Meanwhile, assays are awaited from 10 recent holes drilled on the company’s Big Trout Lake property in northwestern Ontario. Two previous holes on that proper ty returned values of 0.37 oz and 0.25 oz of PGMs per ton over 3.3 ft and 7.6 ft resepectively.
No commercially significant results were obtained from a summer drill program on the Muskox property in the Northwest Territories, the company said. Internati onal Platinum’s holdings cover 38,133 acres of the extensive Muskox intrusive co mplex.
Diamond drilling and ground geophysical surveys to follow up airborne anomalies are also scheduled to begin soon on the Eagle Lake base metal property in nort hwestern Ontario. Widespread copper-zinc stringer mineralization is reported on that property.
A surface exploration program is in progress on the Lac Sheen joint venture property with Serem- Quebec, a subsidiary of France’s Bureau of Geology and Minera l Research.
As of June 30, International Platinum had cash totalling $394,000. The company’s shares were trading at around 95 cents recently on The Toronto Sto ck Exchange. The company is one of a handful of junior firms searching for a primary platinum producing mine in North America.
Last year, Canadian nickel mines were the source of 145,000 oz of byproduct platinum, while worldwide supply totalled 3.2 million oz, mostly from S outh Africa (80%) and the USSR.
Platinum, which currently sells for around $477(US) per oz, has three main are as of demand: jewelry (33%), autocatalysts (32%) and investment (17%). All three areas are expected to show increasing demand in the year ahead, says Johnson Matthey in its Platinum 1989 publication.
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