Platinova, Corona extend Skaergaard horizon in Greenland

Recent drilling at the Skaergaard prospect on the east coast of Greenland has extended the length of the gold-platinum group metals layer discovered last year by Platinova Resources (TSE) and Corona (TSE). Working 1-2 km. south of the previous holes, Corona has intersected the gold-rich horizon at depths of between 400 and 600 metres. Platinova says results from the four holes extend the area underlain by mineralization by several square km., while the grade of the gold-rich horizon continues to increase to the south.

The two Toronto-based companies are spending $1.5 million to follow up results from the Skaergaard intrusive, a layered gabbro structure covering about 250 square km. The intrusive, over which they have exclusive exploration rights, contains two distinctive mineralized horizons. The upper, near- horizontal layer is rich in gold with some platinum and palladium. The lower layer is dominated by palladium with lesser amounts of platinum and gold.

Hole 90-11, hitting the gold-rich layer at 636 metres, returned 3.33 grams (0.1 oz.) gold per tonne over 2 metres, including one metre grading 5.4 grams. Hole 90-13, drilled close to the margin of the intrusion, intersected 2.52 grams gold over 1.6 metres at a depth of 433 metres. Results are pending on hole 90-12. Hole 90-14, obscured by a local dyke, will be wedged at a later date.

Corona also intersected low- grade platinum and palladium in the lower mineralized layer over widths of about 40 metres. The intersections include a 4-metre section grading 1.7 grams palladium and 0.16 grams platinum from 675-679 metres.

Last year Corona, which is earning a 51% interest in the project, outlined a prospective area about 5 square km. in size. During this year’s drilling program, the partners are hoping to find a high-grade zone which would give a quick return on capital expenditure once mining begins. Further drilling will focus on the area to the south and east of hole 90-11. Platinova estimates the deposit could be about four years away from production.