CZZ:
Canadian Royalties Inc. - New Discovery - High Nickel Copper Cobalt Platinum Palladium Values from Tootoo Area Drill Hole 25 km West of Mesamax
Thursday February 27, 10:08 am ET
VAL D'OR, Québec, Feb. 27 /CNW Telbec/ - CANADIAN ROYALTIES INC. (TSX-VEN: CZZ) reports it has received high nickel-copper-cobalt-platinum- palladium (Ni-Cu-Co-Pt-Pd) assay values from a new massive sulphide discovery located 25 kilometres to the west of the Mesamax Discovery in Nunavik (Ungava), Northern Québec. The main mineralized interval in diamond drill hole TT-02-02 is comprised of disseminated to massive pyrrhotite, pentlandite and chalcopyrite mineralization in a pyroxenitic host. The higher grade portion of the mineralized interval assayed 2.00% Ni, 1.91% Cu, 0.11% Co, 0.6 g/t Pd and 2.62 g/t Pd (3.12 g/t combined Pt + Pd) over a core length of 22.03 meters (72.3 feet). The new mineralized zone, the "Tootoo Zone", is the third and westernmost new massive sulphide occurrence discovered by Canadian Royalties in the South Ungava Trend since work in the region by Canadian Royalties began in 2001. It is located in a basal depression or embayment of the host, a geological setting very similar to the setting at the Mesamax Ni-Cu-Co-Pt-Pd Zone. An updated property location map can be viewed at www.canadianroyalties.com/maps/expoznl.htm
HIGHLIGHTS
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- TT-02-02 high grade interval - 10.51 meters (34.5 feet) grading
3.14% Ni, 2.56% Cu 0.17% Co, 0.80 g/t Pt, 2.6 g/t Pd;
- Massive and disseminated sulphide mineralization -
pyrrhotite-pentlandite-chalcopyrite;
- Located approximately 25 kilometres west of the Mesamax Discovery,
and 12 km west of the Expo-Ungava Deposit;
- Same geological setting as the Mesamax and TK mineralized zones;
- Metal ratios (Ni/Cu, Ni/Co, and Pd/Pt) indicate same mineralizing
process at all mineralized locations;
- Tootoo pyroxenite host extends for more than 5 kilometres; 2002
preliminary work completed on only the southwest portion of the
target;
- TT-02-02 located at the extreme southwest end of favourable
pyroxenite/peridotite body;
- Extent of mineralization in the Tootoo area unknown at this time;
- The only previous drilling, in 1969, targeted mineralization at the
pyroxenite contact but not at the base of the host or in an
embayment type setting. The only hole drilled to the west of
TT-02-02, the last hole in the 1969 program, was abandoned in
mineralization containing abundant sulphide mineralization above the
pyroxenite contact;
- New, high grade intersection confirms the regional extent of the
mineralization and confirms the potential of the entire property;
- Initial drill testing of targets along 50 kilometers of favourable
host rock units shows extensive mineralizing event.
<<
DDH From To Width Ni Cu Co Au Pt Pd PGE
(m) (m) (m) % % % g/t g/t g/t g/t
TT-02-01 24.00 68.12 44.12 0.30% 0.40% 0.02% 0.05 0.22 0.91 1.19
TT-02-02 48.00 92.53 44.53 1.28% 1.27% 0.07% 0.05 0.52 2.13 2.70
incl. 70.50 92.53 22.03 2.00% 1.90% 0.11% 0.05 0.60 2.61 3.26
incl. 76.47 86.98 10.51 3.14% 2.56% 0.17% 0.05 0.80 2.60 3.45
TT-02-03 32.00 43.00 11.00 0.30% 0.46% 0.01% 0.12 0.30 1.09 1.50
>>
Notes:
- Lengths are drill intersected core lengths, composite lengths are
length weighted;
- PGE (equal sign) gold + platinum + palladium;
- g/t (equal sign) grams per metric tonne;
- Drill hole locations, azimuths and dips:
TT-02-01 18+75E/19+15N Azimuth 140 degrees / Dip -45 degrees;
TT-02-02 18+75E/19+15N Azimuth 140 degrees / Dip -60 degrees;
TT-02-03 18+75E/19+15N Azimuth 140 degrees / Dip -78 degrees.
The Tootoo Pyroxenite, host to the mineralization, is known from regional surveys, ground prospecting, mapping and geophysics to extend for at least 5 kilometres to the northeast in the area southeast of Mequillion Lake. Initial field work by Canadian Royalties covered only the south western part of the ultramafic body and drilling was completed only on one line. The geological setting, the type and percentages of individual sulphide minerals, the metal ratios and the high PGE content of the TT-02-02 mineralized zone are all very similar to those found at the Mesamax Discovery 25 km to the east. To date, diamond drill hole TT-02-02 is the only hole to penetrate the 'keel' or embayment in the pyroxenite host.
In a regional context, it is encouraging that some previous work in 1969, and two other holes completed by Canadian Royalties in 2002 on the same section, encountered disseminated sulphide mineralization near surface at the contact of the pyroxenite, in the vicinity of the mineralization intersected in TT-02-02. Work by Canadian Royalties and others at more than a dozen separate pyroxenite bodies over a 50 kilometer east-west interval on the Companies' property position has shown the presence of similar, significant amounts of nickel-copper and PGE rich disseminated sulphide mineralization. At Mesamax, a similar situation existed where previous work indicated the presence of disseminated sulphides but no systematic platinum palladium assaying had been completed and no significant massive sulphide had previously been defined. It was persistence and the use of new techniques that resulted in Canadian Royalties' success in defining a significant Ni-Cu-Co-PGE mineralized body. At other locations such as at Mequillion North and Giraffe, significant disseminated sulphides and even some minor massive sulphide mineralization was intersected in initial diamond drilling in 2002, which may indicate proximity to other embayments or 'keels' where higher sulphide concentrations and even massive sulphide mineralization may occur. Previously, no major effort had been targeted at locating these mineralized embayments within the pyroxenite-peridotite bodies.
The occurrence of widespread Ni-Cu-PGE bearing disseminated sulphide mineralization along an interval of more than 50 kilometers of the property, and Canadian Royalties' success at defining high grade Ni-Cu-PGE mineralization at several locations already, confirms the very high potential for the discovery of additional mineralization throughout the extensive and expanded property position.
New geophysical techniques combined with better geological modeling will substantially aid the Company in continuing to rapidly outline the location of Ni-Cu-PGE mineralization and to establish the extent of mineralization within a number of the high priority Ni-Cu-PGE enriched pyroxenite-peridotite bodies.
Canadian Royalties has interests in over 1675 map designated units (over 180,000 acres) comprising 29 properties in the South Ungava Trend, located approximately 15 kilometers south of Falconbridge's Raglan Mine in Nunavik (Ungava), Québec. Canadian Royalties has the right to earn up to 70% in the Expo-Ungava Property (approximately 50,800 acres) by incurring $1,750,000 in exploration expenditures, and an additional 10% will be transferred, for an aggregate 80% interest, by delivering to Ungava Minerals a bankable feasibility study.
Bruce Durham, P.Geo. and Vice President, Exploration of Canadian Royalties Inc. is the designated Qualified Person responsible for the exploration program on the property and the person responsible for the preparation of this release.
All assaying was completed by ALS Chemex with sample preparation completed in Val d'Or, QC and analyses completed at ALS Chemex in Vancouver, BC. Base metal and PGE values are initially determined by total acid digestion with ICP-AES analysis and 30g fire assay with ICP AES finish respectively. Overlimit values are verified using fire assay in the case of PGE's and total acid digestion with AA finish for base metals.
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