Partners Platinova Resources and Cominco American Inc. have identified a number of gold-copper-silver mineralization centres in a new south central Alaskan gold district, Platinova said recently.
Within the core area, Platinova says samples of individual veins assay up to 9.18 oz gold per ton and two samples from a tabular zone of veinlets up to 50 ft wide returned samples of 0.91 oz and 1.41 oz.
In addition, representative sampling of several panels varying in size from 10 x 15 ft to 3 x 60 ft assayed between 0.13 oz and 1 oz, Platinova says.
Under the terms of a joint venture with Cominco, Platinova is earning a 40% interest in the project by spending $3 million to fund exploration. Platinova can earn another 5% interest by spending an additional $2 million.
In other Alaska results, a sulphide bearing vein-type structure assayed 1.09 oz over 5 ft and 2.13 oz over 1.5 ft.
According to Platinova, geophysics and geology indicate a minimum strike length of 2,100 ft. As a result, the partners have consolidated their land holdings to six claim groups which Platinova says cover the best mineralization.
A $1.1-million program in 1988 will focus on extensive diamond drill testing of the best target areas. .N21
** Quintette nominates coal price arbitrator **
Quintette Coal has nominated Western Pulp Inc. Chairman Chester Johnson to act as arbitrator in a pricing dispute involving Quintette and its Japanese steel industry buyers, the company announced recently.
The dispute is over long-term metallurgical coal contracts signed before production started at Quintette’s giant coal operation at Peace River, B.C.
The contracts tie Quintette’s Japanese buyers to a price of $95 per tonne while world coal prices languish at a 14-year low of $57.85. After 10 months of negotiations involving Quintette and two Japanese buyers with a 15-year contract to take 1.3 million tons annually, the talks broke down in mid- November.
A University of British Columbia graduate, Johnson was appointed chairman of B.C. Hydro and Power Authority in 1984 and in 1987 he was named chairman and chief executive of Western Pulp.
He also serves on the board of directors of The Prudential Assurance Co., Scott Paper Ltd., Great West Steel Industries, G. Torno Engineering, Finlay Forest Industries and B.C. Enterprise Corp.
Johnson is also a member of the Economic Council of Canada and the University of British Columbia’s Faculty of Commerce and Business Administration Advisory Council.
Japan’s second largest steel manufacturer, Nippon Kokan K.K. has already selected former Cominco Ltd. Chairman Norman Anderson as its representative at the arbitration hearing.
A date for the hearing has yet to be decided.
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