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White Metal Resources to Acquire 100% Ownership in Seagull Lake Palladium-Platinum Property
Thunder Bay, Ontario--(Newsfile Corp. - March 12, 2019) - White Metal Resources Corp. (TSXV: ...
About this update from Thunder Gold Corp.
[{"type":"text","content":"White Metal Resources to Acquire 100% Ownership in Seagull Lake Palladium-Platinum PropertyThunder Bay, Ontario--(Newsfile Corp. - March 12, 2019) - White Metal Resources Corp. (TSXV: WHM) (\"White Metal\" or the \"Company\") is pleased to announce it has signed an agreement to acquire a 100% interest in the Seagull Lake Palladium-Platinum Property (the \"Property\") from its partners Rainy Mountain Royalty Corp. and Canadian International Pharma Corp. (formerly Black Panther Mining Group.) The Property is located approximately 90 kilometres north-northeast the Great Lakes port City of Thunder Bay, Ontario, Canada, and consists of 133 claim cells totalling approximately 2128 hectares.Michael Stares, a director of White Metal, stated, \"With palladium at all-time highs (+US$1,500/oz) and with the possibility of still higher prices due to the uncertainty in the global supply chain, the Company believes that the Seagull Lake Palladium-Platinum Property will be a great addition to the Company's portfolio.\"The Property covers the Seagull Lake Intrusion (\"SLI\") which is situated in the Nipigon Plate, a geological feature interpreted to have resulted from a failed third arm of a Proterozoic-aged, mid-continent rift system. This geological environment has been compared to the Noril'sk PGE-Cu-Ni sulphide mining camp of Siberia, Russia, and as such is considered to be highly prospective for the discovery of new world class Cu-Ni-PGE deposits. This rifting event is interpreted to have generated significant known Cu-Ni-PGE deposits such as the deposits in the Duluth Gabbro Complex (Dunka Road, Minnamax, Local Boy, etc.), Minnesota, USA, and the Great Lakes Nickel deposit located in Ontario.To date, three styles of PGE mineralization have been identified in the SLI: (1) Detrital PGE-rich \"black sands\"; (2) Reef-type magnetite-associated PGE-rich layers; and (3) Feeder-type Cu-Ni-PGE-rich sulphide-bearing cumulates (aka Noril'sk-type) or basal accumulations. The possibility for the discovery of other styles of sulphide mineralization remains including Contact-type deposits (e.g., Lac Des Iles Mine and River Valley deposits, Ontario) and structurally hosted high-grade concentrations along regional fault systems. Magmatic sulphide deposits in Canada tend to have a higher palladium to platinum ratio, typically 2:1.The purchase agreements gi...