Messeguay joins in search for Cape Smith platinum

A third partner has joined the Delta platinum project in northern Quebec. Messeguay Mines has signed an agreement with Oasis Resources and Falconbridge Ltd. that allows it to acquire a 15% interest in the project by investing $750,000 in exploration on the property by Feb 28, 1988.

Should Messeguay meet its obligations and acquire a 15% interest, Falconbridge would have a 51% interest in the project and Oasis a 34% interest.

The Delta project is located in the Cape Smith region of northern Quebec, where a mineralized showing containing platinum, palladium and gold was uncovered in 1984.

During the summer of 1986, 51 new showings were discovered; 23 mineralized zones had been identified previously. Preliminary testing has yielded platinum values of 7.8 g per tonne. A new zone more than 6 km long, Messeguay reports, has yielded platinum values of more than 3 g per tonne.

The 1987 drilling campaign is aimed at increasing reserves to justify mining and is focused on four major veins located in 1986: Bravo- Echo, Delta North, Delta South and Alpha/India.