St-Georges Platinum and Base Metals Ltd. announce that it has received licensing documentation from the Icelandic government confirming that a definitive license to conduct mineral exploration on the Trollaskagi permit, was granted to the company in July.
St-Georges has gained control of all the active mineral tenures in Iceland through the acquisition of Iceland Resources EHF. The newly granted exploration license covers 1017.7sq/km and is located in northern Iceland near the town of Akureyri. The area is fairly accessible; tracks and roads encompass the majority of the permitted zone. The company can also rely on the infrastructure of nearby municipalities.
Peaks in the region reach 1 538 m above sea level. The area is characterised by calderas containing extensive rhyolite and low temperature zeolite alteration. A considerable reconnaissance effort was affected here by Melmi in 2006 to identify any potential gold occurrences. Trollaskagi is located in an area with a mapped felsic central volcano that has not been explored in work conducted by previous explorers, Teck and Melmi. In 2006, Melmi conducted a program of stream sediment sampling in most of the major valleys using roads, tracks, and foot-traverses for access. Rock samples were also collected where alteration was encountered.
The license allows the holder to explore for minerals at surface, to research the dispersion, quantity and the geological and physical characteristics of the metals within the license area. Also allowing the holder to perform drilling surveys in areas within the specified boundaries as long as the drilling program is submitted to the government and local authorities for compliance review and acceptance. This license does not give the holder permission to exploit a mining operation as mine permitting requires additional licensing reviews.
St-Georges' president, Frank Dumas commented:
"We are pleased with the decision of the Icelandic government in the matter of the Trollaskagi license"
"We have designed an initial exploration program for the area, which we expect to execute before the end of the next quarter. Findings will orient further work that should take place in late spring and summer of 2018. This is the second exploration license out of 8 applications that is granted to us and we are looking forward to continue our work in Iceland and move along the balance of our permitting effort… Achieving this milestone is essential as it demonstrates the expertise and commitment of our team in Iceland, and the Icelandic Government's support of the development of the natural resource potential."