Comaplex Minerals (CMF-T) has granted Falconbridge (FL-T) an option to earn up to a 70% stake in the 95-sq.-km Roche Bay platinum-group-element (PGE) property on Melville Peninsula in Nunavut.
To earn an initial 50% interest, Falconbridge must spend $2.25 million on exploration over 4 years. So far, the major has committed to spend at least $75,000. The major can up its stake to 70% by completing a bankable feasibility study.
Surface grab sampling on three widely spaced occurrences returned up to 1.1% nickel, 3 grams combined platinum and palladium per tonne, and 0.5% copper. One of the zones also surrendered anomalous rhodium values in or adjacent to multiple chromite layers in the host ultramafic rocks.
A $190,000 program of detailed and regional mapping, channel and grab sampling, and prospecting is slated for an early July start up. Comaplex will act as project operator.
The Roche Bay property is about 70 km southwest of the hamlet of Hall Beach.
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