Platinova, Corona target gold, pgm in Greenland

The East Greenland project, initiated by Platinova, is a joint venture with Corona Corp. (TSE), which may earn a 51% interest in the project by spending $3 million before 1991 and making certain payments.

Anomalous levels of palladium, platinum and gold have been found in three different intrusions, with work during the last two seasons focusing mainly on the Skaergaard Intrusion, Platinova President R.A. Gannicott said. The layered intrusive complex is located on navigable tidewater.

The geological setting offers the potential for large tonnages of homogeneous grade in a uniform layer amenable to low cost bulk mining, said Gannicott, who became familiar with Greenland when he worked as a geologist with Cominco Ltd. (TSE).

Grades of up to 0.17 oz gold per ton and 0.11 oz pgm have been uncovered. A drilling program is planned by Corona this summer. Bowl shaped

The Skaergaard Intrusion is roughly bowl shaped, about 6×4 miles in size, Gannicott said. A large number of parallel layers of contrasting mineralogy dip inward at a shallow angle toward an unexposed central zone.

In 1988, a mineralized layer 6.5-16.5 ft in thickness was located which yielded persistently anomalous values of palladium, platinum and gold, he said.

To date, more than 1,600 samples have been collected from 26 different sites at Skaergaard, using (as access permitted) a combination of small diameter shallow core drilling, saw cut channel and panel sampling, and rock chip sampling.

“This sample density has allowed a reasonable understanding of grade distribution in the mineralized layer, which appears to demonstrate a systematic increase in precious metal content toward the inferred centre of the intrusion,” Gannicott said.

Sampling of four other layered mafic intrusions in East Greenland is planned this year.

Meanwhile, Platinova is involved in several other projects. On the west side of Greenland, it has teamed up with Rayrock Yellowknife Resources (TSE) at the Disko gold project. And, it is a partner with Highwood Resources (TSE) near the southern tip of Greenland, where reserves of zirconium, yttrium and rare earths have been uncovered by drilling. In Alaska, Platinova is a partner with Cominco at the Estelle copper-gold project.

Also, a production decision could be forthcoming this year for the Deloro wollastonite project northeast of Peterborough, Ont.; Platinova’s joint venture partner there is Cominco. Wollastonite has a growing application in the ceramics and plastics industries.

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