Platinex Announces Acquisition of the Muskrat Dam Critical Minerals Project in Northwestern Ontario

Platinex Announces Acquisition of the Muskrat Dam Critical Minerals Project in Northwestern Ontario

Platinex Inc. (CSE: PTX) (Frankfurt 9PX) ("Platinex" or the "Company") is pleased to announce that it has signed a binding letter of intent to option a 100% ownership interest in the Muskrat Dam Critical Minerals Project (the "Muskrat Dam Project" or the "Project"). The Muskrat Dam Project is located in Northwestern Ontario approximately 125 km northeast of Frontier Lithium's PAK lithium project and 125 km northwest of Newmont's Musselwhite gold mine. The Project comprises six (6) property blocks, which together cover 10,950 hectares (109.5 km 2 ) in the highly prospective Muskrat Dam Lake (MDGB) and Rottenfish (RGB) greenstone belts (see Figures 1 and 2).

Figure 1 Northwestern Ontario Mines and Prospects (002)

Figure 1: Northwestern Ontario Mines and Prospects

The Project includes the Axe Lake Property, which shows potential to host lithium-bearing pegmatites. A major high-strain zone, the northwest-trending "Axe Lake deformation zone" (ALDZ), as termed here, is interpreted to pass through the property. This major structural zone potentially provided pathways for granitic melts and evolving pegmatites, potentially lithium-and other rare metals-bearing, to be emplaced into volcano-sedimentary rocks on the property. The Muskrat Dam Project also contains compelling Cu-Ni-PGE, gold, and chromite targets. Inco, Canadian Occidental, and other operators carried out historical exploration in the area during the 1970s and 1980s. However, the belt has seen little modern exploration, providing an excellent opportunity to make potential discoveries.

The acquisition positions Platinex as a significant player in this new area of interest as critical mineral exploration activity increases in Ontario. It also complements the Company's more advanced W2 Cu-Ni-PGE project, which controls the Lansdowne House Igneous Complex, a prominent feature of the Oxford Stull Dome near Ontario's Ring of Fire.

Figure 2 - Muskrat Dam Critical Minerals Project geological map (002)

Figure 2: Muskrat Dam Critical Minerals Project geological map

Axe Lake Property

The Axe Lake Property comprises 321 cell claims covering 6,175 hectares. The property is situated at the north-central edge of the Muskrat Dam Lake greenstone belt along the contact with the Misquamaebin Lake batholith (MLGB), which is composed of many discrete composite plutons. Volcano-sedimentary rocks underlie the property, which is bounded on the northeast by the MLGB. Ayers (1969), who mapped the Muskrat Dam Lake greenstone belt, describes the white pegmatites as dikes, sills, and lenses that commonly occur between Axe Lake and the Morrison River. 1 These pegmatites typically consist of albite-oligoclase, quartz, muscovite, tourmaline, garnet, magnetite, and molybdenite. According to Ayers, the pegmatites have a maximum crystal size of 15 cm, and one of the pegmatite dikes, on a small island in the Severn River at the entrance of Axe Lake, contains fractured black tourmaline crystals up to 10 cm long.

The white muscovite-bearing pegmatites have also been intersected in a historical drill hole (#43455-0) located in the southeastern part of the property. These pegmatites occur within highly schistose and brecciated graywacke and gabbroic rocks.

Figure 3 - Axe Lake Property geological Map (002)

Figure 3: Axe Lake Property geological map

Ayers also reported the presence of equigranular, garnetiferous, potassic muscovite-bearing post-gabbro leucogranites and pegmatites elsewhere in the MDGB. The presence of these rocks along with white muscovite-bearing pegmatites indicates that the Muskrat Dam Project presents a favourable environment for the presence of potential lithium-bearing pegmatites. According to Lewis and Patterson (2020), the geological setting of these rocks at the Muskrat Dam Project is comparable to Frontier Lithium's PAK lithium project which is situated near an intersection of three differing lithologies, mafic to intermediate metavolcanic muscovite-bearing granitic and metasedimentary rocks. 2

Other Properties

The Muskrat Dam Project includes the Windigo gold property, located at the southeast end of MDGB. At Windigo, Gold is associated with pyrite-chalcopyrite and occurs in quartz vein lenses within sheared north-south striking gabbroic sills. Gold has also been reported (Ayers 1969) on the Rottenfish property. Finally, the Fox Bay Property adds the optionality of a compelling Cu-Ni-PGE target. Fox Bay is underlain by mafic to ultramafic sills and has the potential to host Cu, Ni, PGE, and chromite mineralization.

Greg Ferron, CEO of Platinex, stated: "The acquisition of the Muskrat Dam Project fits well with our strategy of acquiring large-scale projects in significant greenstone belts in Ontario. This acquisition is being completed on attractive earn-in terms with a low up-front cost. Our initial focus will be to confirm the nature of mineralization at the Axe Lake Property and potential lithium grades through a prospecting and evaluation program."

Option Agreement Terms

The binding letter of intent provides for Platinex, through its wholly owned subsidiary, Endurance Elements, to acquire a 100% ownership interest in the Muskrat Dam Critical Minerals Project by way of an earn-in option agreement with an arm's length party.

Pursuant to the Agreement, Platinex will pay the following consideration and work commitments:

Payments:

  • C$25,000 paid in cash on closing
  • C$25,000 paid in shares within 60 days of closing
  • C$25,000 paid in shares on the 1st anniversary
  • C$75,000 paid in shares on the 2nd anniversary
  • C$100,000 paid in shares on the 3rd anniversary

Work expenditures:

  • C$100,000 spent by 1st anniversary
  • C$100,000 spent by 2nd anniversary
  • C$100,000 spent by 3rd anniversary

Milestone Payments:

  • C$50,000 paid in cash upon completion of a successful prospecting and evaluation program confirming lithium grades exceeding 1%
  • C$250,000 paid in cash or shares (min. $75,000 in cash) upon completion of an NI 43-101 mineral resource estimate on the Muskrat Dam Project

All share issuances will be based on the 5-day VWAP price at the time of issue and will be subject to a statutory 4 month hold period.

The technical information presented in this news release has been reviewed and approved by Ike Osmani, P. Geo, a qualified person for exploration at the Muskrat Dam Project, as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Platinex Inc.: Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps. Current assets include a 100% ownership interest in the 160 km 2 district scale W2 Copper-Nickel-PGE Project in the Ring of Fire and a 100% interest in the 225 km 2 Shining Tree Gold Project in the Abitibi region of Ontario, a world-renowned gold district. The W2 Project controls one of the major Oxford Stull Dome complexes including the Lansdowne House Igneous Complex. The Shining Tree Project covers a major portion of the Ridout-Tyrrell deformation zone that trends as far west as Newmont's Borden Mine, through the area of IAMGOLD's Cote Gold deposit, and across Aris Gold's Juby Project. The Company is also developing a net smelter return (NSR) royalty portfolio and currently holds royalties on gold, PGE, and base metal properties in Ontario.

For further information please contact. Mr. Greg Ferron, CEO at 416-270-5042 or via email at: gferron@platinex.com

To receive Company press releases, please sign up on the website www.Platinex.com.

FORWARD-LOOKING STATEMENTS :

This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include those regarding planned exploration activities at the Muskrat Dam Project. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any province in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The Canadian Securities Exchange has not approved nor disapproved the contents of this press release.

______________________________
1 Ayers, L.D. 1969: Geology of the Muskrat Dam Lake area, District of Kenora; Ontario Department of Mines, Geological Report 74, p. 40, Map 2164
2 Lewis, S. and Paterson, W. 2020: Exploration potential for Rottenfish R. and Muskrat Dam L. greenstone belts; in Ontario Geological Survey, Resident Geologist Program, Recommendations for Exploration 2019-2020, p.91-96.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

PTX:CNX
The Conversation (0)
Platinex Launches Exploration Programs for the South Timmins Mining Joint Venture

Platinex Launches Exploration Programs for the South Timmins Mining Joint Venture

Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (" Platinex " or the " Company ") is pleased to announce exploration progress and plans for its South Timmins Mining Joint Venture ("South Timmins Mining" or "Joint Venture") properties. The South Timmins Mining properties include the Shining Tree, Heenan, and Mallard gold projects, all of which lie along the Ridout-Tyrrell Deformation Zone ("RTDZ") in the Abitibi Subprovince, one of the most gold enriched geologic regions in the world. IAMGOLDSumitomo's Côté Gold project, Aris Mining's Juby deposit, and numerous other small-scale historic gold producers fall within or are proximal to the RTDZ (see project location map, Figure 1).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Platinex Common Shares Commenced Trading on the OTCQB Venture Market in the United States Under the Symbol "PANXF"

Platinex Common Shares Commenced Trading on the OTCQB Venture Market in the United States Under the Symbol "PANXF"

Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (" Platinex " or the " Company ") is pleased to announce that the Company's common shares have begun trading on the OTCQB Venture Market (" OTCQB ") in the United States under the symbol " PANXF ". The Company's common shares will continue to trade on the Canadian Securities Exchange under the symbol PTX and on the Frankfurt Stock Exchange under the symbol 9PX.

The OTCQB listing offers convenience and accessibility for investors based in the United States and internationally while providing increased visibility and exposure to the Company. The OTCQB is operated by the OTC Markets Group, an American financial market, headquartered in New York City provides price and liquidity information for almost 10,000 over-the-counter securities. OTCQB listed companies reporting requirements undergo an annual verification and management certification process.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Platinex Receives Exploration Permits for W2 Copper-Nickel-PGE Project and Provides Update on Shining Tree and Heenan Mallard Gold Projects

Platinex Receives Exploration Permits for W2 Copper-Nickel-PGE Project and Provides Update on Shining Tree and Heenan Mallard Gold Projects

Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (" Platinex " or the " Company ") is pleased to provide an update on its exploration activities and corporate developments.

W2 Copper-Nickel PGE and Gold Project ("W2")

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Fancamp Reports on Shining Tree Gold Property Exploration Program Joint Venture with Platinex

Fancamp Reports on Shining Tree Gold Property Exploration Program Joint Venture with Platinex

Fancamp Exploration Ltd. (" Fancamp " or the " Corporation ") (TSX Venture Exchange: FNC ) is pleased to share the recent program updates and announcement made by Platinex Inc. (CSE:PTX) ("Platinex") with regards to the Shining Tree Gold Property, in which the Corporation holds a 25% interest through South Timmins Mining Inc. ("Goldco"), a joint venture with Platinex Inc. ( refer to news release dated March 14, 2023 ). GoldCo's Shining Tree Gold Property is strategically located in the South-West region of the Abitibi Greenstone Belt, the world's largest 2.7-billion-year-old mineral-rich greenstone geological belt, which hosts numerous major gold and base metal deposits, and predominant gold producers ( refer to Figure 1 ).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Platinex Reports Positive Geochemical Sampling Results and Commences Exploration Program at Shining Tree Gold Property

Platinex Reports Positive Geochemical Sampling Results and Commences Exploration Program at Shining Tree Gold Property

Platinex Inc. (CSE:PTX) (OTC: PANXF, Frankfurt: 9PX) (" Platinex " or the " Company ") is pleased to provide an update on its Shining Tree Gold Property in which the Company holds a 75% interest through the South Timmins Mining joint venture ("South Timmins") with Fancamp Exploration Ltd. (see news release dated March 15, 2023). South Timmins holds a 100% interest in the Shining Tree Gold Property which borders Aris Gold's Juby Property as well as a 100% interest in the Heenan Mallard Gold Project which borders IAMGOLD's Côté Gold Project.

At Shining Tree, the joint venture is working to identify new gold targets in several highly prospective and underexplored areas of the 225 km 2 land package including along the Ridout-Tyrrell Deformation Zone (RTDZ) while continuing more focused exploration efforts in the central area of the project to support additional drilling at the Herrick deposit, Caswell prospect, and historic Ronda Mine (see attached map).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Grid Battery Exploration Team begins work on its Clayton Valley Lithium Project

Grid Battery Exploration Team begins work on its Clayton Valley Lithium Project

(TheNewswire)

Grid Battery Metals Inc..

Coquitlam, BC TheNewswire - March 28, 2024 - Grid Battery Metals Inc. (the "Company" or "Grid") (TSXV: CELL, OTCQB: EVKRF FRA: NMK2) is pleased announce that our 2024 Exploration Program has officially started on its Clayton Valley Lithium Project. The 2024 Exploration Program will begin with a Magnetotelluric (MT) geophysics survey performed by the KLM Geoscience ("KLM") as overseen by Grid's Qualified Professional, Mr. Steven McMillin P.G..

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Ramp Metals Provides Exploration Update and Announces Drilling Campaign

Ramp Metals Provides Exploration Update and Announces Drilling Campaign

Ramp Metals Inc. (TSXV: RAMP) ("Ramp Metals" or the "Company") is pleased to provide an update on the Company's exploration activities, including a drilling program at its flagship Rottenstone SW property.

Key Highlights

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
1844 Closes Non-Brokered Private Placement of Units

1844 Closes Non-Brokered Private Placement of Units

1844 Resources Inc. (TSXV: EFF) (the "Company" or "1844"), is pleased to announce it has closed its previously announced non-brokered private placement of units (each, a "Unit"). At closing, the Company issued 14,117,500 Units at a price of $0.02 per Unit for aggregate gross proceeds of $282,350 (the "Unit Offering").

Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.05 for a period of 36 months following closing of the Unit Offering.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Osisko Metals Grants Stock Options

Osisko Metals Grants Stock Options

Osisko Metals Incorporated (the " Company " or " Osisko Metals ") ( TSX-V: OM ; OTCQX: OMZNF ; FRANKFURT: 0B51 ) wishes to announce that the Company's Board of Directors have approved the grant of incentive stock options to directors, officers, employees and consultants to purchase up to an aggregate of 1,935,000 common shares in the capital stock of the Company. Grants are subject to a three-year vesting period and a five-year term at an exercise price of $0.155 per share.

About Osisko Metals

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
WESTERN COPPER AND GOLD ANNOUNCES METALLURGICAL PROGRAM AND ASSOCIATED DRILL RESULTS

WESTERN COPPER AND GOLD ANNOUNCES METALLURGICAL PROGRAM AND ASSOCIATED DRILL RESULTS

western copper and gold corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) announces the launching of a metallurgical testing program (the "Metallurgical Program") for its wholly-owned Casino Copper-Gold Project (" Casino "). Fifteen composite samples were prepared from core acquired in 2023 (the "Drill Program"). Western's Technical and Sustainability Committee, comprised of members from Western, Rio Tinto Canada Inc. and Mitsubishi Materials Corporation, prepared the Drill and Metallurgical Programs.

Drill Program

The 2023 Drill Program consisted of seven holes for 2,244 m ranging from 130 m to 556 m in length. The drill holes were located inside the current pit boundaries and were selected to provide a range of grades, host rocks, and mineralogy for the Metallurgical Program (see Figure 1). The drill holes were also selected to convert indicated resource to measured.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Aston Bay and American West Metals Announce Geophysical Program Set to Begin at the Storm Copper Project, Canada

Aston Bay and American West Metals Announce Geophysical Program Set to Begin at the Storm Copper Project, Canada

Geophysical program designed to deliver a pipeline of priority drill targets for new copper discoveries

Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide details on the upcoming geophysical surveys and exploration program at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The program will be conducted by American West Metals Limited ("American West"), who is the operator of the Project. American West has completed the required expenditures to earn an undivided 80% interest in the Project. American West will be solely responsible for funding the program

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×