Goldcorp Inc. - More than Gold in Red Lake - Now, Palladium and Nickel
TORONTO, July 10 /CNW/ - GOLDCORP INC. (TSE: G.A - news, G.B - news; NYSE: GG.A - news, GG.B - news) is pleased to announce that it has found significant palladium and nickel values in the Red Lake area. Preliminary surface grab samples revealed anomalous values. The best assay value was 7.07 grams per tonne (gpt) Palladium (Pd) and 7.08 % Nickel (Ni).
A target measuring 7.6 kilometres (km) (4.72 miles) has been identified by airborne geophysical methods. Preliminary surface sampling (over 200 samples) has been completed along 4.0 km (2.49 miles) of this target, wherein six areas over a 3.6 km (2.24 mile) distance have returned significant assay values greater than 1.0 gpt Pd. These areas are referred to as "A" through "F" on the accompanying table and map.
The palladium and nickel values were found on a 9,500 acre property located 34 km west of Goldcorp's rich, high grade Red Lake gold mine. Other grab samples with high assay values were 2.17 gpt Pd and 1.32% Ni, 5.95 gpt Pd and 4.52% Ni, and 6.06 gpt Pd and 5.31% Ni. These samples were analyzed by fire assay - FAA by ALS Chemex Labs of Mississauga, Ontario. A summer exploration program is underway to be followed by drilling this fall.
Goldcorp Inc. is a North American-based gold producer. In addition to its Red Lake Mine, Goldcorp owns and operates an open pit gold mine located in the Black Hills of South Dakota and two industrial mineral operations located in Saskatchewan.
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