{kanada_flagge}Platinex Inc (CSE: PTX; FRA: 9PX) continues to expand its portfolio into the critical minerals space. The Company announced today that Platinex has signed a binding letter of intent for an earn-in option on a 100% interest in the Muskrat Dam Critical Minerals 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 blocks of land covering a combined 10,950 hectares (109.5 km2) in the prospective Muskrat Dam Lake and Rottenfish greenstone belts.
{kanada_flagge}Platinex Inc (CSE: PTX; FRA: 9PX) continues to expand its portfolio into the critical minerals space. The Company announced today that Platinex has signed a binding letter of intent for an earn-in option on a 100% interest in the Muskrat Dam Critical Minerals 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 blocks of land covering a combined 10,950 hectares (109.5 km2) in the prospective Muskrat Dam Lake and Rottenfish greenstone belts.
The project includes the Axe Lake property, which has the potential for lithium-bearing pegmatites. The northwest trending “Axe Lake Deformation Zone” (ALDZ), as it is referred to here, is believed to run through the property. This large structural zone may have created pathways for granitic melts and evolving pegmatites, possibly containing lithium and other rare metals, to be emplaced in the volcanic sedimentary rocks of the property. The Muskrat Dam project also contains compelling Cu-Ni-PGE, gold and chromite targets. Inco, Canadian Occidental and other operators conducted historic exploration in the area in the 1970s and 1980s. However, the belt has been little explored in the recent past, presenting an excellent opportunity for potential discoveries.
The acquisition adds to Platinex’s portfolio, which also includes the more advanced W2 Cu-Ni PGE project near Ontario’s Ring of Fire.
{ptx}Greg Ferron, Platinex CEO, 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 will be completed on attractive earn-in terms with low upfront costs. We will initially focus on confirming the nature of the mineralization at the Axe Lake property and the potential lithium grades through a prospecting and evaluation program.”
The binding letter of intent provides that Platinex, through its wholly owned subsidiary Endurance Elements, will earn a 100% interest in the Muskrat Dam Critical Minerals project under an earn-in option agreement with an unrelated party. Under the agreement, Platinex will provide the following consideration and work commitments: C$25,000 paid in cash at closing; C$25,000 in shares within 60 days of closing; C$25,000 in shares on the 1st anniversary; C$75,000 in shares on the 2nd anniversary; and C$100,000 in shares on the 3rd anniversary.
Platinex commits to spend C$100,000 by the 1st anniversary for work on the project; C$100,000 by the 2nd anniversary and an additional C$100,000 by the 3rd anniversary. In addition, milestone payments: C$50,000 in cash upon completion of a successful prospecting and evaluation program confirming lithium grades greater than 1%; C$250,000 in cash or shares (minimum $75,000 cash) upon completion of a NI 43-101 mineral resource estimate for the Muskrat Dam Project. All share issues will be based on the 5-day VWAP price at the time of issue and are subject to a statutory 4-month hold period.
Jetzt den Goldinvest-Newsletter abonnieren!
Folgen Sie Goldinvest auf LinkedIn!
Disclaimer: GOLDINVEST Consulting GmbH offers editors, agencies and companies the possibility to publish comments, analyses and news on http://www.goldinvest.de. These contents serve exclusively the information of the readers and do not represent any kind of call to action, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. Furthermore, they are in no way a substitute for individual expert investment advice and do not constitute an offer to sell the stock(s) discussed or a solicitation to buy or sell securities. This is expressly not a financial analysis, but an advertising / journalistic text. Readers who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. There is no contractual relationship between the GOLDINVEST Consulting GmbH and its readers or the users of its offers, because our information refers only to the company, but not to the investment decision of the reader.
The acquisition of securities involves high risks, which can lead to a total loss of the invested capital. The information published by GOLDINVEST Consulting GmbH and its authors is based on careful research. Nevertheless, any liability for financial losses or the content guarantee for topicality, correctness, adequacy and completeness of the articles offered here is expressly excluded. Please also note our terms of use.
According to §34b WpHG and § 48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, principals or employees of GOLDINVEST Consulting GmbH hold shares of the mentioned companies and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares of the company at any time, which could influence the price of the shares of the mentioned companies. Furthermore, there is a consulting or other service contract between the mentioned companies and GOLDINVEST Consulting GmbH, which is another conflict of interest, because the mentioned companies remunerate GOLDINVEST Consulting GmbH for the reporting.
