Platinex Inc. (CSE:PTX) said it has signed a binding letter of intent to option a 100% ownership interest in the Muskrat Dam critical minerals project located in northwestern Ontario.
The company said the Muskrat Dam project comprises six blocks totalling 10,950 hectares in the highly prospective Muskrat Dam Lake and Rottenfish greenstone belts.
It is located approximately 125 kilometres (km) northeast of Frontier Lithium's PAK lithium project and 125 km northwest of Newmont’s Musselwhite gold mine, Platinex noted.
READ: Platinex exploration activities prioritize areas for trenching and drilling to advance Shining Tree Gold project in Ontario
The project includes the Axe Lake property, which Platinex said shows the potential to host lithium-bearing pegmatites.
Platinex CEO Greg Ferron said the acquisition of the Muskrat Dam project fits well with the company’s 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," Ferron said in a statement.
Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps.
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