Unique platinum play for Eldor, Ellen

A unique showing of platinum mineralization, associated with uranium and gold, is the focus of an exploration program operated by Eldor Resources and funded by partner Mary Ellen Resources. Known as the Fish Hook Bay property, the ground is located on the northern shore of Lake Athabasca, in northern Saskatchewan.

This rare association of minerals has been known for years by the previous operators of the former producing Nicholson and Fish Hook Bay mines, which are located on the property. Work by Eldor and the Geological Survey of Canada, suggests the deposit is hydrothermal in origin and finds the deposit analogous with the Coronation mine in Australia and the Shinkolobwe mine in Central Africa.

Eldor and Mary Ellen are encouraged by several widely spaced diamond drill holes which followed up trenched values. One hole cut a 3-ft section grading 1.7 oz gold per ton, 0.4 oz palladium and 0.358 oz platinum. Another hole, spotted 1.1 km southeast and along strike of the first hole, intersected 5.25 ft of mineralization. Assays included 2.08 oz gold, 0.19 oz platinum and 0.41 oz palladium.

Uranium mineralization is associated with high grade pitchblende veins outcropping in basement rocks near the edge of the Athabasca Basin. The basin hosts the highest grading uranium reserves in the world. Gold and platinum mineralization are found in subparallel carbonate veins.

Eldor is proposing an exploration program which will examine the original uranium deposit at the Nicholson mine, Robert Clark, district exploration manager at Eldor Resources says. Mary Ellen has the right to earn a 49% interest by spending $1 million.