Information posted was accurate at the time of posting but may be superseded by subsequent news releases.
Peter Lake Project Shows Cobalt Potential
April 5th, 2017-Saskatoon, SK—Canadian Platinum Corp. ("CPC" or the "Company"—TSXV:CPC) reports the results of a review of the assay data from historic drilling on the Company’s 100%-owned Peter Lake Cu-Ni-PGE project in northern Saskatchewan. The review was carried out specifically to determine the project’s potential to host significant cobalt mineralization given the recent spectacular rise in price for that commodity.
A review of the drill logs and historical assay data from past exploration work carried out on the Peter Lake Project has shown that the project does host significant cobalt mineralization related to known base metal mineralization on the property. In particular, in the Swan Lake area, where drilling was carried out on one of 17 known VTEM anomalies, drill intersections assaying 0.02% Co over a width of 71.6m were encountered with higher grade intersections of up to 0.21% Co over a width of 1.0m. Below is the table of significant mineralized intersections selected by Roscoe Postle Associates Inc. ("RPA") in their NI43-101 report "Technical Report on the Peter Lake Project, Northern Saskatchewan, Canada" dated July 12, 2012 (see news releases dated May 30 and July 19, 2012). The cobalt grades were not originally reported by RPA and have been calculated below from the intersections selected by RPA, with drill hole SW 03 added for purposes of this news release:
|Swan Lake Significant Drilling Intersections-Peter lake Project|
Subsequent to the RPA report, an independent resource estimate was carried out which included cobalt in the estimate. This report entitled “Swan Lake-Grades and Tonnage Estimation” was prepared by R. Hogan and dated April 2013 with the following results:
|Tonnes||Au g/t||Pt g/t||Pd g/t||Au+Pt+Pd g/t||Cu %||Ni %||Co %||Cr %|
This historical estimate uses definitions of mineral resources other than current CIM definitions for mineral resources. Accordingly, the reliability of the estimate is unknown but is considered relevant by the Company in that it represents a significant exploration target for further exploration work.
The estimate is the result of applying three geostatistical based interpolation techniques: nearest neighbor, inverse distance squared and ordinary kriging, to a set of high grade cut, 1.5 m composited drill hole assays. The calculated grades represent the average or mean grade of each of the metals as estimated within 10m by 10m by 10 m blocks contained within the constrained block model. The presentation above is based on the results from ordinary kriging.
The database was built from 47 drill holes and consists of 2600 assays for each of the seven metals presented. The individual block models contained a total of 98,010 blocks. Hogan relied on RPA’s work for data verification and quality assurance and quality control as noted below. In addition, assay data was checked for data entry and logging errors through the application of customized software. There are no more recent estimates or data available to the Company. The qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and CPC is not treating this estimate as a current mineral resource as defined in NI43-101. In order to upgrade this estimate to a current mineral resource, CPC will be required to conduct additional drilling at Swan Lake.
Data Verification/Quality Assurance and Quality Control
Data verification and quality assurance and quality control protocols for the data used in the above estimate were reviewed and verified by RPA in their report and can be viewed on the Company website. RPA concluded that the QA/QC protocols were acceptable for the scope and size of the project.
Gary Billingsley, President, comments "The Swan Lake showing, on the Peter Lake property, is coincident with one of 17 similar VTEM anomalies in the immediate area of Swan Lake, so significant tonnage potential exists in the area. The grades and associated values at today’s prices are certainly comparable to other similar projects being developed in North America and globally, with cobalt becoming a significant influence on project economics at Peter Lake."
The technical data in this news release have been prepared, reviewed, and approved by Gary Billingsley, PEng, PGeo, a qualified person under the terms of National Instrument 43-101.
About Canadian Platinum Corp.
Canadian Platinum Corp. is a Canadian-based resource exploration and development company with its head office in Saskatoon, SK. 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.
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:
Canadian Platinum Corp.
Gary Billingsley, President
To receive information by email go to www.canplats.ca and click "Contact Information".
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
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.