Planet Mining Exploration Makes Platinum and Palladium Discoveries

on Aug 25, 2012
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Planet Mining Exploration (PXI:CVE), a Canadian natural resourses company, announced the latest results from the ongoing exploration of its Golden Loon project. On Thursday (August 23), the miner reported new platinum and palladium discoveries at the property. According to the Vancouver-based company, the newly-found occurrences differ from previously explored zones within the large Golden Loon ultramafic rock and may lead to the discovery of additional natural recourses.

The new deposits of platinum and palladium are still being explored and tested for total platinum group metal enrichment (PGM). PGMs generally occur together within ultramafic intrusions. It would follow that the discovery of both platinum and palladium means that some additional reserves from the same group, such as rhodium, ruthenium, iridium and osmium, may be found at the Golden Loon ultramafic rock.

Planet Mining announced some early results from follow-up mapping which include a 1.2 kilometres strike of a coarsely sulfide mineralised outcrop spatially related to a mylonitic shear zone along the eastern flank of the ultramafic. Grab samples from this area have returned up to 1.39 grams per tonne combined platinum and palladium, with assays pending for the complete PGM profile, and for more than a dozen additional samples from this zone. Early results also suggest widespread 1+ grams per tonne combined PGM potential within these zones of sulfide enrichment.

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Ultramafic rocks are dark-coloured igneous and meta-igneous rocks that are rich in minerals, containing magnesium and iron (“mafic” minerals) and have a relatively low content of silica. These rock formations are denser than most igneous rocks and are found at great depth but appearing on the surface due to volcanic eruptions. Ultramafic rocks are usually a source of platinum group metals, as this type of rock has enough silfur to form a sulphide mineral while the magma is still liquid. Planet Mining’s Golden Loon property has a large ultramafic intrusion that forms its core, hence the palladium and platinum enrichments, as well as the possibility of other precious metals to be found.

The Golden Loon project is located eight kilometres west of the town of Little Fort in south-central British Columbia, Canada. After the discovery of visible gold-silver in drill core in the property earlier this year, Planet Mining expanded its field exploration programme to find similar mineralised occurrences in new areas of Golden Loon, in advance of further drilling. In July, the company announced the discovery of a new gold and silver mineralised trend at Golden Loon with grab samples returning up to 11.4 grams per tonne gold and 90 grams per tonne silver. With its latest discovery of platinum and palladium, the company marks a very productive year. The exploration of the new targets will be a major focus of work as Planet Mining continues to advance its Golden Loon project.

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