THUNDER BAY, ON, March 25, 2008 - Eleven hundred million years ago, large faults began to develop in the rock structure in the Thunder Bay area. In certain faults a basaltic magma welled up from below the earth’s crust and filled the faults with basaltic lava. Some of these created formations geologists call peridotite intrusions.
These intrusions have been associated with platinum metal group (PGE) deposits. The platinum group elements include platinum, ruthenium, rhodium, palladium, rhenium, osmium and irididium. The PGE are also noted for their ability to act as catalysts to a range of chemical reactions. Like the catalytic converters in your car. Platinum is in strong demand.
In Thunder Bay such a deposit is being explored by a junior Australian Mining company, Magma Metals. This company specializes in finding PGE deposits. Having found some peridotite deposits at Current Lake, Geologists noted large boulders on the northeast and western shores of Current Lake. Since the rock type was associated with the type of minerals they were looking for, they had samples from the boulders assayed for the precious metals. Sure enough the boulders contained significant amounts of PGE metals.
The boulders on the western shore were rough and angular indicating that they had not traveled far from their source. A low level geo-magnetic survey of the area, defined some magnetic anomalies in the fault line running through the lake and extending over to Beaver Lake.
In the winter of 2007-8 an extensive drilling program was taken to determine if these areas were the source of the high grade boulders. To date test results have confirmed that the boulders did come from the bottom of Current Lake. They show high grade mineralization throughout the fault zone in Current Lake. Further more the peridotic deposits continue overland to intersect Beaver Lake. Many of the drill cores show visable sulphide mineralization and assay results are expected within weeks.
Assay results include significant amounts of platinum, palladium and gold. Copper and nickel are also associated with this deposit in significant amounts.
In light of the recent discoveries, Magma is planning to do down hole electro-magnetic surveys identify potential massive-sulphide bodies at depth. A low level high-resolution aeromagnetic survey conducted in January will help model the shape of the peridotite body. An induced polarization survey intended to identify potential disseminated sulphides, particularly in the area south east of Current Lake over to Beaver Lake. This survey will commence in early February.
To quote Dr. Keith Watkins, CEO of Magma Metals. “Nickel-Copper- PGE mineralization has now been intersected in drilling over a strike length of 2.7 km indicating potential for large scale mineralization.
If this proves to be the case the value of the metals in this deposit would indicate a mine site in the near future. The question may now be, is Shuniah ready for it or will they let the economic development go to Thunder Bay?
Bert Rowson
Reporting for
LakeSuperiorNews.com