The property has an established three dimensional target with 16 drill intercepts of copper, nickel and impressive platinum group metals grades as well as regionally mapped district potential.
The company said that the mineralization is in a well-recognized deposit model known as a ‘Komatiite Hosted’ setting, and the discovery, made during exploration for diamonds, is notable as it is a first for this part of the Northwest Territories.
Arctic will transfer 100% ownership of the property in exchange for a 1% net smelter return and a $50,000 cash payment.
In addition, Platinum Group will pay Arctic $20,000 for the transfer of the land use permit and exploration camp.
