Juniors target PGEs at Wolf Mountain property

The potential for discovering platinum group elements (PGE) in the backwoods of northern Ontario has attracted the attention of East West Resources (EWR-V) and Canadian Golden Dragon Resources (CGG-V).

The two juniors can each earn 25% interests in the Wolf Mountain property from Avalon Ventures (AVL-V). To do so, they must collectively spend $300,000 on exploration over two years, pay $10,000 in cash and issue 100,000 shares each.

Situated northeast of Thunder Bay, the property consists of two separate areas totalling 736 claims. Beneath the Wolf Mountain group is a large, circular-zoned ultramafic intrusion known as Seagull; the other group is underlain by an ultramafic, dyke-shaped intrusion, which remains untested for PGE.

Previous exploration was limited to the northern margin of the Seagull pluton, where surface sampling, geophysical surveying and eight diamond drill holes were completed. Results for grab samples of weathered bedrock reached as high as 7.6 grams combined platinum and palladium, whereas core samples assayed up to 0.85 gram.

The deal has yet to be approved by regulators.