Starcore Resources options PGE properties

Junior Starcore Resources (SOE-V) has optioned two properties — Mud Lake and Abiwin — in the Atikokan area of northwestern Ontario. The properties are about 100 km east of its Samuels Lake joint venture with ProAm Explorations (PMX-V).

For each property, Starcore must spend $50,000 on exploration in the first year and pay $45,000 over two years. Each optioner will be issued 35,000 shares of Starcore and is entitled to a 2.5% net smelter return royalty, of which 1.5% can be bought back for $1.5 million.

The Mud Lake property covers the Mud Lake intrusion and lies 40 km east of Atikokan near the southern boundary of Weaver Twp. A large aeromagnetic anomaly delineates the comma-shaped mafic-to-ultramafic intrusion. The body is about 800 metres long and varies from 10 to 100 metres in width. The core of the intrusion measures 375 by 100 metres and is composed of an un-zoned ultramafic mass. An east-westerly striking dyke-like tail is 10-30 metres thick and about 400 metres long, and consists of massive-to-weakly-layered feldspathic and clinoproxene hornblendite.

The region has several lakes in which sediment geochemistry has revealed anomalous levels of copper, nickel, zinc, chromium, scandium, beryllium, antimony, tungsten and yttrium.

Starcore is in the process of negotiating a deal to farm out half of the Mud Lake property.

The Abiwin property is a few kilometres west of the Mud Lake claims and encloses three aeromagnetic anomalies that are thought to be underlain by mafic-to-ultramafic intrusions. Anomalous lake-sediment geochemistry includes gold, platinum, arsenic, silver, cobalt and chromium, as well as some rare earth elements. The highest platinum anomalies were valued at 19 and 17 parts per billion. Starcore says these anomalies suggest a bedrock source is nearby.