Fort Knox Gold Resources (FNX-T) has begun a program of mechanical stripping and geological mapping and sampling on its high-grade, palladium-platinum McBratney Lake property, 7 km east of Flin Flon, Man.
Fort Knox has an option to purchase a 100% interest in the McBratney Lake property, subject to a 2.5% net smelter royalty payable to Hudson Bay Exploration and Development.
In January, Fort Knox twinned Hud Bay’s 1991 discovery hole and encountered 16.8 metres grading 8.9 grams palladium and 1.8 grams platinum per tonne, plus 1.1% copper and 0.6% nickel, including 7.3 metres of 15.4 grams palladium, 3.2 grams platinum, 1.6% copper and 1.2% nickel.
A borehole tested 12.5 metres below the twin hole and cut 5 metres averaging 16.4 grams palladium, 4.2 grams platinum, 1.8% copper and 1.5% nickel over 5 metres.
Drilling indicates that the zone subcrops and can be exposed by overburden excavation to a depth of 5-8 metres. Excavation, mapping and sampling will target an area with a diameter of 25 metres. A bulk sample will be extracted for metallurgical testing. The work is expected to take about one month to complete. Diamond drilling is slated for this fall. It will be aimed at defining the extent of the zone.
Elsewhere, Fort Knox has teamed with mining contractor Dynatec (DY-T) in an attempt to acquire five of Inco‘s (N-T) properties in the Sudbury Basin.
Under the proposal, Fort Knox has rights to a 75% interest in the properties. Dynatec would receive 25%. The newly formed joint venture would:
- fund future exploration and development expenditures;
- issue Fort Knox shares to Inco;
- pay Inco a net smelter royalty; and
- grant to Inco a onetime buyback right to acquire a controlling interest in any deposits discovered.
The properties are prospective for nickel, copper and platinum group elements.
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