Platinex takes option on Ontario critical minerals project

15th December 2022 By: Creamer Media Reporter

CSE-listed Platinex has signed a binding letter of intent to option a 100% ownership interest in the Muskrat Dam critical minerals project, in north-western Ontario.

The project, located about 125 km northeast of Frontier Lithium’s PAK lithium project and 125 km northwest of Newmont’s Musselwhite gold mine, comprises six property blocks, which together cover 10 950 ha in the Muskrat Dam Lake and Rottenfish greenstone belts.

The project includes the Axe Lake property, which shows potential to host lithium-bearing pegmatites. It also contains compelling copper/nickel/platinum group elements/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 copper/nickel/platinum group elements project, which controls the Lansdowne House Igneous Complex, a prominent feature of the Oxford Stull Dome near Ontario’s Ring of Fire.