NWTT Acquires New Mining Property With Historically Confirmed Findings of Platinum, Copper and Nickel
NW Tech Capital Inc. (PINK SHEETS:NWTT) has executed an option agreement that grants the company 100% interest in a prolific platinum, copper and nickel-bearing property located in McConkey Township, Ontario.
After successfully completing the negotiation process, management decided to enter into an agreement that gives the company unrestricted rights to explore resources and reserves on what is known as the Caribou Property. The property comprises four claims with 34 units totalling approximately 680 hectares in McConkey Township. It covers the north and northwest portions of Caribou Lake, NTS 41 H/16. The area is located approximately 100 kilometres north of Parry Sound and approximately 290 kilometres north of Toronto.
The property covers a mafic intrusive complex known as the Caribou Complex that has been explored previously for copper and nickel mineralization. Government geologists reported significant platinum values on the property during past exploration work. The mineralization described to date in the Caribou Lake intrusive has been comprised of disseminated pyrrhotite and pyrite with variable amounts of chalcopyrite in norite or pyroxenite. The presence of this style of mineralization associated with large IP anomalies has also been noted by previous workers.
The Caribou Property has an interesting history of exploration, but it hasn't been explored adequately, especially not with modern exploration techniques that involve Systematic Platinum Group Element (PGE) analysis. NWTT looks forward to starting development that will allow the full potential of the property to finally be realized.
"The company is already at a stage where we are structuring the preliminary exploration programs," says NWTT Vice-President Zdenko Vrba. "All modern exploration techniques are in play, and the company will choose the exploration process that could precisely and quickly define targets for further exploration.