Latitude acquires Alaska platinum-palladium property
Latitude Minerals Corp LTU
Shares issued 13,358,326 2000-04-11 close $0.3
Tuesday Apr 11 2000
Mr. John R. Carden reports
The company has acquired mining claims and prospecting sites totaling 4,400 acres in the Tonsina platinum district of south central Alaska. The property is located fifty miles northeast of the port of Valdez and east of the Richardson Highway. Through an agreement with WGM Inc, Latitude can earn up to an 85-per-cent interest in the property by funding exploration over a five-year period and completing a bankable feasibility study.
The Tonsina ultramafic complex contains a number of platinum-palladium occurrences associated with chromite and disseminated copper-nickel sulfides. Three ultramafic massifs rise above the lowlands. Latitude has acquired mining claims which cover the Bernard Mountain and Sheep Hill ultramafics, as well as the western portion of Dust Mountain, all on State lands. The ultramafic complex trends easterly onto lands held by the Ahtna Native Corp.
Platinum and palladium minerals occur at surface on all three ultramafic massifs, which are part of the Border Ranges ultramafic-mafic complex. To date the best surface mineralization has been found at Dust Mountain, as reported in publications of the U.S. Bureau of Mines. Samples from Dust Mountain contain platinum group element (PGE) values up to 8.9 ppm platinum, 11.9 ppm palladium, 550 ppb Rh and 22.0 ppm total PGEs within chromite enriched websterite and olivine clinopyroxenites. Such high-grade samples were collected from an area within 300 feet from Latitude's Dust Mountain claims. PGE values are also reported from Sheep Hill, entirely within Latitude's claims. Lithogeochemical sampling by the U.S. Bureau of Mines shows elevated PGE values with table chromite cons containing 1.03 ppm PGE.
However, very little sampling has been conducted at either Sheep Hill or Bernard Mountain, which have geology very similar to that found at Dust Mountain. Geophysical evidence indicates that all three massifs are part of the same ultramafic body. No exploration drilling has been conducted to examine the platinum-palladium potential of the ultramafic sequence.
Latitude Minerals and WGM Inc will jointly conduct exploration at Tonsina. WGM is Alaska's premiere minerals exploration company, whose past discoveries include Kennecott's Greens Creek, Cominco's Red Dog & Lik, and Teck's Pogo deposits.
Latitude is extremely pleased with acquisition of the Tonsina platinum-palladium property and excited about the exploration potential of the vastly underexplored ultramafic complex. Proximity to road access will aid in performing exploration work and eventual development of PGE deposits discovered. Latitude is currently seeking a joint venture partner for exploration of the Tonsina PGE occurrences. During the year 2000, Latitude plans a program of systematic mapping and sampling to develop drilling targets such that drilling can be undertaken in the fall of 2000 or summer of 2001.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
bcjt |
