PGE dominant magmatic deposits

Fifteen kilometres south of the Raglan Mine in Nunavik, Canadian Royalties Inc. completed over one hundred drillholes on its property in the summer of 2002. The objective of the drilling program, which was conducted near the Mesamax and TK Raglan-type sill occurrences, was to test approximately ten targets located along more than 50 km of ultramafic rocks conducive to mineralization (Ni, Cu, Co, Au, Pt, and Pd). The ore consists of irregular lenses with varied mineralization (finely granulated or massive disseminated sulfides containing pyrrhotite, pentlandite and chalcopyrite) that is hosted by peridotite- and/or pyroxenite sills. These sills are probably cogenetic with a magmatic phase related to the emplacement of the Chukotat Group units and are injected into the volcano-sedimentary units of the Povungnituk Group (Figure 1).

During the month of November 2002, the Cape Smith Belt was the scene of intense map-designation activity following publication of various press releases by Canadian Royalties Inc. Significant PGE results originating from the Mesamax (NW) showing were reported. This showing is located in the extension of the Expo–Ungava property.

The latest drilling results by Canadian Royalties Inc. can be consulted at the following address: www.canadianroyalties.com