Canadian Platinum Corp. Corporate Update Plans for 2015
February 23rd, 2015 / TheNewswire / Saskatoon, SK - Canadian Platinum Corp. ("CPC" or the "Company")(TSXV:CPC) provides the following corporate update, including plans for 2015: CORPORATE
In 2014, two new members were added to the Company's Board of Directors replacing three retiring members. In addition, new management was appointed and the Company relocated its head office from Calgary, Alberta to Saskatoon, Saskatchewan. The current Board consists of: Mason Douglas (Chairman), Douglas Billingsley (Chair of the Audit Committee), James Engdahl and Gary Billingsley. New management consists of Gary Billingsley, President and CEO, and Karen Frisky, CFO and Corporate Secretary. The Company also has access to the same team of technical consultants and advisors that has worked with management for many years. See the news release dated July 31, 2014 and the company website www.canplats.ca for particulars of individual qualifications and industry experience.
In order to advance exploration on projects in the current project portfolio, the Company will require additional funding. Management is currently fully engaged in that process.
PROJECTS
Through 2014, the Company significantly reduced its land position and the number of projects in its project portfolio to focus on the core project, the Peter Lake platinum project. The Brabant graphite project was also maintained and assessment work filed to keep priority claims in good standing. Management continues to actively seek out and evaluate other projects that would be a good corporate fit and could be of interest to potential investors in CPC.
Peter Lake Platinum Project
Overview: The Company's core project now consists of 14 mineral dispositions totaling 61,577 hectares. The claims cover a significant portion of the Peter Lake Domain, which hosts the Swan River Complex, the largest mafic/ultramafic complex in North America next to the Duluth Complex (Hulbert, 1988). Previous work has established the existence of significant platinum group element ("PGE") mineralization together with significant copper and nickel values. The Swan River Complex is considered to be prospective for magmatic breccia type PGE deposits similar to Lac des Iles in Ontario (from the NI 43-101-compliant technical report prepared by Roscoe Postle Associates Inc. entitled "Technical Report on the Peter Lake Project, Northern Saskatchewan, Canada" effective July 12, 2012, hereinafter the "RPA Report").
Work To Date: Between 2009 and 2011 the Company completed extensive geophysical surveys including 10,878 line-km of airborne ZTEM, VTEM, and Magnetometer surveys, and 35 line-km of Horizontal Loop and Pulse EM ground surveys. As a result of these surveys, correlations were made with known PGE mineralization and many similar anomalies were identified, in particular from the VTEM results, in the Swan Lake area of the Swan River Complex. Based on a combination of known mineralization and geophysical results drill testing was also completed over a number of areas in the same 2009-2011 time period. A total of 59 diamond drill holes totaling 16,174 metres were completed with 47 of those drill holes, totaling 13,928 metres, concentrated on the Swan Lake Zone. The Swan Lake Zone was historically known to host PGE and Ni-Cu mineralization and correlates with a VTEM anomaly. In the RPA Report it is noted that there are 16 additional VTEM targets in the Swan Lake area similar to that of the Swan Lake Zone.
Results: The work to date including surface prospecting, geochemistry, geophysics and drilling has proven the Peter Lake project area hosts significant Ni-Cu-PGE mineralization and that there are a large number of highly prospective targets identified, in addition to the Swan Lake Zone, requiring follow-up exploration. From the RPA Report, significant drill intersections at Swan Lake include:
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|Swan |
|Lake |
|Significant |
|Drilling |
|IntersectionsCanadian |
|Platinum |
|Corp. |
|- |
|Peter |
|Lake |
|Project |
|----------------------------------------------------------------|
|Hole |From(m)|To(m)|Width(m)|Au(g/t)|Pt(ppm)|Pd(ppm)|Ni(%)|Cu(%)|
|----------------------------------------------------------------|
|SW 08|160.0 |231.6|71.6 |0.154 |0.236 |0.313 |0.182|0.519|
|----------------------------------------------------------------|
|Incl.|200.0 |225.0|25.0 |0.256 |0.434 |0.502 |0.268|0.828|
|----------------------------------------------------------------|
|Incl.|205.0 |210.0|5.0 |0.551 |1.212 |0.953 |0.463|0.882|
|----------------------------------------------------------------|
|and |208.2 |208.8|0.6 |2.230 |8.000 |2.380 |0.158|0.389|
|----------------------------------------------------------------|
|SW 19|210.1 |235.7|25.6 |0.160 |0.089 |0.192 |0.098|0.680|
|----------------------------------------------------------------|
|Incl.|220.1 |225.1|5.0 |0.287 |0.150 |0.352 |0.210|1.403|
|----------------------------------------------------------------|
|Incl.|222.1 |222.8|0.7 |0.431 |0.675 |0.487 |0.568|1.258|
|----------------------------------------------------------------|
|SW 38|146.9 |168.6|21.7 |0.166 |0.176 |0.206 |0.133|0.556|
|----------------------------------------------------------------|
|Incl.|156.9 |161.9|5.0 |0.266 |0.207 |0.282 |0.263|1.524|
|----------------------------------------------------------------|
|Incl.|158.5 |159.5|1.0 |0.760 |0.025 |0.220 |0.690|5.550|
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The report further notes and concludes: "The potential tonnage and grade of mineralization located at the Swan Lake prospect on the Peter Lake property could be two to three million tonnes grading between 0.1 g/t Au and 0.2 g/t Au, 0.1% Ni and 0.2% Ni, 0.4% Cu and 0.7% Cu, 0.1 g/t Pt and 0.3 g/t Pt, and 0.2 g/t Pd and 0.4 g/t Pd. The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource along strike from the resource area, and it is uncertain if further exploration will result in the target being delineated as a mineral resource... CPC's Peter Lake property has potential to host additional PGE-Ni-Cu mineralization and the property warrants additional investigation. Additional tonnage at higher grades must be discovered prior to making a Mineral Resource estimate."
Plans: The Company has already started the process of compiling all the existing geophysical data with the goal of prioritizing the most prospective targets for Ni-Cu-PGE mineralization. A consultant with expertise in interpreting geophysics, in particular VTEM and ZTEM, in mafic/ultramafic environments will be engaged to assist in that effort.
Brabant Lake Graphite Project
Overview: This is a grassroots prospect consisting of 3 mineral claims covering 4,222 hectares. Recent work has identified 3 zones of large-flake graphite mineralization.
Work To Date: So far the only work carried out on the property has been extensive surface sampling and ground geophysics including VLF-EM and magnetics.
Results: The geophysics and prospecting resulted in the discovery of 3 separate zones of graphite mineralization. The most promising showing, the Ben showing, produced assay results from 6.4% graphitic carbon ("Cgr") to 48.4% Cgr. Samples from each showing indicated that 82% to 86% of the graphite reported to the +80 mesh (+0.18mm) size fraction and 70% to 79% reported to the +50 mesh (+0.30mm) size fraction.
Plans: The Company is currently in discussions with a potential partner to continue exploration on the Brabant Lake Project. The next stage of work would include trenching, sampling and assaying as well as preliminary metallurgical work. If the results are positive, a limited drill program would be considered.
President Gary Billingsley emphasizes, "While the current market environment for junior explorers is more than challenging, I am personally excited and motivated to address those challenges to move CPC forward and build a solid portfolio of performing assets. Peter Lake is a "big idea" project that will need funding and perseverance to prove it's economically viable, but initial results indicate it's worth the effort. Over the last 17 years I have been focused on the supply chain for "green" technologies and I certainly view platinum as a "green" metal. Driven by the demand for autocatalysts, 2015 will be the 4th consecutive year with platinum in a supply deficit position. CPC, along with its team of experienced consultants and advisors, is continually evaluating all opportunities presented to us related to platinum and other strategic resources. I look forward to positioning CPC to take full advantage of market conditions as they improve."
About Canadian Platinum Corp.
Canadian Platinum Corp. is a Canadian-based resource exploration and development company with its head office in Saskatoon, SK. Now under new management, CPC is focused on the acquisition and development of a diversified portfolio of resource properties with an emphasis on platinum group elements, but including precious, base and strategic metals.
Gary L. Billingsley, CPA, CA, P.Eng., P.Geo., an officer and director of the Company and a qualified person within the meaning of National Instrument 43-101, has reviewed and approved the technical content of this news release.
CANADIAN PLATINUM TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL "CPC".
For more information, including news releases and technical reports providing more detail on the contents of this news release, please visit our website at www.canplats.ca.
For further information:
Gary Billingsley, President
Phone: 306-242-7363
Facsimile: 306-992-0729
www.canplats.ca
To receive information by email go to www.canplats.ca and click "Contact Information".
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CAUTION REGARDING FORWARD LOOKING STATEMENTS
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Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this release and except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release may contain statements within the meaning of safe harbour provisions as defined under United States Securities Laws and Regulations. The above statements are based on the current expectations and beliefs of the management of Canadian Platinum and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above.
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