Platinum
Platinum is a member of the platinum group of elements and group 10 of the periodic table of elements. It has six naturally occurring isotopes. It is one of the rarer elements in Earth's crust, with an average abundance of approximately 5 μg/kg. It occurs in some nickel and copper ores along with some native deposits, mostly in South Africa, which accounts for 80% of the world production. Because of its scarcity in Earth's crust, only a few hundred tonnes are produced annually, and given its important uses, it is highly valuable and is a major precious metal commodity.
Platinum, Alaska
In 1926, Walter Smith, an Eskimo, discovered what he thought was "white gold" at the mouth of Fox Gulch, a tributary of Platinum Creek. Samples sent to the United States Bureau of Mines in Fairbanks determined it was actually platinum. In 1928, Charles Thorsen discovered platinum in Clara Creek, while Edward St. Clair discovered platinum in Squirrel Creek. Consolidation of the subsequent mining claims resulted in Goodnews Bay Mining Co. and Clara Creek Mining Co. becoming the major operators mining these placer deposits containing 60 per cent platinum and 22 percent iridium. The largest nugget was found on Squirrel Creek and weighed 1.5 ounces. These placers are found in the drainage east of Red Mountain, which is composed of dunite. However, platinum has not been found on the mountain. Goodnews Bay Mining Co. started operating a dragline excavator on Squirrel Creek on 11 Aug. 1934, and on Platinum Creek and Fox Gulch in 1937. The company started operations with a dredge in Nov. 1937. The Clara Creek Mining Co. started mining operations on Clara Creek in 1936. A total of 3000 ounces of platinum metals were recovered from all mining operations between 1927 and 1934, and 18,000 ounces between 1934 and 1937.