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RJK Explorations Acquires Claims in the Magma Metals Platinum-Paladium-Copper-Nickel Discovery Camp, Thunder Bay North
KIRKLAND LAKE, ON, March 12 /CNW/ - RJK Explorations Ltd. (RJX.A: TSXV) ("RJK") is pleased to ann...
About this update from Rjk Explorations Ltd. Class A
[{"type":"text","content":"\n\n\n\nKIRKLAND LAKE, ON, March 12 /CNW/ - RJK Explorations Ltd. (RJX.A: TSXV)\n("RJK") is pleased to announce that it has optioned the Dorion South property\nconsisting of 9 claims (99 claim units) in the Magma Metals PlatinumPaladium\nDiscovery area, 60 km northeast of Thunder Bay. As the extent of the Magma\nMetals discovery continued to increase in scope, RJK moved quickly to become\none of only a few junior exploration companies that was able to acquire\nprospective claims in the discovery area.\n\n\nThe RJK has optioned the Dorion South property, which has five known\noccurrences:\n- Fall Lake Peridotite - results from three (3) previous drill holes\n- Upton - a ZnPbAgCdW occurrence\n- TB 7664 - a ZnPb occurrence\n- Miner Lake - a Pb occurrence\n- Keats - a ZnPb occurrence\n\n\nIn 1965, three (3) holes were drilled between Fall Lake and Moose Lake in\nthe southern portion of the RJK claim group and the drill logs indicated that\nunder a thin layer of travertine limestone (3m to 10m) was gabbro and\nperidotite with chalcopyrite specks. All three holes ended in peridotite with\neach hole averaging 40m. However, no assaying was ever conducted for platinum,\npalladium, copper or nickel. The terms of the property option are for RJK to\nearn a 100% interest for total payments of $140,000 and 325,000 shares with\nwork commitments of $280,000 over 4 years leaving a 3% N.S.R. with a buyback\non 1.5% for $1.5 mln.\n\n\nSince the previous drill hole locations are known and road accessible,\nRJK intends to fly an airborne survey and to follow up with several drill\nholes to basement to test the previous peridotite intersections. Additional\nmag anomalies indicated in the airborne survey similar to those found on the\nMagma Metals ground will also be followed up as soon as possible.\n\n\nRJK considers the Magma Metals Platinum-Paladium Thunder Bay North\nproject to be one of the more significant discoveries in Ontario over the last\nfew years. The size of the intersections, the 11 ratio of Platinum to Paladium\nalong with good values in Copper and Nickel, combined with its location,\nindicates the substantial nature of this discovery and the prospects for the\ndiscovery of other peridotite intrusions along the main EastWest Fault.\n\n\nThis information is taken from a Magma Metals Limited news release dated\nDec. 23, 2008:\n...