Toronto-based Platinova Resources (TSE) and International Corona Resources (TSE) have agreed to become joint venture partners, at Platinova’s East Greenland exploration concessions.
In 1987, extensive concentrations of gold and platinum group metals were discovered on the property, Platinova says.
The mineralization occurs in a well-defined layered section of the Skaergaard intrustion, where individual layers have a strike length of up to 8 km and a projected surface area of 30 sq km, said Platinova President Robert Gannicott.
“Widely spaced channel sampling of 10 m increments across the layered units has demonstrated that values up to 0.041 oz gold per ton and 0.073 oz platinum group metals occur consistently in one section of the layered series over the entire 8-km strike length of the intrusion,” he said.
The mineralization is located directly on tidewater, 350 km west of Iceland.
Under the terms of the agreement, International Corona will pay Platinova $150,000 and finance exploration at the property this year. Corona can earn a 51% interest in the project by paying Platinova an additional $150,000 in six months and spending $3 million on exploration over three years
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