Vancouver — Busy evaluating the past producing Thierry mine near Pickle Lake, Ont., PGM Ventures (YPG-V) has inked a deal with Aurora Platinum (ARP-V) allowing the latter to pick up certain claims in the Thunder Bay area of northwestern Ontario.
Under the deal, Aurora can earn a 100% interest in ground by paying PGM Ventures $25,000 and issuing shares worth $50,000. Aurora also agreed to pay PGM Ventures a royalty equal to 2.5% of the net smelter returns generated from the property.
PGM Ventures just completed a first phase of drilling at the Thierry copper-platinum-palladium mine. The program confirmed the presence of two mineralized zones averaging 4 to 8 metres in thickness. Highlights include hole 20, which yielded 4.4 metres in the upper zone grading 0.2 gram platinum, 1.22 grams palladium and 0.23 gram gold per tonne, plus 2.3% copper and 0.18% nickel, and a lower zone of 3.1 metres grading 0.23 gram platinum, 0.89 gram palladium, 0.36 gram gold, plus 1.5% copper and 0.14% nickel.
Although the results confirm the potential for economic platinum-palladium grades, the surface drilling has proved too expensive, as well as too inaccurate, for ore reserve definition. PGM Ventures now plans on dewatering the mine, so that a 15,000-metre underground drill program can begin.
At the time of closing in 1982, the operation had remaining reserves of 15.5 million tonnes grading 1.92% copper.
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