Vancouver — Some 6.4 km northeast of the Powder Hill showing and only 12 km north of the Lac des Iles mine, New Millennium Metals (PGM-V) has uncovered a new platinum-palladium-gold zone on the Shelby Lake property in Ontario.
The new showing, dubbed Stringer, was discovered during a mapping and sampling program that was launched along strike from the Powder Hill prospect.
The first eight samples returned up to 6 grams palladium, 0.9 gram platinum and 0.43 gram gold per tonne.
Hand trenching has exposed the mineralization over a 7-by-7-metre area before it drifts under overburden. The high-grade values are hosted in pyroxenite and hornblende leucogabbro.
New Millennium is earning a 60% stake in the property from fellow junior New Claymore Resources (NCS-V) by spending $1 million and issuing 25,000 shares.
Earlier this year, a 1,500-metre drill program was completed by the company. It intersected “reef-style” platinum-palladium-gold mineralization at the Powder Hill showing on the River property.
Targeting an area where grab samples returned up to 1.81 grams combined platinum-palladium-gold per tonne, nine holes cut the stratabound mineralization over a strike length of 600 metres to a vertical depth of 60 metres.
Mineralization consists of finely disseminated chalcopyrite and pyrite hosted in a gabbro unit. This is sandwiched between a gabbro breccia and magnetite-bearing gabbro. Based on geophysics, the stratigraphic target has a length of at least 2.5 km.
Located on the southern margin of the Lac Des Iles ring complex, some 16 km from the Lac Des Iles mine (74.2 million tonnes grading 1.82 grams combined palladium-platinum), the property hosts all or parts of five mafic intrusions belonging to the Lac des Iles intrusive suite.
New Millennium can acquire a 50% interest in the River property from equal partners East West Resources (EWR-V) and Maple Minerals (MAPM-C) by spending $1 million and making cash payments totaling $38,500 over four years.
The junior can earn an additional 10% stake by completing a feasibility study.
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