News is out in Canada, so remember IPM had Canadian PT claims years ago that were in the 1997 IPM Annual report, so does anyone but me find it strange that PT and PD news is comming out of Ontario all over ( see Flag Thread and what, 4 OTHERs in Canada from Ontario to the WCSB -western canada Sedimentray Basin- in the Athabasta to the Great Basin of The Great American Southwest-; so we have an 2,000 miles squared anomoly with weak spots and hot spots, that is THE FACT! ):The trick is to be open to look for it,in North America now. First...ya gots to find it. I like the old hippie( or is it Old Yuppie- Time passes) bumber sticker: I found it.
Indo Metals Ltd -
Fort Knox and Indo Metals acquire platinum-palladium properties
Indo Metals Ltd IOM
Shares issued 21,788,650 1999-03-22 close $0.14
Tuesday Mar 23 1999
See Fort Knox Gold Resources Inc (FNX) News Release
Mr. A. MacGibbon reports
Fort Knox Gold Resources Inc. and Indo Metals Ltd. have jointly entered into option agreements, subject to receipt of approvals, to purchase four platinum-palladium properties in Western Ontario. Three of the properties, Chief Peter Lake, Kawene and Kawene South are in the Atikokan area about 60 kilometres east of the Starcore-ProAm platinum-palladium property at Samuel's Lake. The fourth property, the Dog River property, is 18 km west of the Lac des Iles platinum-palladium mine situated about 96 km northwest of Thunder Bay, Ont. All of the properties are accessible by highways and bush roads. Fort Knox and Indo Metals have staked additional claims in the vicinity of the optioned properties.
Fort Knox and Indo Metals will equally finance all costs and expenditures and can each earn 50 per cent of:
The Chief Peter Lake property by making cash payments totalling $105,000 and issuing 100,000 Fort Knox shares over a three-year period and financing $300,000 on exploration over a four-year period. The agreement is subject to a 2.5 per cent net smelter royalty payable to the vendor, of which 1.5 cer cent can be purchased by Fort Knox and Indo Metals for $1.5-million.
The Kawene and Kawene South properties by making cash payments totalling $100,000 and issuing 100,000 Fort Knox shares over a three-year period. The agreement is subject to a 3 per cent nt smelter royalty payable to the vendors, of which 1.5 per cent can be purchased by Fort Knox and Indo Metals for $1.5-million.
The Dog River property by making cash payments totalling $52,500 and issuing 50,000 Fort Knox shares over a three-year period. The agreement is subject to a 2.5 per cent net smelter royalty payable to the vendor, of which 1.5 per cent can be purchased by Fort Knox and Indo Metals for $1.5-million.
As compensation for its share of the Fort Knox shares issued to the vendors, Indo Metals will issue a sufficient number of Indo Metals shares to Fort Knox to equal half the dollar value of the Fort Knox shares issued to the vendors, based on the companies' respective share prices at the time of issuance.
The Chief Peter Lake property, consisting of 52 claim units, covers three mafic-ultramafic intrusives over a six km strike length. Two of the intrusives, the Eastern and Western are outlined on government aeromagnetic maps as circular magnetic anomalies. The third ultramafic plug has been identified by Ontario government geological mapping and is situated between the Eastern and Western intrusives.
Occurrences of platinum, palladium, copper and nickel were discovered on the Chief Peter Lake property in 1929. The government assessment files indicate that intermittent work since that time including diamond drilling has occurred on the property, however the reports and analytical results from this work are incomplete and include the following:
Values up to 2.1 grams per tonne platinum, 2.2 per cent copper and 0.5 per cent nickel from surface grab samples on the Eastern intrusive are reported in the Ontario Geological Survey assessment files.
Surface grab samples on the property by the Ontario Department of Mines from sulphide bearing rocks yielded the following results:
Pt-Pd Cu Ni
(g/t) (%) (%)
Western intrusive 2.4 0.84 0.24
Eastern intrusive 12.4 2.95 trace
In 1957, Nashua Exploration and Mining Ltd. completed 12 holes on the Chief Peter Lake property and reported a number of anomalous intersections with the best intersection being five feet assaying 4.8 g/t Pt-Pd and 0.8 per cent Cu and 0.3 per cent Ni.
In 1966-67 Midland Nickel Corp. Ltd. encountered ultramafic intrusive in drill core with "fair" disseminated pyrite, pyrrhotite and minor chalcopyrite reported over widths of 92 feet. No assays are reported of this potentially interesting mineralization.
In the mid-1980's Coventry Ventures Inc. completed limited reconnaissance sampling and prospecting and reported the following values:
Western intrusive
3.7 g/t Pt-Pd in grab sample
1.0 g/t Pt-Pd in chip sample
over 17.7 feet
7.3 g/t Pt-Pd in grab sample
1.7 g/t Pt-Pd in chip sample
over 9.0 feet
Eastern intrusive
8.2 g/t Pt-Pd, 2.45 per cent Cu,
0.06 per cent Ni in grab sample
The Kawene and Kawene South properties consist of 73 contiguous mining claims and cover the Kawene ultramafic intrusion, a lenticular body 500 metres in length and varying from 75 to 130 metres in width. Pyrrhotite, pyrite and minor chalcopyrite occur as fine disseminations and patches throughout the intrusion. One particular zone, which is situated along the north contact contains 1 to 25 per cent finely disseminated, blebby, and occasionally net-textured pyrrhotite, chalcopyrite and pentlandite. Where exposed by trenching and stripping the mineralized zone is approximately 60 metres in length and 30 metres in width.
The Chief Peter Lake and Kawene properties are considered to have good potential for platinwn, palladium, copper and nickel mineralization associated with circular mafic-ultramafic intrusives. The properties are reported to contain platinum-palladaium occurrences and thick intersections of sulphide mineralization, which has not been fully tested.
The Dog River property is approximately 96 kilometres northwest of Thunder Bay and about 18 km west of the Lac des Iles platinum-palladium mine. The property consists of 135 claim units and covers most of the Dog River mafic intrusive which has been largely defined by an aeromagnetic anomaly. Gravity surveys conducted over the Dog River intrusive by the Ontario government indicate the intrusion is 2.75 km long and four km wide and 1.5 km deep.
The Dog River property, which has received very little previous exploration, was acquired by the companies because of its potential similarities to the Lac des Isle area, which hosts the Lac des Isle mine (22.6 million tons averaging 0.19 ounces per ton combined platinum group metals and 0.02 ounces of gold per ton). It is considered to have good potential for platinum-palladium mineralization associated with a large, untested ultramafic intrusive identified by geological mapping, an aeromagnetic anomaly and gravity profiles.
The companies have started a detailed compilation of all previous work on the properties and are planning further work, which is expected to include air and ground geophysical surveys, prospecting and mapping followed by drilling.
(c) Copyright 1999 Canjex Publishing Ltd.
canada-stockwatch.com
old url (better for printing)
This was issued within the hour in Canada as a Joint News Release. So this Chuca says that the FEEL GOOD concept is nothing more than the same old questions as us same old posters from the past had seen elsewhere in the knowledge gained in a few years old information. A change is happening and low grams are possibility being shown as economic. I await the outcome as this year, That 1999 will be our year! So, question as the feeling is based upon the source knowledge that small gram grab samples in PGMs are the thing of the future. Remember, if IPM had prooved up all their claims maybe it would still be arrounf to tweek the process or search for Paleo Channels, instead of using a dart on the claim map.
Chucaupt2(Feel Dam Good!) This time the PT/PD might show or an extraction for it may be developed up North....for use down ...SOUTH??? ? |
