July 19, 2012 – Calgary, Alberta – Canadian Platinum Corp. ("CPC" or the "Company") (TSX VENTURE: CPC) is pleased to announce that it has received the the National Instrument 43-101 ("NI 43-101") technical report on the Peter Lake Project. The independent technical report, entitled "Technical Report on the Peter Lake Project, Northern Saskatchewan, Canada" (the "Technical Report"), effective July 12, 2012, was prepared by David A. Ross, P.Geo. of Roscoe Postle Associates Inc. based out of Toronto, Canada. The Technical Report will be available under the Company’s profile on SEDAR at www.sedar.com and on its website at www.canadianplatinumcorp.com.
As reported previously (see CPC News Release May 30, 2012) the report summarizes drilling conducted from 2009 to 2011 representing 59 diamond drill holes totaling 16,174 m over the property, 47 of which were focused on the Swan Lake prospect. Based on this work, in addition to geophysical surveys, geological mapping and soil geochemistry, the Technical Report indicates that:
The potential tonnage and grade of mineralization located at the Swan Lake prospect on the Peter Lake property could be two to three million tonnes grading between 0.1 g/t Au and 0.2 g/t Au, 0.1% Ni and 0.2% Ni, 0.4% Cu and 0.7% Cu, 0.1 g/t Pt and 0.3 g/t Pt, and 0.2 g/t Pd and 0.4 g/t Pd. The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource along strike from the resource area, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The upper and lower values of the grade range are based on the average grade of the composites with an estimated NSR cut-off value of $40/t or greater and $20/t or greater, respectively. Reasonable assumptions of metal prices, recoveries, and smelter charges were used to estimate NSR values from composited assays. The estimated tonnage range is based on the dimensions of the Swan Lake mineralized body tested by 44 drill holes.
There are 16 VTEM targets on the property, similar to that of the Swan Lake mineralized zone, two of which are in close proximity to Swan Lake and are considered high priority targets for further exploration." (see Press Release date May 30, 2012).
Below is a table of significant drilling intersections from the Peter Lake Project as reported in the Technical Report.
|Swan Lake Significant Drilling Intersections
Canadian Platinum Corp. - Peter Lake Project
The Peter Lake Project which consists of 47 largely contiguous claims covering approximately 500,000 acres is located in approximately 240 km north of La Ronge, Saskatchewan and approximately 110 km south of Points Landing. The Swan River and Porter Bay Complexes which predominate the Project area are known to host PGE-Cu-Ni occurrences.
RPA provides recommendations for further exploration on the Project which include:
- Extending areas of known mineralization at Swan Lake and Rutherford Lake with the goal of increasing the size and average grades.
- Developing and testing targets located elsewhere on the property.
John Pearson, P.Geo., a qualified person under NI 43-101, has reviewed and approved the technical disclosure of this press release on behalf of the Company.
Canadian Platinum Corp. is a Calgary, Alberta based corporation engaged in the exploration of platinum group and base metals in Canada. For further information please contact:
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