Platinum, Palladium & Gold Mineralized Zone identified on the Four Corners Project
Four Corners Mining Corp (FCMC) on behalf of parent company Triple Nine Resources Ltd. is pleased to report it has successfully identified a zone of Platinum Group Metals (PGM’s) on its Four Corners Iron Ore – Titanium – Vanadium Project situated along the paved, Burgeo Highway in the Long Range Mountains of southwestern Newfoundland.
Platinum (Pt) and Palladium (Pd), 2 of the principal metals belonging to the PGM’s, along with gold, have been detected in weak to moderate concentrations ranging up to best values of 0.24 g/t Palladium, 0.18 g/t Platinum and 0.13 g/t gold for a combined metal content of 0.55 g/t. Assays just received from Actlabs of Ancaster, ON confirm the anomalous values are contained in 9 of the 11 surface grab samples from outcrop sites exposed in a 1.5 km (1 mile) long zone.
The mineralization is hosted in intense chlorite altered, sulphide (pyrite) mineralized, ultramafic rocks aligned along the Cabot Fault Zone, a major fault structure trending 7 kms north – northeast through the project area. The geological setting of the oxide (iron ore – titanium – vanadium) mineralization hosted in layered, mafic igneous intrusions at Four Corners is very favorable for hosting PGM’s & gold. Layered igneous intrusions are a major source of PGM’s, gold and nickel – copper sulphides mined from world class deposits such as the Bushveld Complex of South Africa.
The company advises that the search for PGM’s has been a part of its on-going exploration since 2011 when the results of the airborne survey completed that year showed conductive (electrical) responses typically caused by sulphide rich horizons hosting the PGM mineralization. These conductors are located along the fault zone and assisted in directing the geology and prospecting exploration program. A further indication of the occurrence of the PGM’s in this area were the results of a historical lake sediment survey which showed some of the highest Pt and Pd lake sediment values in Newfoundland were recorded in several ponds along this section of the Cabot Fault Zone and in the vicinity of the newly discovered mineralized zone. This historical survey also detected highly anomalous concentrations of nickel and copper, which if present in sufficient quantities could also cause the conductive (electrical) responses.
This PGM and gold mineralized zone is in an area of extensive soil and vegetation cover, masking the underlying bedrock. The company is planning detailed soil geochemistry and geophysical surveys to determine the extent of the target zone as the mineralized outcrop shows there is potential for a greater strike length beyond the 1.5 kms outlined to date.
Four Corners is also pleased to report it has Confidentiality Agreements in place with several mining investment groups who have expressed an interest in financing the exploration and development of the Four Corners Project. There are on-going discussions and with recovering iron ore prices the company is optimistic it will be successful in attracting significant investment for this large 24,786 acre property, stretching 20 kms along the Burgeo Highway and one of the largest mineral holdings in the western region of the island.
The company is also pleased to report the Newfoundland and Labrador Department of Natural Resources has awarded a grant valued up to $100,000 to offset costs of a drilling program planned to do further detailed testing of the large up to 5.5 km long Keating Hill East target zone, where thick iron ore – titanium – vanadium mineralized layers have been intersected in drill core down to a vertical depth of 600 metres. These drilling grants are based on the merits of the target which include the potential to discover an economically important resource.
Four Corners Mining is very pleased with these new developments, noting Four Corners is one of the more active exploration projects in the province and the iron ore – titanium – vanadium mineralization drill intersected at Keating Hill East, only one of 5 oxide mineralized targets tested to date, represents an emerging large, bulk tonnage mineral resource.
The technical information in this news release was reviewed by Vic French, P. Geo., President, and a qualified person as defined by National Instrument 43-101.