Junior Platinum Group Metals (PTG-V) is gearing up for a preliminary exploration program at the Stucco palladium property near Thunder Bay, Ontario.
The Thunder Bay region, home to the Lac des les palladium mine of North American Palladium (PDL-T), is one of two palladium plays in northern Ontario. The other, in the Sudbury region to the east, has caught the attention of such heavy weights as South African-based Anglo American Platinum (AAPTY-O) and Impala Platinum, the world’s two largest platinum miners.
The Stucco property lies 30 km east of Lac des Iles and covers 4,760 ha of staked mineral rights. Sulphide-bearing gabbros are known in the area, and a single hole drilled in 1968 passed through 40 metres of such material, though none of the core was analyzed for platinum group metals.
Platinum Group Metals can earn a 60% interest by spending $1 million on exploration, paying $65,000 in cash to the vendors and completing a feasibility study. The junior has similar options for several other properties in the area, including South Legris, which lies 11 km southeast of Lac des Iles and is said to host similar gabbroic breccias carrying up to 3 grams palladium at surface.
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