Gateway Mining's (ASX: GML) shares are expected to firm this morning following the identification of platinum group elements (PGEs) in a copper-nickel intersection from The Cup, located Western Australia.
Recently there was a program of eight reverse circulation holes at The Cup copper prospect, and nine holes into an adjoining tenement, which forms a joint venture with Panoramic Resources (ASX: PAN).
The focus of the drilling was to test for extensions of The Cup volcanogenic massive sulphide copper system, however one hole 200 metres south of The Cup unexpectedly intersected copper-nickel sulphides in ultramafic host rock.
This represented a new style of mineralisation for area, which prompted Gateway to assay for platinum and palladium, suspecting a possible nickel-copper-PGE style deposit.
The intersection has returned 4 metres at 0.32 grams per tonne platinum and 0.55 grams per tonne palladium from 137 metres, complementing the 1.03% copper and 0.44% nickel.
Most nickel-copper-PGE mineralisation in the region is komatiitic Kambalda type, however Gateway's intersection is more supportive of an intrusive related deposit.
Follow up electro-magnetic work to commence shortly in order to further refine future drilling targets.
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