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Gold/Mining/Energy : ECHARTERS
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To: John Stokes who wrote (1955)12/7/1997 3:01:00 PM
From: E. Charters  Read Replies (1) of 3744
 
NVE wants to find platinum in the last great unexplored field of copper nickel in Quebec, the Ungava. An acquaintance of mine drilled off the Raglan just south of Baffin Island in 1968. They uncovered 20 million tons of 3.13 % nickel and loads of copper and platinum to a depth of 1200 feet in nine separate orebodies over 20 miles. It remains unexplored to depth and for a further 100 miles. NVE went in there shortly after Falconbridge built their 500 million dollar mine there last year and staked extensively. They just recently had a platinum copper discovery and it looks gold for drilling next summer.

From Sept Isles to Ungava Bay a distance of 700 miles there is almost
unbroken sulfide and oxide iron formation that is up to 80 miles wide in places. It is the largest concentration of iron in the world. There are numerous platinum occurences and the gneisses have high nickel in geochems for the entire distance. Among the iron occurences of this field is Wabush Mines in Labrador City. The grade of iron there runs to 64 % and mines have run at that grade of 30 years.

I don't think we will run out of the stuff. It has not been prospected
in most parts since the 1930's.

Is not that the people did not find mines. They are credited and in many cases did seminal work on mines now in production, it's just that some are getting near early retirement and Inco's focus is definitely no longer on domestic exploration now that they have the Victor and Kelly Lake and VB. They want overseas stuff now in garnierites like they were after in the 70's in Guatemala and Indonesia and perhaps some of their guys wanted to stay home.

It may be too that other minerals and primary platinum Inco refused to look for as a matter of policy and if you want to look for that you had better leave the mother ship.
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