Joint venture partners Platinova Resources (TSE) and Corona (TSE) are analyzing the final results from a recently completed $2.2-million exploration program at their Skaergaard gold-platinum project in east Greenland. A final report, including an independent economic analysis and preliminary reserve estimate for the project, is expected in about six weeks, according to Platinova President Robert Gannicott. This year, the partners completed about 45,000 ft. of drilling in 23 holes over the main Skaergaard gold prospect.
Meanwhile, a new discovery of gold and platinum mineralization was made in another layered intrusion about seven miles to the south. To date, preliminary results have yielded assays of 0.08 oz. gold per ton over 5 ft. in a single shallow drill hole. The bottom section of the 9-ft.-deep hole contained platinum values up to 0.096 oz. platinum.
Another 40,000-ft. drilling program, operated by Platinova, is expected to start in February. Shares of Platinova have traded recently at $1.62 within a 52-week range of 85 cents-$2.30.
Gannicott said the Danish government is revising its mining act and will abandon an earlier back-in provision that allowed it to acquire a 25% stake in the project.
The joint venture is currently 51% owned by Corona with Platinova holding the remaining 49% interest.
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