Metalcorp Ltd., based in Thunder Bay, has discovered high-grade platinum mineralization over 3.7 m on its North Rock property near Bear’s Pass, about 25 km east of Fort Frances.
A total of 21 holes totalling nearly 4,000 m have been drilled during the Phase 2 drill program, with results available from only five holes as of March 14.
“Forty-five years ago, there was a big mining company in the area,” noted Michel Dumoulin, a professional geologist in charge of the project. “Several studies were done showing copper and nickel deposits, which is why we were interested in the area.”
Dumoulin said they confirmed the 45-year-old reports and performed some diamond drilling to see if there was something other than copper there.
“We discovered the platinum and our interest rose,” he added.
The platinum first was discovered at the Beaver Pond Zone during the Phase 1 program last year.
Last summer, Metalcorp made a line-cutting grid, took notes, created maps, and conducted helicopter aerials to determine the geophysics. Then in the winter, the company selected its target areas and began drilling what it thought would be the best site.
Drill hole 20 intersected a mineralized zone from 151.9 to 155.6 grading 12.2 g/t platinum (Pt).
Other elements also were recorded in the “hangingwall” to the East Zone, such as 0.1 g/t palladium (Pd), 0.1 g/t gold (Au), 0.6% copper (Cu), and 0.2% nickel (Ni).
The entire East Zone assayed 1.7 g/t Pt, 0.1 g/t Pd, 0.1 g/t Au, 0.7% Cu, and 0.1% Ni over 28.5 metres (~ 19.3m true width) from 147.4 to 175.9.
Dumoulin said platinum is a very precious metal worth two times the value of gold.
“Gold is worth $560 an ounce while platinum is worth $1,100 an ounce,” he remarked. “We don’t know how much we have, but we know there is platinum in the area.”
He also noted shares in Metalcorp soared from $.40 to $2 in two weeks. “If you bought $100 of stock shares, it would be worth $1,000 today,” he said.
Dumoulin indicated the discovery of platinum is a really big deal.
“Platinum has great value,” he stressed. “No one took notice of us a few weeks ago and now people are turning their heads.
“We’re waiting for the results from the other 12 holes to get an idea of what we really have,” he added. “One hole doesn’t make a mine. Maybe the other holes will be better.”
Dumoulin noted the results so far are not only good for the company, but also for the economy. “Investors will be interested in what’s happening in Fort Frances,” he predicted.
He said he should be getting more results in the next few weeks.
“We have to prove that we have some metal there. It’s going to bring more [companies] around,” he suggested. “But there’s still more work to do.”
Dumoulin said if the platinum zone is good, they will do more diamond drilling and field work in June, 2007.