CALGARY, ALBERTA--(Marketwire -07/10/12)- NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Canadian Platinum Corp. ("CPC" or the "Company") (CPC.V) is pleased to announce that it has added three additional claims named the Brabant Project in northern Saskatchewan which have been acquired due to the potential the area offers as a graphitic argillite prospect. The three claims that represent the Brabant Project cover 14,450 hectares (35,707 acres). The properties were acquired based on historical (non NI 43101 compliant) information reported in the Saskatchewan Mineral Deposit Index ("SMDI") which details the areas graphite potential.
The SMDI (# 0388) reports that a showing on Claim S-112486 of the Brabant Project has a mineralization consisting of pyrite, pyrrhotite, graphite, traces of chalcopyrite, galena, and sphalerite, and a thin lens of copper stained pyrrhotite in the calc-silicate-pegmatite unit. Additionally the Index indicates graphite occurs commonly in amounts of up to p to 50%. This report goes on to say that ten grab samples returned trace to 0.54% Cu, 0.25 to 1.55% Zn, trace to 0.11% Pb, 0.02 to 0.36% MoS2, 0.005 to 0.04 oz/ton Au, and 0.01 oz/ton Ag. Grab sample No. 3 returned trace Cu, 6.56% Zn, 36.11% Pb, 0.5% MoS2, 0.04 oz/ton Au, and 4.68 oz/ton Ag.
Claim S-112485 of the Brabant Project covers historical showings as reported in the SMDI (#0395). This Report indicates one showing consists of sparse graphite flakes 0.13 inches (0.3 cm) or more in diameter and further, that there were crystalline graphite zones in which graphite made up to 75% of the rock in what appeared to be bleached biotite gneiss.
The area has had significant development with respect to graphite. The Deep Bay West Mine located, 60 km to the northeast of the property, is currently being advanced towards production with a historic non-NI 43-101 compliant open pit reserve estimate of "1.8 million tons grading 10.32% C to a depth of 60 metres" (200 ft) (SDMI #0480). Recent testing of graphite from Deep Bay West achieved greater than 95% carbon content for all flake sizes +32+50+80+100 and -100. Further treatment was able to achieve greater than 99% purity (Noble Bay Mining Development Inc.)
Management plans to aggressively explore the potential of the Brabant Project moving forward.
John G. Pearson, PGeo, the Company's 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.
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Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this release and except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
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