Canadian Platinum Corp. [CPC-TSXV] released the results on June 21 of the initial field exploration program on the 70%-owned Cook gold project located 100 km northwest of Winnemucca, northern Nevada.
Managed by Axiom Exploration Ltd., of Saskatoon, SK, exploration work completed to date on the property includes: an airborne magnetometer surve, Orthomosaic photogrammetry, a fixed-wing airborne hyperspectral survey and an initial surface prospecting, mapping and sampling program.
Highlights of the exploration program include:
- 35 historic mine workings located in 7 distinct areas of the property, collecting 69 rock samples, both in situ chip samples and grab samples from mine dumps, for assay.
- High-grade gold mineralization confirmed historic assay results: 20 samples assayed greater than 10g/t (0.3 oz/ton) gold; 12 samples assayed greater than 35g/t (1.0 oz/ton) gold. The highest grade gold assay ran 90.9 g/t (2.65 opt) gold from an in situ chip sample.
- High-grade copper mineralization, not generally noted in the historic reports, was discovered: 19 samples assayed greater than 0.5% copper; 12 samples assayed greater than 2.0% copper; 6 samples assayed greater than 5.0% copper. The highest grade copper assay ran 15.6% copper from a mine dump sample.
- Four major mineralized structures were identified from the mapping and assay data. Structure 1: strike length 2.1 km, high-grade gold. Structure 2: strike length 1.75 km , high-grade gold. Structure 3: strike length 1.95 km, mostly high-grade copper with good gold assays in places. Structure 4: strike length 1.80 km, high-grade gold.
- The hyperspectral survey identified surface alteration dominated by propyllitic alteration that is present over a bedrock exposure area of approximately 6km by 4km. This is indicative of a large mineralizing system, potentially an extension of the Battle Mountain-Eureka gold belt, and has high potential for low sulfidation epithermal gold mineralization (like the nearby Sleeper Mine) and gold-copper porphyry-style mineralization.
The initial sampling program focused on historic mine workings with in situ chip samples taken where possible and, where not possible, grab samples from rock dumps near the adits and shafts. The mineralization is associated with fault structures and breccia zones in a volcanic host rock.
Gary Billingsley, President of Canadian Platinum, said, “We are more than pleased with these initial results. These are some of the highest grade gold assays observed on the property to date and that, combined with the discovery of a high-grade copper-bearing structure, is extremely encouraging. The evidence points to a robust epithermal mineralizing system that presents a real opportunity for the company to establish a resource.”