An agreement has been reached between International Platinum (TSE) and Teck (TSE) to explore the Eagle Lake base metal prospect near Dryden, Ont. Under the terms of the agreement, Teck will spend $1.65 million over 4 1/2 years to earn a 51% interest in the property. International Platinum has been exploring the property for four years and has identified three zones of stringer zinc-copper mineralization in a favorable volcanic environment. A 4,000-ft. drilling program is scheduled to commence immediately.
International Platinum has also been drilling on its Birch Lake property in Minnesota. Encouraging intersections have confirmed the presence of a 6- to 14-ft.-wide platinum/palladium layer at a depth of 2,400 ft. The platinum/palladium ratio of the deposit is a promising 1-to-1.5.
In the two holes drilled through the layer so far, grades range from 0.1 to 0.14 oz. per ton platinum/ palladium. The layer extends for at least 1,000 ft. across the property, and company geologists report an additional 1,600 ft. of mineralization is possible. Significant quantities of gold, copper and nickel are also apparent.
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