North American Palladium May Earn Houston Lake PGE Project

Houston Lake Mining Inc. (TSXV:HLM) announced North American Palladium Ltd. (TSX:PDL,NYSE:PAL) has the option to purchase HLM’s Tib Lake platinum group element property following a definitive agreement.

As quoted in the press release:

 The property is located 15 km from NAP’s Lac des Iles (LDI) mine and 15,000-tonne per day mill complex, located north of Thunder Bay, Ontario. The PGE property covers the second largest intrusion in the LDI mining district and also contains significant PGE exploration targets.

The agreement provides NAP with an option to earn a 100% interest in the 2,464-hecatre Tib Lake PGE  property from HLM after making staged payments totalling CAD$450,000 to HLM and incurring exploration expenditures of CAD$1.6 million over five years.

Click here to read the  Houston Lake Mining Inc. (TSXV:HLM) press release.