Platinova receives positive results from Greenland

Toronto-based Platinova A/S (TSE) has encountered zinc mineralization at its Peary Land zinc project in northeastern Greenland.

Forty-three holes totaling 9,600 metres were drilled at 300-metre centres to test the southernmost 3 km of a 10-km mineralized trend. Based on these holes, Platinova has calculated a geological resource of 12 million tonnes grading 8% zinc and 1% lead, which includes a high-grade zone of 5 million tonnes grading 12% zinc and 1% lead.

In addition, a separate lower horizon is estimated to contain 7.5 million tonnes of 7% zinc with less than 1% lead. Closely spaced drilling will be required to upgrade these reserves to the proven and probable category. The 1994 drill program determined the presence of three sub-horizontal, zinc-bearing layers. The uppermost zone, which is exposed in surface showings at the south end of the test area, was partially tested in 1993. The middle and lower sulphide horizons, tested this summer, are present throughout most of the area, which was explored at depths of 150-200 metres below surface. The best zinc mineralization encountered to date occurs near the northern limit of the area tested, and zinc grade increases in this direction. The northern limit of the 10-km mineralized trend is defined by a second set of surface showings, which are believed to correlate with the lower mineralized horizon.

The area has unique advantages in terms of mine development. The best mineralization found to date underlies a flat beach area adjacent to a deep-water shoreline, capable of accepting large ships. A river valley less than 2 km from the beach features a potential hydroelectric development site capable of supplying about 10 MW. A tailings disposal basin is also available in the immediate area.

Platinova plans to drill-test the remaining 7 km of mineralized trend early next spring. Fuel and other drill supplies have already been shipped to Thule in preparation for the followup program. A sea lift of additional supplies and equipment is planned for next summer, which would support a winter drill program aimed at upgrading reserves.