KIRKLAND LAKE, ON, March 12 /CNW/ - RJK Explorations Ltd. (RJX.A: TSXV) ("RJK") is pleased to announce that it has optioned the Dorion South property consisting of 9 claims (99 claim units) in the Magma Metals PlatinumPaladium Discovery area, 60 km northeast of Thunder Bay. As the extent of the Magma Metals discovery continued to increase in scope, RJK moved quickly to become one of only a few junior exploration companies that was able to acquire prospective claims in the discovery area.
The RJK has optioned the Dorion South property, which has five known occurrences: - Fall Lake Peridotite - results from three (3) previous drill holes - Upton - a ZnPbAgCdW occurrence - TB 7664 - a ZnPb occurrence - Miner Lake - a Pb occurrence - Keats - a ZnPb occurrence
In 1965, three (3) holes were drilled between Fall Lake and Moose Lake in the southern portion of the RJK claim group and the drill logs indicated that under a thin layer of travertine limestone (3m to 10m) was gabbro and peridotite with chalcopyrite specks. All three holes ended in peridotite with each hole averaging 40m. However, no assaying was ever conducted for platinum, palladium, copper or nickel. The terms of the property option are for RJK to earn a 100% interest for total payments of $140,000 and 325,000 shares with work commitments of $280,000 over 4 years leaving a 3% N.S.R. with a buyback on 1.5% for $1.5 mln.
Since the previous drill hole locations are known and road accessible, RJK intends to fly an airborne survey and to follow up with several drill holes to basement to test the previous peridotite intersections. Additional mag anomalies indicated in the airborne survey similar to those found on the Magma Metals ground will also be followed up as soon as possible.
RJK considers the Magma Metals Platinum-Paladium Thunder Bay North project to be one of the more significant discoveries in Ontario over the last few years. The size of the intersections, the 11 ratio of Platinum to Paladium along with good values in Copper and Nickel, combined with its location, indicates the substantial nature of this discovery and the prospects for the discovery of other peridotite intrusions along the main EastWest Fault.
This information is taken from a Magma Metals Limited news release dated Dec. 23, 2008:
"Magma Metals Limited is currently undertaking a 30,000m drill program at its 100% owned Thunder Bay North project. Approximately 18,000m of drilling has been completed so far with the remainder to be completed during the March and June quarters 2009.
Recent results include:
- TBND061: 61.7m @ 5.61g/t Pt+Pd, 0.66% Cu & 0.38% Ni, from 29.3m
including 35.5m @ 8.83g/t Pt+Pd, 1.04% Cu & 0.57% Ni
- TBND082: 32.7m @ 5.82g/t Pt+Pd, 0.68% Cu & 0.35% Ni from 20.3m
including 21.7m @ 7.53g/t Pt+Pd, 0.87% Cu & 0.41% Ni.
- TBND104: 50.00m @ 5.75g/t Pt+Pd, 0.66% Cu & 0.36% Ni,
including 13.45m @ 9.82g/t Pt+Pd, 1.03% Cu & 0.53% Ni.
- TBND122: 42.75m @ 5.43g/t Pt+Pd, 0.66% Cu & 0.33% Ni,
including 26.75m @ 7.19g/t Pt+Pd, 0.85% Cu & 0.39% Ni
The drilling will be used to calculate an initial resource, which should be released in mid 2009. The Company is targeting an initial resource of between 0.5 - 1Moz of Pt+Pd in the current 2.5km mineralised strike. Long term, Magma is targeting increasing this to approx. 5Moz of Pt+Pd, with up to 200kt of copper and 160kt of nickel.
Web Site: http://www.rjkexplorations.com
Dan Mackie, P.Eng, is the qualified person responsible for this release
Significant Regional Potential - The platinum-palladium-copper-nickel mineralisation intersected to date is contained within the Current Lake Intrusive Complex. This complex is a peridotite intrusion that has several kilometres of strike and potentially contains massive nickelcopper sulphide mineralisation. Regional magnetic data indicates the potential for another two of these intrusive complexes, significantly enhancing the prospectivity of the Thunder Bay North project. The Thunder Bay North project is only approx. 50km from the recently closed Lac des Iles palladium mine, which may allow Magma a fast startup treatment option. The project is also close to existing road, rail and gas infrastructure."
A map showing the various claim holdings in the Thunder Bay North Platinum-Paladium Discovery camp is available on the RJK website: http://www.rjkexplorations.com/
Forward Looking Statements: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond RJK's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although RJK believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.