Vancouver — Canplats Resources (CPQ-V) has launched a 1,500-metre drill program over three of its nickel-copper-platinum-palladium properties in the Nipigon Plate area of northwestern Ontario.
The junior aims to drill nine holes into a series of geophysical and geochemical anomalies over the Geikie, Grand Bay and Posh properties.
At its wholly-owned Geikie project, Canplats will test two palladium-nickel-gold geochemical anomalies associated with geophysical anomalies, as well as the margins of a pyroxenite unit where nickel-palladium values have been encountered.
At Grand Bay, Canplats is targeting a 3-km long geophysical anomaly set in a Noril’sk-type setting. In its day, the Norilsk mine in Siberia was a huge find, cranking out around 2.5 million oz. of palladium and 800,000 oz. of platinum a year. Output is now falling, as the operation moves from mining massive ore to disseminated and copper-rich ore grades. Canplats can earn a 75% stake in the property from Canadian Golden Dragon Resources (CGG-V) by spending $500,000 by June 2003.
On the Posh project, Canplats aims to test a 6-km-long geophysical anomaly, which may mark disseminated sulphides. The junior can earn a 75% interest in the ground from East West Resource (EWR-V) by spending $500,000 by June 2003.
The geological setting of the Nipigon area is marked by a deep-seated regional fault structure where ultramafic intrusions from deep mantle sources are found in contact with source rocks rich in sulphur. These are favourable locations for hosting deposits of base metals and platinum group elements in continental “rift-style” tholeiite basalts. The area also has impressive concentrations of platinum group elements and copper in lake sediments.
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