Ring of Fire Properties
Platinex holds three claim blocks in the Ring of Fire area of northern Ontario associated with an ancient mantleplume Figure 1. A deep penetration time domain EM survey (HELITEM) was conducted for Platinex on the McFaulds South property in September 2011. The McFaulds South property is along strike from the major Ni-Cu-PGE and chromium discoveries associated with the Ring of Fire Intrusion.
In fact several mafic to ultramafic outcrops have been identified on the McFaulds South property in government surveys along this strike line and chromium anomalies have been located down ice direction from the property.
McFaulds South Property
The McFaulds South Property is located in the McFaulds Lake area of northwestern Ontario. It comprises a total of three claim blocks with a combined area of 6,784 hectares and a total of 424 claim units. The closest community with year-round road access is Nakina, located approximately 270 kilometres to the south. The Property is 35-50 kilometres southeast of the First Nation community of Webequie, on Winisk Lake. Although there is year-round scheduled air service to Webequie, there are no air charter operators based there.
Regional and Mineral Deposits Geology McFaulds South Property
The Property is underlain by early Pre-Cambrian mafic to intermediate metavolcanic rocks, mafic intrusive rocks and granitoid rocks of the Oxford-Stull Domain (“OSD”). Recent Federal-Provincial airborne magnetic and gravity surveys, in combination with private company surveys now provide a reasonably accurate depiction of the subsurface geology of the McFaulds area, displaying an arcuate belt of highly magnetic rocks approximately 100 km in length. The high magnetic signature is caused by the presence of mafic metavolcanic rocks, serpentinized ultramafic intrusive rocks and/or iron formation.
The Ring of Fire (“ROF”) refers to a 300km by 150km idealized elliptical feature that stretches from the McFaulds Lake area in the southeast to the Big Trout Ultramafic Complex in the northwest. It is considered to be a vestige of a Neoarchean mantle plume (Figure 1). Numerous ultramafic intrusions occur along the rim of this large feature several of which are known to contain Ni-Cu-PGE-Cr deposits. Realistically the intrusive complex is composed of a number of individual intrusive cells related to a single large magmatic event but reflecting separate magma pulses and the character of the host rock of each individual intrusion. While the character of the cells of this presumed large lopolith varies the entire entity should be considered a single metallogenic province.
The Ontario Geological Survey interpretation of the geology of the McFaulds Lake area based on limited outcrop and drill hole information coupled with regional airborne magnetic survey results indicates that about 55 percent of the McFaulds South property is underlain by mafic-ultramafic rocks. The Property is located within the same stratigraphic package of rocks as the McFaulds Lake Chromite and Ni-Cu-PGE deposits. These deposits occur within a layered mafic-ultramafic sequence and in a mafic-ultramafic magmatic feeder conduit. The deposits are located 25-55 kilometres northeast of the Platinex property. While the very large chromite deposits are contained within an area distinguished by a distinct gravity signature, the first derivative of the magnetic field clearly maps out the Ring of Fire intrusion where it thickens underlying the McFaulds South property. Highly anomalous chromium anomalies in till have been located down ice direction from this portion of Platinex’s property.
Massive sulphide volcanogenic Cu-Zn-Pb-Au-Ag deposits have also been discovered in the general area by the Freewest/Spider/KWG joint venture, the WSR – Metalex joint venture and by MacDonald Mines. These discoveries were achieved on magnetic anomalies originally selected in an exploration program targeting diamond-bearing kimberlite pipes. The MacDonald Mines discoveries in particular are associated with an anomalous trend in the magnetic and gravity data which includes the northwestern block of the McFaulds South property.
Platinex has developed proprietary exploration techniques and technologies pertaining to recognition discovery and evaluation of magmatic PGE-Ni-Cu-Cr deposits in the Big Trout area of the Ring of Fire. The company believes that the strategies it employed in its successful exploration on the north-western rim of the Ring of Fire will prove an advantage on the McFaulds South Property.
This year Cliffs Natural Resources and Noront Resources have announced plans to bring their chromite and magmatic Ni-Cu-PGE deposits into production by 2015. Plans call for an all season road extending from Pickle Lake to Webequie Junction, which is located 45km north-west of the Property.
Exploration Mcfaulds South
A deep penetration time domain EM survey has been completed on the McFaulds South property. Portions of the property were allowed to laspe, but the portions with high PGE potential have been maintained in good standing for 3 to 5 years. A stratigraphic drilling program is intended for the property to examine the PGE potential at a later date.