Diadem Resources (DIR-M) is exploring a new prospect at the Pekan River copper-nickel project in Newfoundland.
The 5,000-hectare Lac Edgar property is 7 km southeast of the Pekan River property, which itself lies 50 km south of Wabush, on the Quebec-Labrador boundary.
The new prospect overlies an ultramafic body previously sampled by government geologists from Quebec. All the samples showed anomalous quantities of copper, nickel, gold, platinum and palladium.
Diadem notes, however, that most of these samples represent the upper part of the intrusive, rather than the base (where grades are assumed to be higher).
The best samples returned values of up to 2.15% copper and 0.3% nickel, plus 0.13 gram gold, 0.113 gram platinum and 0.135 gram palladium per tonne.
Diadem is in the process of drilling 20 holes, 125 metres deep, the objective being to expand the size and grade of the mineralized zone.
Earlier this year, Diadem released results from eight holes drilled at Pekan River. Results included a 21-metre core length grading 1.03% copper, 0.23% nickel and 0.01% cobalt.
The same rig is being used at Lac Edgar to test the ultramafic body and any new targets defined by geophysical work.
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