Drilling is expected to begin later this summer on the Goodnews Bay platinum project 420 miles southwest of Anchorage, Alaska.
The program will be managed by Starcore Resources (VSE), a Murray Pezim-controlled junior which can earn a 70% interest from the leaseholder by spending US$3 million on exploration and issuing 250,000 shares. Starcore recently completed about 650 line-miles of helicopter-borne, high-sensitivity magnetics over the property. Preliminary interpretation of the data is reported to have clearly delineated the Red Mountain and Susie Mountain ultramafic complexes, which are believed to be the source of the 650,000 oz. of alluvial platinum produced from the adjacent Salmon River drainage.
Current work include geological, geochemical and ground geophysical surveys. Panning of locally derived overburden on a priority target is reported to have returned several coarse platinum nuggets which are believed to be close to a bedrock source. Permitting for the drilling is in progress.
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