Platinova active in assorted plays

In Greenland, the junior is active in three plays, one involving gold- platinum, a second involving gold and a third a specialty minerals bet.

At the East Greenland project, still several years from production, Platinova’s partner is Corona Corp. (TSE), which may earn a 51% interest in the property by spending $3 million on exploration work.

Platinova President Robert Gannicott told shareholders at the annual meeting that the mineralization outcrops directly on tide water in a permafrost-free area of the east coast of Greenland. The mineralization, he said, forms a continuous layer throughout the Skaergaard intrusion.

Metallurgical testing has indicated gold recoveries exceeding 90% without cyanidation, he said.

“The important point is the vast tonnage potential of this target. A 2-km radius circle of 3-m thickness contains more than 100 million tonnes,” Gannicott said. “That tonnage would support a 20,000-ton- per-day operation for 15 years. This would make the Skaergaard a 400,000-oz-per-year producer of gold alone.” Gold prospect

On the west coast of Greenland, Platinova is exploring its Disko gold property with Rayrock Yellowknife Resources (TSE). Near the southern tip of Greenland, Platinova’s zirconium-yttrium project is scheduled to undergo a feasibility study in 1990.

In Alaska, Platinova and partner Cominco Ltd. (TSE) have been exploring large-scale gold and copper-gold targets. “Drilling last year intersected a large copper-gold zone where entire 300-ft drill holes returned 0.22% copper and 0.033 oz gold per ton. A separate zone has returned 0.14 oz over a 30-ft true width,” Gannicott said.

Closer to home, in Ontario, the company and Cominco are developing a wollastonite project east of Peterborough. A production decision is expected this year. Gannicott said wollastonite can be substituted for asbestos in fill er applications.

At Timmins, Platinova is involved with Syngold Exploration (TSE) in an exploration program at a gold prospect in Whitney Twp.

The company is also involved in a novel project to supply aggregate products to the downtown Toronto concrete market by suction-dredging deposits in Lake Ontario. Platinova’s partners in the venture are a Danish firm with suction-dredging expertise and Denison Mines (TSE). Government approval for the project is expected in the near future.

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