A zone of platinum group metals has been identified on the Four Corners Mining Corp.’s project located on Burgeo Highway.
Vic French, president of Triple Nine Resources, the parent company of the Four Corners Mining’s iron ore-titanium-vanadium project, said in a prepared release the company has successfully identified platinum and palladium, two of the principal metals belonging to the platinum group metals, along with gold, in weak to moderate concentrations at the location.
French said the geological setting of the oxide (iron ore-titanium-vanadium) mineralization at Four Corners is favourable for platinum group metals and gold.
The search for platinum group metals has been a part of the company’s continuing exploration since 2011, when the results of the airborne survey completed that year showed conductive (electrical) responses typically caused by sulphide rich horizons holding such mineralization.
These conductors are located along the fault zone and assisted in directing the geology and prospecting exploration program. The platinum group metals and gold mineralized zone is in an area of extensive soil and vegetation cover, which hides the underlying bedrock.
French said 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 kilometres outlined to date.
Four Corners 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.
With recovering iron ore prices, the company is optimistic it will be successful in attracting significant investment for this large 24,786-acre property, which stretches 20 kilometres along the Burgeo Highway and is one of the largest mineral holdings in the western region of the island.
The provincial 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 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.