In order to earn a 50% interest in the Grasshopper project in the Tulameen area of B.C., Longreach Resources is carrying out a follow-up percussion drill program to test platinum values encountered in earlier drilling and surface sampling.
Placer operations along a stretch of the Tulameen River produced most of Canada’s placer platinum in the last 90 years, and the company believes its property may contain a bedrock source. The native platinum is reported to occur in, or near the chromite associated with the dunitic centre of the Tulameen ultramafic complex. The platinum to palladium ratio is reported as 9 to 1.
Earlier this year the company completed an 8 km access road and drilled 15 percussion and two diamond drill holes, with the best result a 10 ft section assaying 0.27 oz platinum per ton.
The company said a number of holes in the new program will test a system of narrow bog-filled ravines suggestive of platinum-bearing fault-related serpentine near an area where old time placer miners recovered both gold and platinum values. Monica Resources (VSE), a Noramco Mining company, is the joint venture partner and Newmont Mining has a small retained interest.
Longreach also holds the Platinum Blonde gold-platinum property near Grand Forks, B.C. where Placer Dome (TSE) is earning a 70% interest by carrying out exploration programs. Drilling and possible underground exploration is planned for 1989.
More work is also planned for 1989 on the Paydirt property in the Stikine area of northwestern British Columbia where earlier drilling returned 0.23 oz gold over 53 ft. The company holds a 50% interest with Teck Corp. (TSE) and Consolidated Silver Standard Mines (VSE). The company also has an interest in 10,000 mineral claims in the Wawa area of Ontario where exploration has reportedly located a number of wide quartz veins carrying gold values.
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