Vancouver-based Fleck Resources has signed an agreement with Coventry Ventures to earn a 55% interest in Coventry’s Bedivere Lake platinum project near Thunder Bay, Ont.
Under the terms of the agreement, Fleck can earn its interest by spending $1 million on exploration before October 1988. According to Fleck President John McGoran, previous drilling for copper-nickel mineralization on the 38-claim property intersected up to 239 ft of 0.02 oz palladium per ton, 0.53% copper and 0.23% nickel.
In 1960 the Ontario Department of Mines uncovered higher grade mineralizations with values up to 0.30 oz platinum. More recent sampling by Coventry Ventures has yielded up to 0.15 oz platinum and 0.17 oz palladium.
Mr McGoran says results so far have indicated a very high platinum to palladium ratio, with platinum generally occurring more often than palladium.
Also significant, is the property’s proximity to the same belt of mafic to ultramafic intrusions as the Lac des Isles complex, where reserves of 22.5 million tons grading 0.021 oz platinum and 0.15 oz palladium have been reported.
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