CALGARY, ALBERTA--(Marketwire -06/25/12)- NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Canadian Platinum Corp. ("Canadian Platinum" or the "Company") (CPC.V) is pleased to report assay results of the graphite content on the recently identified thick sequence of graphitic argillite on its Peter Lake Project (the "Project"). Although the focus on the Project continues to be on the copper/nickel/PGE potential of the Swan Lake mafic/ultramafic Complex and the Swan Lake deposit (see CPC News Release, May 30th, 2012), the graphitic argillite offers additional potential for the large land position held by the Company. The Company's mining claims in the area cover approximately 500,000 acres.
In 2009, CPC carried out an Airborne ZTEM Survey over two blocks of the Peter Lake Property. Within one of these blocks, the survey identified two strong regional conductors that extend for 25 km within the Campbell River Group. A drill hole testing the ZTEM anomaly, drill hole TP-05-09, intersected 142 m of graphitic argillite and was terminated in graphitic argillite. Analysis of the graphite content of this hole gives the following results:
Core Inorganic Organic C Graphite From m To m Length m C wt% C wt% wt% wt% 7.4 26 18.6 3.2 0.2 2.2 0.7 27.5 45 17.5 7.4 1.3 4.4 1.7 47.9 57.2 9.3 5.9 1.2 3.3 1.3 60.1 72.4 12.3 5.4 1.4 3.0 1.0 89.3 110.9 21.6 3.2 0.3 2.7 0.2 117 149.4 32.4 3.8 0.2 3.2 0.4
Examination of historical drill holes within the area of the conductors showed them to be caused by graphitic argillite. One of the historical holes intersected 300 m of graphitic argillite. The Company sampled the graphitic argillite intervals from these two drill holes. Because of the nature of the drill holes, from each 10 foot interval, a one foot representative sample was taken. The results of this analysis are summarized as follows:
Hole Number of Inorganic Organic Graphite Number Samples From m To m C wt% C wt% C wt% wt% 1-72 93 3.66 295.66 3.2 0.2 2.5 0.6 4-72 21 14.02 77.42 3.8 0.4 2.2 1.2including 9 14.02 39.62 7.1 0.7 4.2 2.2
Future efforts toward this recent discovery include a liberation test to examine how the graphitic carbon separates from the whole rock and organic carbon. In addition, the Company plans to run an ICP test on all samples to further delineate the full metal content of the graphitic argillite mineralization. Also planned is an x-ray diffraction test which will provide a better understanding of the entire elemental makeup.
Discussing the significance of this discovery, Mr. Todd Montgomery, President and CEO of the Company was quoted as saying:
"We are pleased with the recent progress in identifying a potentially viable graphite resource. These results indicate that the argillite interval has the potential to host ore grade graphite intervals and, because of the now confirmed 25 km strike length of this unit, has the potential to host a significant graphite deposit. With this in mind, we are optimistic about our timing. Market conditions are favorable with a tight supply and robust demand. China continues to drive prices up as the largest supplier of graphite. They produce nearly 70% of the world's supply and presently maintain tight controls on supply with a 20% export duty, 17% value added tax and a complex export licensing system. Additionally, our research indicates that forecast demand growth rates for the graphite market will be within the range of 25% to 30% annually. This robust demand is due in large part to the diverse set of industrial demand drivers which include use in refractories, steel, brake lining, and lubricants as well as in emerging markets like lithium-ion batteries, fuel cells, solar panels, pebble bed nuclear reactors and vanadium redox batteries. We will continue to work hard to realize any potential value this discovery has to offer for the Company".
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.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
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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