A recently completed 5-hole drilling program by Ursa Major Minerals (YMJ.V) has returned more encouraging nickel-copper and platinum-group-element values from a near-surface zone of mineralization about 600 metres along strike to the northeast of the Shakespeare deposit.
The latest holes are highlighted by hole U3-06, which cut 81 metres running 0.66% nickel, 0.61% copper, 0.47 gram platinum, 0.54 gram palladium and 0.27 gram gold per tonne. The remaining holes returned somewhat lower grades over slightly smaller intervals. All of the holes are estimated to represent true with, and have tested the zone to a depth of 152 metres. The zone remains open along strike in both directions and at depth.
The zone was discovered earlier this summer when hole U3-03, designed to test a strong induced polarization (IP) anomaly and coincident magnetic high, returned 5.6 metres of 0.53% nickel, 0.58% copper, 0.44 gram each of platinum and palladium, and 0.21 gram gold.
Hole U3-04, cut 89.3 metres grading 0.57% nickel, 0.64% copper, 0.56 gram platinum, 0.61gram palladium and 0.32 gram gold.
Mapping and geophysical surveying indicate a strike length of more than 300 metres.
The Shakespeare deposit is host to a near-surface inferred resource of 1.9 million tonnes grading 0.36% nickel, 0.42% copper, 0.44 g/t palladium, 0.40 g/t platinum and 0.23 g/t gold.
Ursa can acquire a 75% stake in the property from Falconbridge (FL-T) by issuing a total of 350,000 shares and spending $1.2 million on exploration.
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