Strong platinum values assayed by Equinox

What probably represents one of the least promoted platinum group metal discoveries in the country has yielded some impressive results. Equinox Resources and Technigen Corp. have completed an extensive sampling program on their Muskox property south of Coppermine, N.W.T. The platinum and palladium values were collected from narrow lenses of pyrrhotite-chalcopyrite- pentlandite massive sulphide mineralization within the Muskox intrusive complex. According to Equinox President Ross J. Beaty, the sampling program included the two half-mile-spaced massive sulphide zones discovered last year and some brand new targets.

Results from 12 samples included high platinum values of 0.44 oz per ton and 0.26 oz. The remaining samples graded from 0.03 to 0.09 oz. What’s really intriguing about the results is the palladium values which run as high as 2.7 oz per ton. On a combined basis, the platinum/ palladium values range up to 3.13 oz and include 2.5 oz and 1.4 oz respectively. With the exception of a 0.17-oz value, the balance of the holes were all over 0.3 oz combined platinum-palladium.

Mr Beaty admits the platinum/ palladium ratios are “all over the map” but he concludes the intrusive most definitely has a high palladium bias which will be examined in an upcoming drill program. The 5,000-ft drill program should begin in early August. The Geological Survey of Canada has been examining the property and concludes it is analogous to the Norilsk deposit in the Soviet Union which produces 67% of the world’s palladium. The metal is produced as a byproduct from copper-nickel refining.

Separately, June gold production from Equinox’s 23.6% interest in the Buckhorn mine totalled 2,790 oz. So far this year, the Nevada heap leach operation has produced some 16,566 oz and Equinox has received $1,069,000(US) in net revenue since November, 1986. The company’s acquisition cost was approximately $1.7 million. Another 450,000 tons of new reserves have been added to inventory lately and mine operator Cominco has been making a concerted exploration effort to extend mine life.