An agreement has been entered into between Platinova Resources (TSE) and Teck (TSE) whereby the latter may earn a 50% interest in Platinova’s East Greenland gold- platinum project. To earn its interest, Teck must fund the next $25 million of exploration and development work or produce a positive, bankable feasibility study for the project.
Another major, Corona (TSE), recently swapped a 51% interest in the Greenland project for two million shares of Platinova. Corona earned its interest through exploration expenditures.
Platinova says gold and platinum group metals mineralization has been discovered in discrete layers in two separate but related gabbroic intrusions within the project area. The two intrusions lie 12 km apart.
The 1991 work program, involving testing of both areas, is scheduled to start up in mid-March.
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