The company has also announced the completion of property acquisitions at the Shining Tree gold project and the W2 copper nickel PGE project in Ontario
Platinex acquires Muskrat Dam critical minerals project. (Credit: Олеся from Pixabay)
Platinex, a Canada-based junior mineral exploration company, has completed the previously announced option agreement to acquire the Muskrat Dam critical minerals project in Ontario, Canada.
As per the terms of the transaction announced in December 2022, Platinex has acquired a 100% stake in the project for C$25,000 ($18,431.5) from an undisclosed seller.
The Muskrat Dam critical minerals project is located around 125km northeast of Frontier Lithium’s PAK lithium project and 125km northwest of the Musselwhite gold mine owned by Newmont.
The project consists of six property blocks, which cover a collective 12,925ha area in the highly prospective Muskrat Dam Lake (MDGB) and Rottenfish (RGB) greenstone belts.
The Muskrat Dam project includes the Axe Lake property which is said to have the potential to host lithium-bearing pegmatites.
Additionally, the company announced the completion of property acquisitions at the Shining Tree gold project and the W2 copper nickel PGE project.
At the Shining Tree gold project, Platinex has acquired full ownership of two claims in Leonard township.
The district-scale 225km2 Shining Tree gold project is situated in the Abitibi region of Ontario.
At the W2 copper nickel PGE project, the company has finalised an option agreement with two arm’s length parties under which it has the right to acquire a 100% stake in 52 unpatented mining claims.
Platinex has paid C$5,000 ($3,686.3) and issued 500,000 common shares to complete the acquisition.
To acquire full interest in the W2 copper nickel PGE project, the company is expected to make additional payments of C$35,000 ($25,804) over the three-year term of the option agreement.
The copper nickel PGE project is a district-scale land package made up of 836 unpatented mining claims that span nearly 17,665ha at the southwestern extent of Ontario’s Ring of Fire.