Canadian Royalties finds more Expo-Ungava PGMs

Val d”Or, Quebec–based Canadian Royalties (CZZ-V) has found more platinum and palladium in thirteen old holes collared by a previous operator on the Expo-Ungava copper-nickel deposit about 15 km south of Falconbridge‘s (FL-T) Raglan nickel mine in Quebec’s Ungava region.

The latest batch of holes returned between 0.95 and 11.15 grams combined platinum and palladium (Pt+Pd) plus up to 1.2% nickel and 1.8% copper over widths between 1.5 and 56 metres.

Hole 67-8, situated near the centre of the deposit returned 56.4 metres running 2.53 grams Pt+Pd, 0.79% nickel, and 0.74% copper, including a 24.4-metre interval of 3.84 grams Pt+Pd, 1.2% nickel and 1.1% copper.

Other selected results from nearby holes include:

• Hole 68-14 — 43.7 metres grading 1.43 grams Pt+Pd, 0.6% nickel and 0.66% copper, including 21 metres of 2.18 grams Pt+Pd, 0.65% nickel and 0.8% copper;
• Hole 68-11 30.5 metres of 2.06 grams Pt+Pd, 0.57% nickel and 0.74% copper;
• Hole 68-8 54 metres of 2.3 grams Pt+Pd, 0.67% nickel, 0.83% copper, including 27.4 metres of 3.13 grams Pt+Pd, 0.88% nickel and 1% copper.

In October, the first four holes CZZ took a second look at returned similar grades. So far, the company’s re-sampling efforts have covered the entire 732-by-107-metre area included in the most recent mineral resource evaluation, which, all told, used 34 holes. The 1997 independent drill indicated resource tallies to 8.6 tonnes running 0.61% nickel and 0.84% copper. Inferred resources stand at about 6.9 million tonnes of similar or lower grade material for a total estimate 15.5 tonnes at a maximum average grade of 0.6% nickel and 0.8% copper. The report pre-dates National Policy 43-101 disclosure standards.

PGM mineralization has now been defined throughout the entire mineral resource area, which extends for 2400 feet (732 meters) in an east-west direction and averages 350 feet (107 meters) north-south.

Re-assaying of another hole some 457 metres south of the Expo-Ungava deposit returned up to 3.5 grams Pt+Pd over 1.2 metres in partially recovered core from hole EX 68-10. The hole tested a separate ultramafic body. Ten other holes, five to the east and five to the west of hole EX68-10 tested the body. None of the holes to the east were recovered during the 2001 program.

Another hole about 122 metres to the northwest of the limit of the resource calculation area yielded up to 7.9 grams Pt+Pd over 1.28 metres in hole EX 69-7.

The Expo-Ungava deposit is a horizontal, near surface disseminated to massive sulphide zone. Previous work on the property focused on exploration for nickel and copper. The property, which extends for 35 km along a favourable ultramafic horizon, hosts at least 8 separate, partially evaluated copper-nickel mineralized zones.

Canadian Royalties can earn up to an 80% interest interest in the property plus a 2% net smelter return royalty from Ungava Minerals (UNGV-V).