ONTARIO - Vancouver-based PLATINUM GROUP METALS is drilling at the Seagull property in the Lake Nipigon area 100 km northeast of Thunder Bay. The ONTARIO GEOLOGICAL SURVEY has previously highlighted the area as having potential for platinum group elements (PGEs) in distinct layers.
"It's a significant, new discovery in the same general area as the Lac des Iles mine of NORTH AMERICAN PALLADIUM located north of Thunder Bay," said Bernie Schnieders, resident geologist with the Ontario Ministry of Northern Development and Mines. "The resource at the Lac des Iles mine, however, is likely more than 1.5 billion years older than mineralization in the Seagull Intrusion, and is in a different geological setting. The variety of styles and ages of platinum and palladium mineralization, combined with the number of platinum and palladium occurrences and deposits demonstrates the potential for platinum and palladium in the region."
"It is like lightening striking twice on the same hill to find two significant platinum/palladium discoveries, separated by a billion and a half years, within 50 kilometres of each other," said Platinum Group Metals' president R. Michael Jones. "Seagull's reported values have a higher ratio of platinum and other rare platinum group metals compared to palladium, confirming the different setting from the mine nearby and heightening the economic interest, especially with platinum trading at over US$800 per ounce."
Learn more at the company's website, www.PlatinumGroupMetals.net.
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