Published: December 20, 2022 |

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Canada-based junior exploration and development company Platinex has signed a binding letter of intent (LOL) to acquire the Muskrat Dam critical minerals project in Ontario, Canada.

The Muskrat Dam project is located around 125km northeast of Frontier Lithium’s PAK lithium project and 125km northwest of Newmont’s Musselwhite gold mine.

The project contains six property blocks, which cover a collective 10,950ha area in the highly prospective Muskrat Dam Lake (MDGB) and Rottenfish (RGB) greenstone belts.

Platinex will acquire a 100 percent stake in the Muskrat Dam critical minerals project by way of an earn-in option agreement, through its subsidiary, Endurance Elements.

The company will make a cash payment of C$25,000 ($18,382) upon closing, issue C$25,000 within 60 days of closing, and make another C$200,000 in three years.

“The acquisition of the Muskrat Dam Project fits well with our strategy of acquiring large-scale projects in significant greenstone belts in Ontario,” said Platinex CEO Greg Ferron.

“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,” added Ferron.

The project includes the Axe Lake Property with the potential to host lithium-bearing pegmatites and contains compelling Cu-Ni-PGE, gold, and chromite targets.

It includes the northwest-trending Axe Lake deformation zone (ALDZ), a major high-strain zone interpreted to pass through the property.

The Muskrat Dam project also includes the Windigo gold property, located at the southeast end of MDGB, with gold associated with pyrite-chalcopyrite and occurs in quartz vein lenses

In addition, the project also includes the Rottenfish property and the Fox Bay Property

Platinex said that the acquisition of the Muskrat Dam project will strengthen its position as a significant player in critical mineral exploration in Ontario.

The W2 Cu-Ni-PGE project controls the Lansdowne House Igneous Complex, an important feature of the Oxford Stull Dome, near the Ring of Fire region in Ontario.

Source: NS Energy

About Platinex
Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps. Current assets include a 100 percent ownership interest in the 160-square-kilometre district-scale W2 copper-nickel-PGE (platinum group element) project near the Ring of Fire and a 100 percent interest in the 225 square km 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. 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.

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