High prices and demand for platinum and palladium have prompted Spectrum Resources (SPC-V) to option two New Zealand properties prospective for platinum group metals (PGMs).
The first property covers 1,280 ha of the Bluff layered complex in southern South Island. Previous reconnaissance exploration there returned anomalous PGM and gold values in a folded sequence of basal dunite overlain by wehrlite and gabbro norite. The sequence has a thickness of 1,400 metres.
The second concession covers 25,000 ha of the Rotoroa complex in northern South Island. Little exploration has been conducted on the property, but platinoid flakes have been recovered at placer gold mining operations in the area.
Spectrum can earn an 80% interest in each concession from private vendors by funding exploration over seven years and completing a bankable feasibility study, as well as issuing 200,000 shares.
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