Aggressive on platinum at Technigen, Equinox

The search for platinum group metals by Technigen Platinum and Equinox Resources is proving to be one of the most aggressive in the country. They recently concluded an agreement for a property near Rouyn-Noranda, Que., with Corporation Falconbridge Copper. Technigen is funding an initial $150,000 exploration program on the ground including just over 3,000 ft of diamond drilling.

A small copper-nickel deposit with platinum and palladium values is known to exist on the property based on previous exploration. According to Ross J. Beaty, Equinox president, platinum group assays are available from only 12 of 116 holes completed in the past. Those holes ranged up to 0.057 oz platinum and 0.25 oz palladium over a 6-ft drill intersection.

Only preliminary metallurgical work has been completed but the results suggest a high grade copper- nickel concentrate could be produced and that initial platinum and palladium recoveries can be improved. A significant portion of the known deposit is amenable to open pit mining and potential exists to expand reserves, he says. Approximately $1 million has been spent on the property thus far and the work included about 23,000 ft of drilling.

The agreement with Falconbridge will see the Technigen- Equinox joint venture fund a $570,000 work program by July 1, 1988, in return for a 50% interest. Any subsequent work would be funded pro rata by all parties or their interests would be diluted to carried positions. Equinox is operator during the earn-in period and will be entitled to a 20% interest versus 30% for Technigen.

The immediate exploration emphasis will be towards expanding reserves, assessing the platinum-palladium content of the deposit, completing additional metallurgical studies and evaluating a gold zone which occurs within silicified volcanic rocks.

Equinox and Technigen have begun a program of line-cutting and geophysics on their 100%-owned Cameron Lake property near Kenora, Ont. At least three strong shear zones are known to exist on the property which is 2,500 ft north of the Nuinsco-Lockwood gold deposit where Echo Bay Mines is currently driving an underground decline.

Equinox recently concluded a flow-through agreement with National Investor Management (NIM) for up to $500,000. The money will be used to fund its obligations under its platinum and gold joint venture programs.