Syndicate finds platinum near Schefferville

A private company believes it could have a major platinum discovery in the Labrador trough area north of Schefferville, Que.

Assays from the first half of about 2,000 samples taken by La Fosse Platinum Group Inc. show “excellent indications for platinum” says director and consulting geologist Fenton Scott. Although he would not reveal specific assay results he referred to them as “ore grade” and said the area could become a major play.

The company was formed by about a dozen investors. So far the syndicate has spent about $500,000 on the project. Much of the information comes from Quebec government sources who have been extremely cooperative says Mr Scott. The company has also looked at old drill cores and taken grab samples from outcrop.

The large project covers some 20 claim groups along the full length of the trough, about 600 miles. The ground has been explored in the past, largely for nickel, but Mr Scott says the Quebec government is largely responsible for the discovery.

Mr Scott says assay results should be available within a month.

The company is considering the possibility of floating a public issue to raise funds for further work, but no decision has been made.