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Platinum Mining in Canada

iconAug 7, 2013 10:34
Source:SMM
Platinum was first discovered in Canada in 1888, among the nickel-copper ores of Ontario. In deposits, the metal can usually be found alongside other platinum-group metals (PGM).

Tuesday August 6, 2013, 4:15am PDT
By Staff Writer - Exclusive to Platinum Investing News

Platinum was first discovered in Canada in 1888, among the nickel-copper ores of Ontario. In deposits, the metal can usually be found alongside other platinum-group metals (PGM).

Today, the majority of the country’s platinum supply comes from the Sudbury Basin in Central Ontario. There are also notable platinum deposits in Manitoba, at Quebec’s Raglan nickel mine and at the Lac des Iles mine in Western Ontario. Canada’s platinum reserves are the fourth-largest in the world, according to 2012 data from the US Geological Survey.Get the latest Resource Investing News articles delivered to your email inbox.

Here’s a look at five companies that are focused on mining and exploring for the metal in Canada.

Prophecy Platinum (TSXV:NKL)

This Canada-based mining company is primarily focused on acquiring and developing PGM projects. Its Canadian assets are located in the Yukon Territory, Ontario and Manitoba; it is also developing a property in Uruguay.

In the Yukon, Prophecy Platinum’s 100-percent-owned Wellgreen Central project has an inferred resource of 447 million tonnes, including 0.87 grams per ton of PGM plus gold. The mine’s estimated lifespan is 37 years with an expected 4,653,000 ounces of platinum equivalent payable during the life of the mine.

Canadian Platinum (TSXV:CPC)

Currently in the exploration stage of mining, Canadian Platinum is amalgamated under Alberta law. The company operates eight different assets in Canada, including the Peter Lake project.

The Peter Lake project is comprised of 41 claims and spans 499,363 acres in Northern Saskatchewan. The most recent data suggests reserves of 267.39 feet of 0.632 grams per ton of gold, platinum and palladium.

Pro-Or Inc. (TSXV:POI)

Quebec-based Pro-Or has a clean technology to tranform PGM-rich materials into a highly-concentrated metallic powder. Pro-Or’s mission is to sustainably recover recycled precious metals for the automobile industry. It has a 50-ton-per year (TPY) demonstration plant near Quebec City and plans to build a 2oo-TPY PGM recovery plant. Pro-Or also holds the mineral rights to six properties in the James Bay area of Quebec.

Pacific North West Capital (TSX:PFN)

This mineral exploration company is focused on the exploration and development of the River Valley PGM project, one of the largest primary PGM assets in Canada. Located in the Sudbury region of Ontario, River Valley is completely owned by Pacific North West Capital. It has a measured and indicated resource of 91 million tonnes, including 0.22 grams per ton of platinum.

The company has operated this property since 1999 and shared it with Anglo American Platinum (OTC Pink:AGPPY) until 2008. During that time, the joint venture group performed $22 million worth of exploration work at the site.

North American Palladium (TSX:PDL)

North American Palladium wants to become a mid-tier precious metals producer with an annual output of more than 250,000 ounces, its website states. The company’s flagship Lac des Iles mine in Northern Ontario is the only primary PGM producer in Canada.

The company started operating the open-pit Lac des Iles mine in 1993 and underground mining commenced in 2006. Recent reports show the asset has 0.30 grams per ton of platinum reserves.

 

Editorial Disclosure: Pro-Or Inc. (TSXV:POI) and Prophecy Platinum Corp. (TSXV:NKL) are clients of the Investing News Network.

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