Skaergaard
"The Skaergaard Gold & Platinum Group Metals (“PGM”
project is located on the East Coast of Greenland, approximately 400 kilometres west of Iceland (Figure 3).
It is one of the world’s largest undeveloped gold and palladium resource and has an Indicated and Inferred Mineral Resource estimate reported in accordance with the JORC Code (2012) of 203Mt @ 0.88g/t gold & 1.33g/t palladium at a 1 g/t gold equivalent (AuEq) cut-off grade and minimum mining thickness of 1.0m. The combined Mineral Resource includes both the Indicated and Inferred categories for a
total of 5.7 million ounces of gold, 8.7 million ounces of palladium and 0.79 million ounces of platinum. The mineralisation is confined within three reefs (H0, H3 and H5), the Triple Group, which is the major location for all the gold and PGM mineralisation within the Skaergaard Intrusion.
Mineralisation at Skaergaard is hosted in a layered intrusion,
geologically akin to South Africa’s Bushveld Complex, which hosts the majority of the world’s platinum group metals. Mineralisation outcrops
at surface and extends to at least 1.1km vertical depth and more than 35,000m of diamond drilling has been completed.
Additional infill drilling is likely to increase the quantity of contained metal at Skaergaard. In particular, the northern extent of the Skaergaard Intrusion shows excellent exploration potential.
Metallurgical test work has confirmed the
Skaergaard ores are amenable to gravity and flotation processes, achieving excellent recoveries from both techniques. With the addition of a small leach circuit, it is conceptually possible to process gold ore on site. The implications of this are significant as it could
allow for year-round exports via light aircraft, rather than shipping a concentrate during the relatively short ice-free window that occurs on the east coast of Greenland. Preliminary results are also encouraging in terms of titanomagnetite and ilmenite recovery, demonstrating that those minerals are upgradable by a combination of magnetic separation and flotation."
"Platina continues to actively pursue options to monetise the project with an objective of ensuring shareholder value can be achieved from this project."
Skaergaard always gives me shivers when they talk about it and not because of how cold it is there. I know it's in Greenland and technically under nice for large parts of the year but it realistically could be the most significant pgm discovery this century so far.
Back of paper calculations at today's prices:
Gold - 5.7m ounces x $1,197 = $6,822,900,000 USD ($6.8bn)
Palladium - 8.7m ounces x $1,066 = $9,274,200,000 USD ($9.2bn)
Platinum - 0.79m ounces x $825 = $651, 750,000 USD ($651m)
And whats more, we know those figures will increase with further exploration not to mention there is other goodies there as well, such as Vanadium, Titanium, probably Rhodium and god knows what else.
Just to put all this into perspective, the GDP of Greenland is around $2-3bn a year.
Really really looking forward to the day Skaergaard once again gets the recognition it deserves.
Cheers,
