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Quadro Signs LOI for the Seagull Lake Platinum-Palladium Property
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2020) - Quadro Resources Ltd.
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About this update from Quadro Resources Ltd.
[{"type":"text","content":"Quadro Signs LOI for the Seagull Lake Platinum-Palladium PropertyVancouver, British Columbia--(Newsfile Corp. - February 24, 2020) - Quadro Resources Ltd. (TSXV: QRO) (\"Quadro\" or the \"Company\") is pleased to announce that it has signed a binding letter of intent (\"LOI\") with White Metal Resources Corp. (\"WHM\") for the platinum-palladium prospective Seagull Lake Property near Thunder Bay, Ontario. The LOI sets out a proposed transaction (the \"Proposed Transaction\") pursuant to which Quadro has acquired from WHM an option to acquire a 70% interest in WHM's Seagull Lake Property (the \"Option\").SEAGULL LAKE PROPERTY (summarized from WHM press release dated Jan 28, 2020)The Seagull Lake Property is located 1 hour north of the city of Thunder Bay in Northwest Ontario and 28 km north of the new copper, nickel, platinum, palladium discoveries of Rio Tinto and Magma Metals, now Panoramic Resources Ltd. The North American Palladium mine, the only primary producing palladium mine in Canada, is located 50 km northwest of the Seagull Lake property.The Seagull intrusion is described as being a 10 km diameter circular intrusive that is composed of ultramafic rocks with a high olivine content that has been derived from a deep mantle source. Layering and multiple phases of intrusion have been recognized which creates a favorable setting for Norilsk-type sulphide accumulation. From the 07/27/2000 news release of Canadian Golden Dragon Resources Ltd., \"This is the first cumulate PGE-Ni-Cu sulphide zone to the Company's knowledge to be identified in the Proterozoic ultramafic rocks of the Nipigon Plate and confirms that these intrusions have undergone an evolutionary process capable of generating large PGE copper-nickel deposits.\" The Seagull Intrusion is also located in the Nipigon Plate, which is interpreted to represent the failed third arm of a Proterozoic-aged, mid-continent rift system, the bulk of which lies beneath Lake Superior. This rifting event is known to host significant Cu-Ni-PGE deposits such as the Duluth Gabbro Complex deposits (Dunka Road, Minnamax, Local Boy etc.) and the Great Lakes Nickel deposit.Three styles of PGE mineralization have been identified in the Seagull Intrusion: PGE-rich detrital \"black sands\", magnetite-PGE-rich layered \"reef-type\", and basal Cu-Ni-PGE-rich sulphide-bearing cum...