Canadian Platinum Corp. (“CPC” or the “Company”-TSXV:CPC) is pleased to announce the results of the initial field exploration program on the Company’s Cook Gold Project in northern Nevada.
Managed by Axiom Exploration Ltd., of Saskatoon, SK, exploration work completed to date on the property includes: an airborne magnetometer survey, carried out by Pioneer Aerial Surveys Ltd.; Orthomosaic photogrammetry; a fixed-wing airborne hyperspectral survey carried out by SpecTIR LLC of Reno, Nevada; and an initial surface prospecting, mapping and sampling program.
Highlights of the exploration program include:
– High-grade gold mineralization confirmed historic assay results:
– 12 samples (17%) assayed greater than 35g/t (1.0 opt) 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:
– 12 samples (17%) assayed greater than 2.0% copper.
– 6 samples (9%) assayed greater than 5.0% copper.
– The highest grade copper assay ran 15.6% copper from a mine dump sample.
– Four major mineralized structures (see descriptions below) were identified from the mapping and assay data:
– 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 6kmby 4km. This is indicative of a large mineralizing system, potentially an extension of the Battle Mountain-Eureka gold belt, and has high potential for lowsulfidation epithermal gold mineralization (like the nearby Sleeper Mine) and gold-copper porphyry-style mineralization. Phengitic to muscovitic illite and kaoliniteare also present and high crystallinity illite appears to be associated with known occurrences of precious metals.
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. As noted above, 3 of the 4 major linear structures identified are dominated by high-grade gold mineralization and 1 structure is dominated by high-grade copper mineralization. The top 10% gold and copper assays are:
Samples ranked by gold assay
| Sample # | Type | Location/Structure | Au g/t* | Au opt | Cu%* |
| 29739 | In situ | Dyke Canyon/1 | 90.90 | 2.65 | 0.24 |
| 29769 | Mine dump | McDonald Ridge/1 | 64.40 | 1.88 | 5.61 |
| 29758 | In situ | Solo Canyon/3 | 63.90 | 1.86 | 0.34 |
| 29752 | In situ | Copper Canyon/4 | 51.60 | 1.51 | 2.80 |
| 29735 | In situ | Dyke Canyon/1 | 50.10 | 1.46 | 0.59 |
| 29761 | In situ | Solo Canyon/3 | 44.90 | 1.31 | 0.55 |
| 29738 | In situ | Dyke Canyon/1 | 38.20 | 1.12 | 0.29 |
Samples ranked by copper assay
| Sample # | Type | Location | Cu%* | Au g/t* | Au opt |
| 29746 | Mine dump | Copper Canyon/3 | 15.60 | 1.76 | 0.05 |
| 29710 | In situ | Dyke Canyon/3 | 11.20 | 5.98 | 0.17 |
| 29745 | Mine dump | Copper Canyon/3 | 10.60 | 1.14 | 0.03 |
| 29712 | In situ | Dyke Canyon/3 | 8.23 | 0.74 | 0.02 |
| 29769 | Mine dump | McDonald Ridge/1 | 5.61 | 64.40 | 1.88 |
| 29711 | In situ | Dyke Canyon/3 | 5.00 | 1.88 | 0.05 |
| 29750 | Mine dump | Copper Canyon/3 | 3.48 | 2.45 | 0.07 |
Looking at the individual linear structures, selected assay results are:
Structure 1-High-Grade Gold Dominant
| Sample # | Type | Location | Au g/t* | Au opt | Cu%* |
| 29739 | In situ | Dyke Canyon | 90.90 | 2.65 | 0.24 |
| 29769 | Mine dump | McDonald Ridge | 64.40 | 1.88 | 5.61 |
| 29735 | In situ | Dyke Canyon | 50.10 | 1.46 | 0.59 |
| 29738 | In situ | Dyke Canyon | 38.20 | 1.12 | 0.29 |
| 29740 | In situ | Dyke Canyon | 38.00 | 1.11 | 0.04 |
| 29732 | In situ | Dyke Canyon | 36.20 | 1.06 | 0.21 |
| 29734 | In situ | Dyke Canyon | 35.70 | 1.04 | 0.83 |
Structure 2-High-Grade Gold Dominant
| Sample # | Type | Location | Au g/t* | Au opt | Cu%* |
| 29728 | Mine dump | Tiller Mine | 36.00 | 1.05 | 0.05 |
| 29727 | Mine dump | Tiller Mine | 17.40 | 0.51 | 0.06 |
| 29729 | Mine dump | Tiller Mine | 13.90 | 0.41 | 0.05 |
| 29726 | Mine dump | Tiller Mine | 3.19 | 0.09 | 0.03 |
Structure 3-High-Grade Copper Dominant
| Sample # | Type | Location | Au g/t* | Au opt | Cu%* |
| 29746 | Mine dump | Copper Canyon | 1.76 | 0.05 | 15.60 |
| 29710 | In situ | Dyke Canyon | 5.98 | 0.17 | 11.20 |
| 29745 | Mine dump | Copper Canyon | 1.14 | 0.03 | 10.60 |
| 29712 | In situ | Dyke Canyon | 0.74 | 0.02 | 8.23 |
| 29749 | In situ | Copper Canyon | 20.10 | 0.59 | 2.36 |
| 29759 | In situ | Solo Canyon | 37.00 | 1.08 | 0.73 |
| 29761 | In situ | Solo Canyon | 44.90 | 1.31 | 0.55 |
| 29758 | In situ | Solo Canyon | 63.90 | 1.86 | 0.34 |
Structure 4-High-Grade Gold Dominant
| Sample # | Type | Location | Au g/t* | Au opt | Cu%* |
| 29752 | In situ | Copper Canyon | 51.60 | 1.51 | 2.80 |
| 29733 | In situ | Dyke Canyon | 27.80 | 0.81 | 0.69 |
| 29736 | In situ | Dyke Canyon | 18.50 | 0.54 | 0.82 |
| 29737 | In situ | Dyke Canyon | 12.80 | 0.37 | 0.44 |
| 29725 | In situ | Rattlers Ridge | 7.94 | 0.23 | 0.12 |
*Au assays converted from ppb and Cu assays converted from ppm
The orogenic structural setting found on the Cook property is highly complex with multiple events, orientations and kinematics. Four of the major mineralized structures were identified and focused on during this exploration program and are labeled 1 thru 4 as indicated above. The width of the mapped structures sampled was variable ranging from 0.2m to 1.5m in apparent thickness, which will be more accurately defined during the fall diamond drill program when drill data is available.
Structure 1 is a stacked, shallow-dipping, northwest-southeast striking fault with multiple high grade gold samples taken over a 2.1km strike length. This fault showed features that could be attributable to thrust faulting.
Structure 2 is an east-west striking, steeply-dipping, strike-slip fault system showing 1.5 – 2.0 m dextral offset. This fault intersects the Tiller Mine and extends to the far west area of the southern part of the property, although more infill evidence between the identified 1.75km strike length and the suspected extension is required to increase the confidence of its continuity.
Structure 3 is a northwest-southeast trending, steeply-dipping fault, with strike-slip kinematics. This fault has been ground-proven with multiple exposed locations throughout its 1.95km strike length and is one of the programs highest priority drill targets.
Structure 4 is a north-south trending, steeply dipping, Reidel-type structure with multiple high grade gold samples collected within an alteration zone along its mapped 1.8km strike length.
Based on the interpretation of the airborne data and the assay results, further ground work will be carried out including geochemical and geophysical surveys following up the detailed structural and geological mapping to date, followed by drill target selection and drilling.
Gary Billingsley, President, comments “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.”
The 70%-owned Cook Gold Project consists of 88 lode claims located 100 km northwest of Winnemucca, Nevada. Historic results, maps and other information can be viewed on the Company website www.canplats.ca.
Technical Information
The rock samples collected for assay were submitted to the Saskatchewan Research Council laboratory in Saskatoon, Saskatchewan. Strict QA/QC protocol was followed for sample preparation and analyses. Standards, blanks and duplicates were included in the sample stream on a regular basis. The analytical method for gold was a lead-fusion fire assay with an ICP-OES finish. All other elements, including copper, were analyzed by aqua regia digestion with an ICP-OES finish.
Qualified Persons
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 that include platinum group elements, precious metals, base metals and strategic metals, including cobalt.
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
Phone: 306-242-7363
Facsimile: 306-992-0729
To receive information by e-mail, visit www.canplats.ca and click “Contact”.
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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.
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