platinum and palladium values of greater than 1 gram per tonne.

A closer look has revealed more mineralization in the holes. Results include the following:

– hole 1 — 39.5 metres (from 41.6 metres below surface) grading 0.28 gram platinum, 1.5 grams palladium, 0.7% copper and 0.7% nickel;

– hole 2 — 47 metres (from 49.8 metres) of 0.25 gram platinum, 0.99 gram palladium, 0.66% copper and 0.6% nickel;

– hole 3 — 64.6 metres (from 47.8 metres) running 0.37 gram platinum, 1.5 grams palladium, 0.67% copper and 0.58% nickel.

The latest hole to be re-assayed, no. 4, returned a 46.9-metre true thickness (from 65.4 metres) grading 0.24 gram platinum, 0.95 gram palladium, 0.69% copper and 0.64% nickel. Of 32 samples from the hole, 29 contained more than 0.5 gram platinum group metals.

The hole extends mineralization another 122 metres to the east. Together with the previous data, it indicates that the thickness of rock carrying platinum values ranges up to 64.6 metres along a 365.8-metre strike length.

A former operator sank the holes in 1997 as part of a 6-hole drill program that tested the east-central portion of the Expo-Ungava deposit. This is an ultramafic-hosted, copper-nickel sulphide deposit. Four of the holes cut the sulphide deposit. At that time, the core was assayed for copper, nickel and cobalt, but not for platinum or palladium.

Based on about 9,500 metres of drilling, the deposit’s proven and probable resources were calculated at 4.2 million tons grading 0.75% nickel and 0.85% copper. The deposit is essentially flat-lying, and the outlined resources extend from surface to a depth of approximately 140 metres.

Canadian Royalties, which is based in Val d’Or, Que., is planning a summer field program. This includes a more thorough assaying of available diamond drill core for platinum and palladium.

The 173-sq.-km Expo-Ungava property is about 15 km south of Falconbridge‘s (FL-T) Raglan nickel mine. Previous work by Amax in the 1960s focused on exploration for nickel and copper and established resources of 19 million tonnes grading 0.47% nickel and 0.51% copper. The property, which extends for 35 km along a favourable ultramafic horizon, hosts at least eight separate, partially evaluated copper-nickel mineralized zones.

Canadian Royalties can earn up to an 80% interest in the property and a 2% net smelter return royalty from Ungava Minerals (UNGV-C).