Natashquan Ni-Cu-PGE Project (NL, Canada)
Altius' wholly-owned Natashquan Project is located approximately 140 km south of Churchill Falls in southern Labrador, and is host to widespread copper, nickel and PGE mineralization within mafic to ultramafic intrusive rocks assigned to the Mealy Mountains Intrusive Suite (Late Paleoproterozoic). Mineralization grading up to 1.38 g/t Pt-Pd-Au was first reported from the area in 2002 by the Newfoundland and Labrador Geological Survey.
Altius acquired the property in 2007 and flew an AeroTEM survey over the claims, which outlined several strong conductors and coincident magnetic anomalies. Follow-up prospecting of these anomalies resulted in the discovery of several zones of heavily disseminated to semi-massive sulphide mineralization in outcrop, from which various grab samples returned assay values of up to 8.35% Cu,1.07% Ni, 0.13% Co and 3.48g/t Pt-Pd-Au.
In 2012, Altius carried out a small mechanical trenching program at one of the anomalous trends/areas, and intermittently exposed mineralized outcrop over a strike length of 380 metres. Channel samples from the northern part of this trend returned values of up to 1.14 g/t Pt-Pd-Au, 1.59% Cu, and 0.27% Ni over 4.40 metres, with individual samples returning up to 8.46 g/t Pt-Pd-Au, 1.80% Cu, and 0.30% Ni. Channel samples from a semi-massive sulphide zone approximately 250 metres to the south returned values of up to 2.06 g/t Pt-Pd-Au, 1.37% Cu, and 0.71% Ni over 0.50 metres.
In July 2013, Anglo American Exploration (Canada) Ltd. optioned the project and carried out in excess of $2.3 million in exploration, including 1,386 meters of diamond drilling in 8 holes to test a number of geophysical targets on the property. No significant mineralization comparable to the high grades at surface were encountered, and Anglo American subsequently withdrew from the option in 2014. However, given the limited scope of the 2013 diamond drilling campaign, Altius is of the belief that the targets have not been adequately tested and that further work is warranted.
The Natashquan Project represents a new Ni-Cu-Co-PGE discovery in an underexplored, frontier area of Labrador, and Altius is currently seeking a partner to advance this project.
Jeff Morgan, P.Geo., Exploration Manager, is the qualified person as defined by NI 43-101 guidelines responsible for the technical data presented herein.