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Platinex Announces Big Trout Lake Chromium-PGE Deposits Results
Platinex Announces Big Trout Lake Chromium-PGE Deposits Results.
About this update from Ptx Metals Inc
[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 28 /CNW/ - Platinex Inc. - (TSX-V PTX) has filed a\nqualifying report, setting out a preliminary size estimate and related market\nparameters of a chromium-PGE deposit underlying its Big Trout Lake property.\nThe property comprises 221 claims and 81 mining leases acquired earlier this\nyear from an INCO joint venture.\nCommenting on the report, Mr. James R. Trusler, President and CEO of\nPlatinex stated, \"Platinex has now compiled results of previous drilling on\nits expanded property. I believe that the Big Trout Lake deposit will\nultimately be proven to be among the largest chromium deposits in the world.\nDespite its isolation, the size of this deposit combined with the expanding\ndemand for stainless steel may enable the establishment a market foothold.\nFurther, the market studies indicate that the chromium appears compatible or\nin need of minor upgrading to meet market specifications. The PGE content is\nan added sweetener which may impact deposit economics significantly. Zones One\nand Two which have both been correlated for some 13 kilometres contain some\nsignificant PGE intersections.\"\nThe Big Trout Lake Igneous Complex is a classic layered intrusion turned\non end so that the layers are nearly vertically dipping. Persistent layering\nhas been documented in some 86 drill holes and outlined in magnetometer\nsurveys and is generally believed to be correlative for the entire 19 km\nstrike length of the property. Volume calculations have been made on four\nPGE-bearing chromium deposits defined in 29 separate intersections in 15 drill\nholes. The four layers or zones have a combined composite true width of\n40.8 metres. Two of the zones have been correlated for a strike length of\n13 km and the other two have been correlated for a strike length of 6 km but\nare open ended. The deepest intersection is 300 m below surface. All of the\ndata has been obtained from previous drilling by several different companies\nand joint ventures (the Canadian Nickel Company (Canico), Canadian Occidental\nPetroleum, Platinum Exploration Canada Inc., International Platinum\nCorporation and Degussa). Platinex has relied on qualified persons currently\nand in the past who have had involvement in all of the previous programs\ncarried out in the 1970's and 1980's. Most of the details of the chromium data\nand the scope...